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Armen Gharibian & Mary Spence Close $1.45M Horse Farm Sale In Farmingdale
SOLD
$1,450,000
New Jersey
See Similar DealsFarm1,700 SF
Sold 05/13/2024
SOLD
Armen Gharibian & Mary Spence Close $1.45M Horse Farm Sale In Farmingdale
338 Adelphia Road
See Similar DealsFarm1,700 SF
Sold 05/13/2024
Summary
NEW JERSEY
Asset Type:Farm
Price Per Square Foot:$852
Total Square Footage:1,700 SF
Transaction Type:Sale
A meticulously maintained 8.85-acre horse farm in Farmingdale sold for $1.45 million. The property features two barns with 24 stalls, an indoor arena, a main house with 4 bedrooms, a guest cottage, solar panels, and paddocks. Conveniently located near major routes and equestrian facilities.
Summary of transaction details:
- Property Type: Farm
- Transaction Amount: $1,450,000
- Address: 338 Adelphia Road
- Market: Farmingdale
- Asset Type: Farm
- Acres: 8.85
Armen Gharibian from Re/Max Revolution represented the buyer in this transaction, while Mary Spence from Bottone Realty represented the seller. The property included unique amenities such as an indoor arena, guest cottage, and solar panels, making it an attractive investment for equestrian enthusiasts.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$77,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$5,151.55
Cash-on-Cash Return-1.27%
Monthly Debt Service$6,873.74
Annual Debt Service$82,484.88
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