$145K per Unit for Long Beach Gardens

Investors paid $3.8 million for Long Beach Gardens, a property with 26 apartments at 421-433 East Broadway in Long Beach, NY.

That works out to a price of $146,153 per unit,  and a capitalization rate of 6.45%.

“The asset was 93% occupied at closing, offering the buyer a stable cap rate in a very desirable rental market just one block off the Long Beach Boardwalk,” said Daniel Abbondandolo, director with Cushman & Wakefield, who with Kevin Schmitz represented the seller in the transaction.

The building has recently undergone significant capital improvements which include new electrical and mechanicals and a laundry room.

For comments, questions or concerns, please contact Bendix Anderson