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Fully Approved 52-Unit Multifamily Site 200 Park Ave 6,543 SF Specialty Building Online Auction Sale Freehold, NJ 07728
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Investment Highlights
- 200 Park Avenue is a four-story, 52-unit multifamily development opportunity in Freehold Borough, New Jersey.
- Located directly across from the 57-acre Freehold Borough Raceway redevelopment, a transformative mixed-use project.
- Freehold Borough and the broader Monmouth County market benefit from limited housing supply.
- Offering strong regional connectivity, with immediate access to Routes 9, 33, and 537, proximity to the Garden State Parkway, and New York City.
- Within a dense and affluent market, with average household income exceeding $175,000 and a predominantly white-collar workforce.
- Eligible to apply for a 5-year tax exemption and abatement.
Executive Summary
Colliers, as exclusive advisor to ownership, is pleased to present the sale of 200 Park Avenue, Freehold Borough, Monmouth County, New Jersey (“200 Park Avenue” or the “Property”).
The Property presents a rare opportunity to acquire a fully approved multifamily development site in the heart of Freehold Borough, one of Monmouth County’s most supply-constrained and rapidly evolving submarkets. Situated on ±1.47 acres with an existing ±6,543 SF structure, the Property is approved for 52 residential units, allowing investors to immediately advance a best-in-class residential project. The approved plans feature a strategic unit mix, ample parking, and modern building parameters designed to capture strong tenant demand from a high-income, densely populated area. The Property also benefits from the ability to apply for a 5-year tax exemption and abatement, providing meaningful early-year tax savings.
Located one block from the 57-acre Freehold Raceway redevelopment, the Property is positioned to benefit from a transformative mixed-use project expected to bring new retail, dining, hospitality, and entertainment uses to the area. It is also approximately 0.5 miles from Freehold Borough Center, a major NJ Transit bus hub providing direct service to New York City and regional connectivity throughout New Jersey. Additional demand drivers include rising housing costs, limited supply, and major regional investments such as Netflix’s $1 billion Fort Monmouth redevelopment.
The Monmouth County multifamily market is supported by strong tenant demand, high occupancy, and consistent rental growth, with rents increasing an average of 5.6% annually over the last five years. Driven by affluent household incomes, excellent regional connectivity, and a stable residential base, the market provides a compelling foundation for newly developed multifamily communities.
The Property presents a rare opportunity to acquire a fully approved multifamily development site in the heart of Freehold Borough, one of Monmouth County’s most supply-constrained and rapidly evolving submarkets. Situated on ±1.47 acres with an existing ±6,543 SF structure, the Property is approved for 52 residential units, allowing investors to immediately advance a best-in-class residential project. The approved plans feature a strategic unit mix, ample parking, and modern building parameters designed to capture strong tenant demand from a high-income, densely populated area. The Property also benefits from the ability to apply for a 5-year tax exemption and abatement, providing meaningful early-year tax savings.
Located one block from the 57-acre Freehold Raceway redevelopment, the Property is positioned to benefit from a transformative mixed-use project expected to bring new retail, dining, hospitality, and entertainment uses to the area. It is also approximately 0.5 miles from Freehold Borough Center, a major NJ Transit bus hub providing direct service to New York City and regional connectivity throughout New Jersey. Additional demand drivers include rising housing costs, limited supply, and major regional investments such as Netflix’s $1 billion Fort Monmouth redevelopment.
The Monmouth County multifamily market is supported by strong tenant demand, high occupancy, and consistent rental growth, with rents increasing an average of 5.6% annually over the last five years. Driven by affluent household incomes, excellent regional connectivity, and a stable residential base, the market provides a compelling foundation for newly developed multifamily communities.
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Offering Memorandum Click Here to Access
Data Room Click Here to Access
- Offering Memorandum
- Architecturals
- Development Items
- Permits & Approvals
- Real Estate Tax Bill
- Redevelopment Plan
- Site Plan
- Survey
- Purchase Agreement
- Title and Insurance
View More Documents
Property Facts
| Sale Type | Investment | Lot Size | 1.47 AC |
| Sale Condition | Auction Sale | Building Size | 6,543 SF |
| Type of Ownership | Fee Simple | No. Stories | 1 |
| Property Type | Specialty | Year Built | 2000 |
| Property Subtype | Religious Facility | Opportunity Zone |
Yes
|
| Building Class | C | Parcel Number | 16-00117-0000-00021 |
| Zoning | R-7 | ||
| Sale Type | Investment |
| Sale Condition | Auction Sale |
| Type of Ownership | Fee Simple |
| Property Type | Specialty |
| Property Subtype | Religious Facility |
| Building Class | C |
| Lot Size | 1.47 AC |
| Building Size | 6,543 SF |
| No. Stories | 1 |
| Year Built | 2000 |
| Opportunity Zone |
Yes |
| Zoning | R-7 |
| Parcel Number | 16-00117-0000-00021 |
Amenities
- Signage
Fairly walkable
50/100
Exceptionally drivable
100/100
Limited public transit
30/100
Fairly bikeable
50/100
Sale Advisors
Sale Advisors
Jacklene Chesler, Vice Chair
Jacklene serves as Vice Chair and provides Investment Sales & Advisory expertise to institutional and private investors. She focuses on all major product types including Office, Industrial, Retail, Residential/Mixed Use and Land. She has vast experience in working with Special Servicers (Loan and REO teams), Asset Mangers and other Fidicuciary Agents on CMBS and balance sheet properties, and other type of distressed assets. She is also very active with marketing and selling properties via online auctions, most notable Tenx.com.
Jacklene joined the firm in 2013. Prior to Colliers, she was a Director for the NKF Capital Markets Tri-State Team from 2008 to 2013. She has been a top 10% producer for Colliers from 2014 to current year and recognized for this achievement by being part of the prestigious Everest Club.
Jacklene joined the firm in 2013. Prior to Colliers, she was a Director for the NKF Capital Markets Tri-State Team from 2008 to 2013. She has been a top 10% producer for Colliers from 2014 to current year and recognized for this achievement by being part of the prestigious Everest Club.
Patrick Norris, Senior Vice President
Patrick Norris, Senior Vice President, has been part of the commercial real estate industry since 2016. He specializes in institutional, as well as private investor sale transactions throughout New Jersey and the surrounding tri-state metropolitan region. In addition to executing highly competitive traditional marketing campaigns, Patrick is an expert at selling properties via online auction platforms including Ten-X Commercial.
Patrick has been involved in the marketing and sale of office, retail, industrial and multi-family assets. He was recognized by Real Estate Weekly as a “2018 Rising Star of Real Estate”. Patrick was named to the Mid Atlantic Real Estate Journal’s 2022 “30 Under 30”. Also he received the Platinum Broker Award by Crexi.
Patrick is a member of National Association of Industrial and Office Professionals (NAIOP) Developing Leaders, Industrial and Office Real Estate Brokers Association (IOREBA) Next Gen and International Council of Shopping Centers (ICSC).
Patrick has been involved in the marketing and sale of office, retail, industrial and multi-family assets. He was recognized by Real Estate Weekly as a “2018 Rising Star of Real Estate”. Patrick was named to the Mid Atlantic Real Estate Journal’s 2022 “30 Under 30”. Also he received the Platinum Broker Award by Crexi.
Patrick is a member of National Association of Industrial and Office Professionals (NAIOP) Developing Leaders, Industrial and Office Real Estate Brokers Association (IOREBA) Next Gen and International Council of Shopping Centers (ICSC).
About the Auction Technology
Auctions by Ten-X are the #1 transaction technology powering commercial real estate transactions online. With over $34B in total transactions, these auctions use best-in-class technology and real-time asset intelligence to put listings in the best position to find the perfect buyer. The expedited auction timeline, comprehensive due diligence, and buyer qualification make transactions twice as fast and twice as certain for brokers, owners, and investors.
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Auction Contact
Pace Zambito
Contact
Auctioneer License:
Ten-X Commercial, LLC Arlene Richardson RE Brkr 2187404
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3% Transaction Fee
Based on Winning Bid Amount
Minimum Transaction Fee
$20,000 USD
Maximum Transaction Fee
$300,000 USD
Example Calculation
Winning Bid Amount
$5,000,000 USD
Transaction Fee
$150,000 USD (3%)
Total Purchase Price
$5,150,000 USD
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Fully Approved 52-Unit Multifamily Site | 200 Park Ave
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Fully Approved 52-Unit Multifamily Site | 200 Park Ave
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