228 Willow Ave, Long Branch, NJ 07740-6133
- Commercial real estate
- 18,824 SF
- 0.86 lot acres
Current Use by Public Records
- Commercial real estate
Property Details for 228 Willow Ave
- Year built
- 2003
- Lot size
- 0.86 lot acres
- Zone code
- C-3
- Property type
- Commercial real estate
- APN
- 27 00158-0000-00023
- APU
- 2700158000000023
Sales History
| Date | Price | Buyer | Seller | Deed Type | Mortgage |
|---|---|---|---|---|---|
| Jan 30, 2025 | $3,555,000 | Not Available From The Data Source | Not Available From The Data Source | Deed · related | $2.7M · Starwood Mortgage Capital LLC |
| May 17, 2024 | — | 228 Willow LLC | — | Deed · related | $1.9M · Five Star Bank |
| Jun 26, 2023 | — | 226 Willow LLC | — | Deed · related | $2.1M · Jem Capital Partners LLC |
| May 31, 2023 | $2,700,000 | 228 Willow LLC | West Street Storage L L C | Deed | $2.1M · Jrm Capital Partners LLC |
| Jan 23, 2017 | — | West Street Storage LLC | — | Deed · related | $700k · Kearny Bk |
| — | — | West Street Storage LLC | — | Deed Of Trust · related | $60k · New Jersey Community Bank |
| — | — | West Street Storage LLC | — | Deed Of Trust · related | $700k · Kearny Bk |
Description
This exceptional Class A self-storage facility in Long Branch, NJ, offers a compelling investment opportunity. Built in 2003, the property comprises two, two-story buildings totaling 14,125 net rentable square feet on a 0.86-acre lot. Currently boasting a 90% occupancy rate, the facility presents significant upside potential for increased revenue through leasing the remaining 10% and strategic rate adjustments. The property benefits from recent upgrades including online rental capabilities, property enhancements, and the implementation of professional management software, all managed remotely for enhanced efficiency and cost savings. Located in a high-demand area with robust demographics – an average household income of $143,000 and a dense population of 57,000 within 3 miles and 113,000 within 5 miles – this facility enjoys a unique market position as the sole self-storage provider within a one-mile radius. The current NOI is $223,692, with a pro-forma NOI of $330,661 and a pro-forma cap rate of 8.82%. The asking price is $3,750,000, representing a price per square foot of $265.49. The property is stabilized and offers a strong current cap rate of 5.97%. The anticipated occupancy date is May 29, 2024. This is a rare opportunity to acquire a well-positioned, high-performing self-storage asset with substantial growth potential.
Value Estimations
-
AI approach
- Method
- Estimation
- Statistic approach
- $2,545,000
- ML approach
- $2,605,000
-
CAP approach
- CAP Return
- Estimation
- 6%
- $4,235,000
- 6.5%
- $3,910,000
- 7%
- $3,630,000
-
Comparable approach
- Method
- Estimation
- Statistic Estimate
- $2,542,000
Market price range: $2.54M - $6.81M -
Alternative Use
- Use
- Estimation
- COMMERCIAL (GENERAL)
- $4,505,000 Current use
- OFFICE BUILDING
- $4,640,000 Change: +3% Conversion: Easy
- INDUSTRIAL (GENERAL)
- $3,880,000 Change: -14% Conversion: Moderate
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Location Insight
- Map
- Local Demand
- City
- Long Branch
- County
- Monmouth
- State
- New Jersey
- Longitude
- -73.9895
- Latitude
- 40.2958
- CBSA code
- 35620
- CBSA name
- NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA
