60 Carr Ave Keansburg, NJ 07734-1060

Property Details for 60 Carr Ave

Year built

1925

Construction

BRICK

Lot size

0.06 lot acres

Property size

5,906 SF

Property type

Commercial real estate

APN

23 00014-0000-00009

APU

2300014000000009

Description

This exceptional Keansburg, NJ investment opportunity presents a 5,906 sq ft, two-story building on a 9,200 sq ft lot, currently housing four one-bedroom apartments and a thriving restaurant/bar. Boasting 100% occupancy and a strong NOI of $126,637, this property offers a 6.03% cap rate at an asking price of $2,100,000 ($355.57/sq ft). Located just one block from the ocean and the Keansburg pier, the property benefits from its prime location within a rapidly developing area. The adjacent lot serves as an outdoor patio and tiki bar, adding to the property's appeal. The ongoing Carr Avenue development, slated for completion in 2024, will bring over 700 new apartments, 45,000 sq ft of retail and entertainment space, and 1,000 parking spaces to the immediate vicinity, promising significant future appreciation. Current rents are below market, presenting an opportunity for increased revenue. The property is zoned C-0, allowing for potential expansion of the bar, addition of more apartments, or continued operation as is. This is a rare chance to capitalize on the revitalization of Keansburg and secure a strong cash-flowing asset in a high-growth area.