Updated Dec 4, 2024
Armen Gharibian & Mary Spence Close $1.45M Horse Farm Sale In Farmingdale
338 Adelphia Road
$1,450,000
$852/SF
Building Size
1,700 SF
Asset Type
Farm
Closing
May 13, 2024
About this deal
AI
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.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
10.94%
Cash-on-Cash
-3.13%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93