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Somerset 08873
7 Freeman Road
$528,000
● House - Off Market

7 Freeman Road

Franklin, NJ 08873
bedrooms
4 Beds
bathrooms
3 Baths, 1 Half Bath
$3,227
Est. Monthly
7.75%
Cap Rate

About This Property

Final and Best by Sunday @ 5pm (2/11).  Welcome to this spacious 4 Bedroom 2 1/2 Bath Colonial in a quiet and peaceful neighborhood. The first floor features a large living room, formal dining room, large eat in kitchen that leads to a sizable family room, half bath, and a utility room. Private backyard with a natural built in gas grill. Upstairs has 4 bedrooms with 2 full bathrooms one which is the master suite. Two car garage with plenty of room for storage shelving and has pull down attic stairs. Come and see this home and make it your own!! Location in close proximity to shopping, the bus, train, hospitals, entertainment and Rutgers University.
Unit Size
-
Days on Market
-
Land Size
-
Price per sqft
-
Property Type
House
Property Taxes
$771
HOA Dues
-
Year Built
1966

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Cap Rate Calculator

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Cap Rate 100% Occupancy
N/A (extreme outlier)

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%.

How much can I actually make?

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.

Last updated: 3 years ago (CJMLS #2407886R)

Price History

Date / Event Date Event Price
Mar 11, 2024 Sold
Premium
Sold
Feb 14, 2024 In contract -
In contract
Feb 8, 2024 Listed by CENTURY 21 BURKE REALTY $500,000
Listed by CENTURY 21 BURKE REALTY

Property Highlights

Garage
Air Conditioning

Building Info

Overview

    General

  • Year Built: 1966
  • Effective Year Built: 1966
  • Bedroom Count: 0
  • Building Condition: 0
  • Building Quality: 0
  • Construction Type: 6
  • Building Style: 0
  • Exterior Walls Type: 0
  • Interior Walls Type: 0
  • Roof Shape Type: 0
  • Roof Cover Type: 0
  • Floor Count: 200
  • Living Units: 1
  • Floor Cover: 0
  • Basement Type: 0
  • Basement Area: 0
  • Garage Type: 7
  • Parking Space Count: 2
  • Patio Type: 0
  • Porch Type: 0
  • Pool Type: 0

    Dimensions

  • Lot Size Square Feet: 10,160
  • Lot Size Depth Feet: 1,270
  • Lot Size Frontage Feet: 800
  • Total Building Area: 2,303
  • Building Area: 2,303
  • Building Area Measurement: L

    Heating and Cooling

  • Air Conditioning: 0
  • Heating: 0
  • Heated Square Feet: 2,303
  • Heating Fuel Type: 0

    Utilities

  • Sewer System: 0
  • Water Service: 0

Building

  • Building Type: 0
  • Property Class: R
  • Land Acres: 0000000233
  • Standard Land Use Code: 1001
  • County Land Use Code: 2

Neighborhood

  • School District Name: Franklin Township School District
  • Census Tract: 053103

Zoning

  • Zoning: R10

Geography

  • Assessors Map Reference: TAX MAP 6004
  • District: 08
  • Parcel: 08 00338-0000-00009
  • Block: 338
  • Lot: 9
  • Municipality: FRANKLIN TWP
  • Latitude: 40.4986
  • Longitude: -74.4897

    Address

  • Full Address: 7 Freeman Rd
  • Address - House Number: 7
  • Address - Street Name: Freeman
  • Address - Suffix Type: Rd
  • State: NJ
  • City Name: Somerset
  • Carrier Code: C010
  • 4-Digit Zip Code: 2924
  • Zip Code: 08873

Valuation

    Tax

  • Tax Year: 2023
  • Tax Amount: $925,380

    Appraisal Valuation

  • Standard Deviation: 0.072
  • Valuation Date: Mar 13, 2024
  • Confidence Score: 95
  • Final Value: 507,256
  • High Value: 543,808
  • Low Value: 470,705

    Market Valuation

  • Market Total Value: $437,000
  • Market Land Value: $250,000
  • Market Improvement Value: $187,000

    Assessments Valuation

  • Assessed Year: 2022
  • Assessed Total Value: $437,000
  • Assessed Land Value: $250,000
  • Assessed Improvements Value: $187,000

    Exemptions

  • Senior Citizen Exemption : Yes

    Sales

  • Current Sale Contract Date: Mar 06, 2024
  • Current Sale Recording Date: Mar 12, 2024
  • Current Sale Price:
    Premium
  • Current Sale Document Type: 27
  • Current Sale Input Document Number: 5964
Data used for valuation calculations is provided by RealtyHop, and other third party sources
Request mortgage information redaction

Comparables

Unit
Status
Type
Beds
Baths
ft²
Price/ft²
Asking Price
Listed On
Closing Price
Sold On
HOA + Taxes

About Somerset

Stats & Trends

Median Asking:

$559,950

Sale Price/ft²

$339

Below Asking

0.01%

Average Days on Market

59

Average Home Size

863 ft²

Average Home Age

53.1 years

Currently For Sale

49 Listings
Based on RH Advisors, Inc. calculations of home data from MLS and/or public records.

Similar Homes for Sale

Currently no similar homes around

Nearby Rentals

Unit for rent at 134 Frank Street, Franklin Twsp, NJ, 08873

$4,400 /mo

  • 3 Beds
  • 2 Baths
134 Frank Street, Franklin Twsp, NJ, 08873 Listing by SAMIR SHEHATA

Rentals Near You

Click here to view more rentals in the neighborhood.
CJMLS

Listed by: ANN MARIE BURKE
CENTURY 21 BURKE REALTY
Last Updated: 3 years ago
Data Source: CJMLS , MLS# 2407886R

Frequently Asked Questions

When was property at 7 Freeman Road built and last sold?
The property at 7 Freeman Road was built in 1966 and last sold on Mar 6, 2024 for $528,000.
How much is this home worth?
The estimated value of the home located at 7 Freeman Road is $505,000.
What are some comparable homes to 7 Freeman Road?
There are currently no comparable homes to 7 Freeman Road.
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