Updated Sep 5, 2024
Mark Armenante & Young Sohn Acquire 7-Acre Avocado Farm In Carpinteria For $6.3M
$6,350,000
$5,291/SF
Building Size
1,200 SF
Asset Type
Single Family Residence
Closing
May 25, 2023
About this deal
AI
A 7-acre avocado farm in Carpinteria, California has been sold for $6.3 million. The property, located at 6790 Rincon Road, includes a custom-built timber-frame structure and over 500 organic avocado trees. With its reduced property taxes through the Williamson Act, this farm presents a unique investment opportunity.
Summary of transation details
- Property Type: Single Family
- Transaction Amount: $6,350,000
- Address: 6790 Rincon Road, Carpinteria, California
- Market: Carpinteria
- Acres: 7.17
Entrepreneurs Mark Armenante and Young Sohn, co-founders of Vlocity, have acquired the avocado farm. Represented by Vivienne Leebosh and Caroline Santandrea from Sotheby's International Realty, they successfully closed the deal. The selling side was represented by Cole Robbins and Laura Drammer from Berkshire Hathaway HomeServices California.
Players
Market Single Family Residence Market Snapshot
Boundary boundary · Single Family Residence · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.50%
Cash-on-Cash
-0.71%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93