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Jeane Kuntz Acquires Harvey Cedars Land In $2.15M Deal

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SOLD
$2,150,000

New Jersey

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SOLD

Jeane Kuntz Acquires Harvey Cedars Land In $2.15M Deal

8204 Bay Terrace Harvey Cedars, NJ 08008, USA

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Summary

NEW JERSEY
Asset Type:Land
Transaction Type:Sale

A bayfront lot located at 8204 Bay Terrace in Harvey Cedars, Long Beach Island, has been sold for a price of $2,150,000. The lot spans over 6,165 square feet, offering ample space for development. The property is situated in a prime location with stunning views of the bay and has obtained CAFRA (Coastal Area Facilities Review Act) approval for the construction of a 3,075 square foot single-family home. In addition to the residence, the approval includes plans for an in-ground pool and spa, a bulkhead, and a private dock. The cleared lot offers west-facing views, allowing residents to enjoy breathtaking sunsets each day. The approved boat slips with boat lifts enhance the property's convenience for boating enthusiasts.

Summary of transation details

The buyer's representative in this transaction was Jeane Kuntz from Keller Williams, while Craig Stefanoni from Berkshire Hathaway HomeServices represented the seller. This successful deal highlights the expertise and negotiation skills of both parties involved. The purchase of this bayfront lot presents an exciting opportunity for the buyer to create their dream waterfront home, complete with stunning bay views, a private dock, and easy access to boating activities.

Players

Craig Stefanoni
4 deals$16.8M volume
BROKER

Details

SOLD
IMAGE: Craig Stefanoni DATE: 08/03/2023 ADDRESS: 8204 Bay Terrace MARKET: Harvey Cedars ASSET TYPE: Land BUYER'S REP: Jeane Kuntz - Keller Williams (@KellerWilliamsRealty) SELLER'S REP: Craig Stefanoni (@CraigStefanoni)- Berkshire Hathaway HomeServices (@Bhhsnenyhvp) SALE PRICE: $2,150,000 LOT SF: 6,165 ~ PPLSF: $349 NOTE: A bayfront lot in Harvey Cedars, Long Beach Island, with CAFRA approval for a 3,075 square foot single-family home, in-ground pool & spa, bulkhead, and dock. The cleared lot offers West-facing views and approved boat slips with boat lifts.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$114,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$7,638.49
Cash-on-Cash Return-1.27%
Monthly Debt Service$10,192.10
Annual Debt Service$122,305.16