Cushman & Wakefield announced today that the firm has arranged the sale of Long Beach Gardens, an apartment complex located at 421-433 East Broadway in Long Beach, NY. The final closing price was $3,800,000, or $146,153 per unit, and closed at a 6.45 cap rate.
A Cushman & Wakefield investment sales team consisting of Director Daniel Abbondandolo and Associate Kevin Schmitz exclusively represented the seller in the transaction.
"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 Abbonddandolo. “Being surrounded by luxury townhomes, co-op/condominium buildings and local hotels, gives the asset significant long term appreciation.”
Long Beach Gardens is a 26-unit, two-story apartment complex. The 14,000-square-foot property is comprised of 21 studio apartments, four one-bedroom units and a two-bedroom unit. The building has recently undergone significant capital improvements which include new electrical and mechanicals and a laundry room. Each unit offers its own heating and AC units, keeping the monthly operating expenses low.
Located on the north side of East Broadway, between Franklin and Lincoln Boulevards, the property is two blocks of the beach and Boardwalk. The complex is near an abundance of bars, restaurants, retail shopping and hospitality options. Situated within walking distance to the Long Beach LIRR Train Station and a short drive from the Meadowbrook State Parkway and the Nassau Expressway, 421-433 E Broadway is easily accessible to commuters and is situated 45 minutes outside of Manhattan.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 45,000 employees in more than 70 countries help occupiers and investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. 2017 marks the 100-year anniversary of the Cushman & Wakefield brand. 100 years of taking our clients’ ideas and putting them into action. To learn more, visit www.cushwakecentennial.com, www.cushmanwakefield.com or follow@CushWake on Twitter.
