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1105 Memorial Dr 11,926 SF Retail Building Asbury Park, NJ 07712 For Sale
INVESTMENT HIGHLIGHTS
- NNN leased to local branch of a global non-profit
- Current rent is approximately 40% below market
- Asbury Park has been a hotbed for investment as home prices have tripled over the past decade
- Property gut renovated for the tenant in 2017
- Nearby development, dining, retail and multifamily generate foot traffic
EXECUTIVE SUMMARY
1105-1109 Memorial is a ±11,926 SF single-tenant retail asset in the heart of Asbury Park. The Property is fully leased to ReStore - Monmouth County Habitat for Humanity. The lease is NNN. The tenant is a branch of the global non-profit Habitat for Humanity. The tenant operates the Property as ReStore where it accepts donations and sells a diverse inventory of high-quality furniture and home goods.
Less than a block away, Douglas Development Corporation is planning a 126-unit luxury multi-family development. This is part of a greater development trend. Since 2018, more than 1,075 residential units have been delivered or are slated for delivery in Asbury Park while market rent has increased 40%.
Over the past two decades, Asbury Park has ascended into one of New Jersey’s most desirable destinations. Buoyed by a vibrant music and arts scene and a historic influx of new luxury development, the average home price in Asbury Park has tripled over the past ten years (11.6% annual growth). Asbury Park also features a direct train to New York City, top-rated dining and nightlife options, an iconic beachfront boardwalk and access to an assortment of exclusive social clubs.
Less than a block away, Douglas Development Corporation is planning a 126-unit luxury multi-family development. This is part of a greater development trend. Since 2018, more than 1,075 residential units have been delivered or are slated for delivery in Asbury Park while market rent has increased 40%.
Over the past two decades, Asbury Park has ascended into one of New Jersey’s most desirable destinations. Buoyed by a vibrant music and arts scene and a historic influx of new luxury development, the average home price in Asbury Park has tripled over the past ten years (11.6% annual growth). Asbury Park also features a direct train to New York City, top-rated dining and nightlife options, an iconic beachfront boardwalk and access to an assortment of exclusive social clubs.
PROPERTY FACTS
Sale Type
Investment
Property Type
Retail
Property Subtype
Freestanding
Building Size
11,926 SF
Building Class
C
Year Built
1975
Tenancy
Single
Building Height
1 Story
Building FAR
0.65
Lot Size
0.42 AC
Zoning
BD - Business District
Walk Score®
Walker's Paradise (93)
Bike Score®
Very Bikeable (77)
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 04-00302-0000-00007-01 | Improvements Assessment | $1,670,346 CAD |
| Land Assessment | $568,192 CAD | Total Assessment | $2,238,538 CAD |
PROPERTY TAXES
Parcel Number
04-00302-0000-00007-01
Land Assessment
$568,192 CAD
Improvements Assessment
$1,670,346 CAD
Total Assessment
$2,238,538 CAD
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1105 Memorial Dr
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