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Franklin Manor 8 Tice Rd 53 Unit Apartment Building $31,000,000 ($584,906/Unit) 6.15% Cap Rate Franklin Lakes, NJ 07417
Executive Summary
Resort style amenities that include golf simulator, state-of-the-art fitness center, movie screening room, resident lounge and event space, and patio with fire pits & BBQ stations. Luxury unit finishes including in-unit washer dryer, custom built closets, quartz waterfall island & countertops, stainless steel appliances, 5-burner gas range with griddle and sculptural vented oven hood.
Property Facts
| Price | $31,000,000 | Apartment Style | Low-Rise |
| Price Per Unit | $584,906 | Building Class | B |
| Sale Type | Investment | Lot Size | 1.77 AC |
| Cap Rate | 6.15% | Building Size | 57,386 SF |
| No. Units | 53 | No. Stories | 4 |
| Property Type | Multifamily | Year Built | 2022 |
| Property Subtype | Apartment | ||
| Zoning | Multifamily - Apartments | ||
| Price | $31,000,000 |
| Price Per Unit | $584,906 |
| Sale Type | Investment |
| Cap Rate | 6.15% |
| No. Units | 53 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 1.77 AC |
| Building Size | 57,386 SF |
| No. Stories | 4 |
| Year Built | 2022 |
| Zoning | Multifamily - Apartments |
Amenities
Unit Amenities
- Air Conditioning
- Washer/Dryer
- Kitchen
- Stainless Steel Appliances
- Range
- Tub/Shower
Site Amenities
- Controlled Access
- Concierge
- Fitness Center
- Grill
- Media Center/Movie Theatre
- Package Service
- Pet Play Area
- Bicycle Storage
- Car Charging Station
- Conference Rooms
- Lounge
- Pet Washing Station
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 1 | - | 705 |
| 1+1.5 | 4 | - | 995 - 1,043 |
| 2+1 | 3 | - | 817 |
| 2+2 | 43 | - | 875 - 1,370 |
| 3+1 | 2 | - | 1,130 |
Property Taxes
| Parcel Number | 20-01518-0000-00010-01 | Improvements Assessment | $15,246,100 |
| Land Assessment | $1,650,000 | Total Assessment | $16,896,100 |
Property Taxes
Parcel Number
20-01518-0000-00010-01
Land Assessment
$1,650,000
Improvements Assessment
$15,246,100
Total Assessment
$16,896,100
Contacts
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Andrew Schwartz -
Jordan Sobel -
Niko Nicolaou -
Ryan Dowd -
Peter Welch -
Cushman & Wakefield
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Franklin Manor | 8 Tice Rd
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