Michael Luna Acquires Single Family Home On Apache Road In Franklin Lakes For $2.8M
SOLD
$2,825,000
New Jersey
See Similar DealsSingle Family7,224 SF
Sold 09/28/2023
SOLD
Michael Luna Acquires Single Family Home On Apache Road In Franklin Lakes For $2.8M
896 Apache Road
See Similar DealsSingle Family7,224 SF
Sold 09/28/2023
Summary
NEW JERSEY
Asset Type:Single Family
Price Per Square Foot:$391
Total Square Footage:7,224 SF
Transaction Type:Sale
The property at 896 Apache Road in Franklin Lakes has been sold in a closed transaction. This single-family home spans 7,224 square feet and is located in the desirable Franklin Lakes market. The sale price for this property was $2,825,000, with a price per square foot of $391.
Summary of transaction details
- Property Type: Single Family
- Transaction Amount: $2,825,000
- Address: 896 Apache Road
- Market: Franklin Lakes
Michael Luna purchased the property from Jin W. Jun. Representing the buyer, Michael Todaro from Michael Properties - Golden Image Realty (GoldenImageRealtyRamsey) facilitated the transaction. Grazyna Ziarko and John Kuhn from Christie's International Real Estate served as the seller's representatives.
An important note is that the property was initially listed for $2,999,999 but ultimately sold for $2,825,000.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$150,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$10,036.62
Cash-on-Cash Return-1.27%
Monthly Debt Service$13,391.94
Annual Debt Service$160,703.29
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