S.V.P. Daniel Lanni Arranges Exclusive Re-Sale for Record Price Per Unit
Woodbridge, N.J., March 30, 2021 – The Kislak Company, Inc. announced the recent sale of a 13-unit multifamily property at 407 8th Avenue in Asbury Park, Monmouth County, New Jersey for $2,300,000.
Kislak marketed the property on an exclusive basis with Senior Vice President Daniel Lanni handling the assignment, and he also procured the purchaser, 407 Asbury, LLC. Mr. Lanni commented, “We sold this property to the seller in 2018 and in less than three years following unit renovations and increased rents, the seller realized a $600,000 profit and a record price.”
The $176,923 per unit price is the highest price per unit achieved in Asbury Park since 2006 according to data available from CoStar.
Built in 1940, the three-story brick building has two studios, eight one-bedroom units and three two-bedroom units, which have been updated with hardwood floors throughout, all new stainless steel kitchen appliances and granite countertops along with renovated bathrooms. Amenities include on-site laundry facilities.
Walking distance of four blocks to the beach and Deal Lake just one block away; short drives to nearby Allaire State Park and Thompson Park, Jenkinson’s Aquarium, and other local attractions along with a major music scene and film festivals of Asbury Park make this an attractive location for residents. Brookdale Community College and Monmouth University are less than four miles away with Commuter Rail service of the Allenhurst and Asbury Park Lines less than one and a half miles away.
Daniel Lanni joined Kislak in 2010 and is consistently among the firm’s leading producers. He specializes in the sale of multifamily and other investment properties in central New Jersey with a particular focus along the Jersey Shore. He was the recipient of the firm’s 2011 Rookie of the Year Award and was promoted to a senior vice president in 2019.