Toms River, NJProperty Type: Multifamily
Size: 53 Units
Price: See Broker for Details
- 53 Condominium Units in a 68-Unit Community in Toms River, NJ
- Attractive, Well-Maintained Garden-Style Buildings on Nearly 10 Acres of Land
- Potential Future Opportunity to Acquire Remaining 15 Condo Units and Convert to Full Rental Community
- Large Units with Tremendous Value Add Opportunity; Renovated Units are Achieving $175-375 Premium
- Stable Apartment Market with No Rent Control and High Demand for Rentals; One of the Fastest Growing Municipalities and Third Fastest Growing County in New Jersey
- Ideal Location Directly off of Exit #83 of the Garden State Parkway and Route 9; Just 4.6 Miles from Lakewood
Marcus & Millichap is pleased to present the opportunity to acquire the condominium ownership of 53 units at Briar Knoll. The community consists of 68 garden-style units located in Toms River, one of the most stable rental markets in Ocean County. The property is located off Route 166, a major retail corridor in the Toms River submarket. Within a one-mile radius, tenants have access to two retail strip centers, various professional centers, and the Indian Head Shopping Plaza anchored by Home Depot. Briar Knoll is also conveniently located directly off Exit 83 of the Garden State Parkway for commuting tenants. Toms River is one of the fastest growing municipalities in New Jersey, with a steady increase in population of nearly 1% annually since 2014.
STRONG UNIT MIX & SPACIOUS RESIDENCES
The offering consists of 53 units spread across four separate buildings, tucked away in a private well-maintained condominium community. The owners have replaced roughly 1/3 of the HVAC and hot water heaters since 2011. The units consist of 32 one-bedroom one-bathroom units, 11 one-bedroom two-bathroom units, and 10 two-bedroom two-bathroom units. The spacious residences feature separate dinette/dining rooms, living room, in-suite laundry, ample closet space, and carpet throughout both the living rooms and bedrooms.
AMENITIES & RENOVATIONS
Approximately 20 units (or roughly 1/3 of the units) have been completely renovated, or partially limited to flooring. The full renovation includes new luxury vinyl plank flooring throughout, new 5-inch moulding, painted gray kitchen cabinets, new kitchen hardware, new bathroom finishes, and new modern light fixtures. There is minimal working-class housing offered in this area of Toms River at such affordable rates. The owners are currently receiving a $175-375 premium for renovated units.
VALUE ADD OPPORTUNITY
This opportunity offers investors a stable, fully-occupied, fractured condo ownership in Ocean County, New Jersey. Briar Knoll is one of the premier condominium communities in Toms River, due to the immaculately kept grounds, individual entrances, and sliding glass door balconies. There is a tremendous opportunity for investors to complete the renovation schedule and receive rent increases on the remaining ± 33 units. New ownership can also begin the process of acquiring the remaining 15 units with the goal to convert the property back to a full rental community.