114 TEXAS AVE
About This Property
You can step right onto your boat and go to the local sand bar or take a scenic ride to the Delaware River, Penn's Landing or Camden Water Front which includes The Camden Aquarium and outdoor concert hall. You can go down stream to enjoy a sunset Cruz and see what wild life you come across and take advantage of some great Bass fishing.
Custom built home with lots of goodies like tankless water heater, central vacuum, 3 zone high efficiency gas HVAC, ( all 3 about to be replaced ), city water, new FUGI septic system last year and owned Solar system. This is no lease, you would get all of the free electricity and sell the SREC too, since 2014 seller has sold and received $28,586.02 tax free. Charge your new electric car for free !!
Enter the home into a large open family room with a wide open view. The home has Anderson windows throughout, vaulted bedroom ceilings, recessed lighting through out, Kraft Made Kitchen Cabinets with granite counter tops and Brazilian Cherry Hardwood flooring. The kitchen has a double wall oven and 5 burner electric cooktop. If you prefer a gas cooktop it can be installed. There is a lower Sunroom with wet bar , refrigerator and ice machine that leads you directly out to the pool and waterfront. The kitchen is surrounded by a generously sized dinning room also with Brazilian Cherry hardwood and living room that has a space for a recessed big screen TV. Upstairs is the master bedroom with a big walk in closet/dressing room and adjoining Marble bathroom that includes a seamless glass shower stall , heated Jacuzzi Tub, Double sink vanity with matching marble counter top , California faucets, vaulted ceilings, and more great views. There are 3 more large bedrooms all with vaulted ceilings, recessed lighting and ceiling fans. The oversized 2 car attached garage has inside access. The second garage is detached which is 25 X 40 with a custom finished floor, has two 12 foot wide over head doors, 4 sets of sliding glass doors also overlooking the river and brings in a lot of natural light and the breeze comes right through . There is also a large 12 X 40 storage room on the second floor with outside steps .
There is an in-law suite ( 5th bedroom and 3rd bath ) that has a private outside entrance, kitchen/living room combination, this second kitchen also has granite counter tops, it has its own washer and dryer, its own thermostat and full bath with stand up shower. Also has and a great view.
The In-Law suite has a $1000 per month rental value. Which is the same amount as the real estate taxes.
Combined with the owned solar system which gives you next to no electricity bill and that makes this home very economical.
Imagine, real estate taxes covered and next to no electricity bill ! ! Sounds to good to be true. But it is true ! See uploaded documents, since 2014 seller has sold and received $28,586.02 tax free.
The dock and boat ramp area are legal and there is a lease from the State of NJ. See uploaded documents.
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What does this mean?
Based on our analysis, the cap rate of this property is 1.25%. A negative cap rate indicates that the property might not be feasible as an income-producing asset. The median cap rate for a near zip code 11238 is 4.23%.
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Actual monthly rental income may vary between $4,760 and $7,140 depending on unit-specific characteristics. You can change the amount using the slider to further explore.
How is cap rate calculated?
Cap Rate = Net Operating Income (NOI) / Property Asset Value.
When calculating the cap rate, we assume 100% occupancy. Leverage (mortgage) is not considered.
Cap Rate provided by RealtyHop and RentHop, learn more about cap rate here.
Price History
| Date / Event | Date | Event | Price |
|---|---|---|---|
| Nov 28, 2022 | Sold | ||
| Sold | |||
| Jun 23, 2022 | Listed by R. H. Mosier Inc. | $775,000 | |
| Listed by R. H. Mosier Inc. | |||
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About Burlington
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Phone: 425-283-2930
Address: 335 Madison Avenue, New York, NY 10017