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The Reef 33 Union Ave 23 Unit Apartment Building $10,995,000 ($478,043/Unit) 5.50% Cap Rate Manasquan, NJ 08736
Executive Summary
Welcome to The Reef, a 23-unit apartment building completed in 2024 located in the highly desirable Jersey Shore town of Manasquan. This in-town location is approximately 1.3 miles from the Manasquan beaches and in close proximity to everything the Jersey Shore has to offer, including NJ Transit with rail transportation to North Jersey and NYC. This building represents one of the newest projects in Manasquan and features one- to two-bedroom units (mostly two bedrooms) ranging in size from approximately 772 to 1,363 square feet. Units feature high-end finishes, including custom kitchen layouts with full stainless steel appliance packages, stackable washer & dryer, balconies in some units, and private lockable storage units in all units.
Property Facts
| Price | $10,995,000 | Apartment Style | Mid-Rise |
| Price Per Unit | $478,043 | Building Class | B |
| Sale Type | Investment | Lot Size | 0.59 AC |
| Cap Rate | 5.50% | Building Size | 38,823 SF |
| No. Units | 23 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 2024 |
| Property Subtype | Apartment | ||
| Zoning | B-1 - Neighborhood Business / Local Business | ||
| Price | $10,995,000 |
| Price Per Unit | $478,043 |
| Sale Type | Investment |
| Cap Rate | 5.50% |
| No. Units | 23 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | B |
| Lot Size | 0.59 AC |
| Building Size | 38,823 SF |
| No. Stories | 3 |
| Year Built | 2024 |
| Zoning | B-1 - Neighborhood Business / Local Business |
Amenities
- Smoke Detector
Unit Amenities
- Air Conditioning
- Balcony
- Cable Ready
- Dishwasher
- Microwave
- Washer/Dryer
- Heating
- Kitchen
- Ice Maker
- Refrigerator
- Oven
- Sprinkler System
- Stainless Steel Appliances
- Range
- Tub/Shower
- Walk-In Closets
- Intercom
- Island Kitchen
- Vinyl Flooring
- Wheelchair Accessible (Rooms)
- Large Bedrooms
Site Amenities
- 24 Hour Access
- Controlled Access
- Disposal Chutes
- Wheelchair Accessible
- Gas Range
- Recycling
- Storage Space
- Bicycle Storage
- Elevator
- Multi Use Room
- Public Transportation
- Private Bathroom
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 10 | - | 1,000 |
| 2+2 | 12 | - | 1,200 - 1,600 |
| 3+2 | 1 | - | 1,200 |
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Moderately walkable
60/100
Exceptionally drivable
100/100
Good public transit
70/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 29-00066-02-00031-01 | Improvements Assessment | $3,544,700 |
| Land Assessment | $592,900 | Total Assessment | $4,137,600 |
Property Taxes
Parcel Number
29-00066-02-00031-01
Land Assessment
$592,900
Improvements Assessment
$3,544,700
Total Assessment
$4,137,600
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The Reef | 33 Union Ave
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