Updated Dec 4, 2024
Rose Commercial Real Estate Negotiates $3.859M Land Sale In Cherry Hill
350 East Evesham Road
$3,859,000
Building Size
—
Asset Type
Land
Closing
Jan 24, 2024
About this deal
AI
The $3.859 million land sale of Holly Ravine Farm in Cherry Hill has been negotiated by Rose Commercial Real Estate. The 26-acre estate, once a part of the former Cowtail Bar site, was facing the possibility of development as a senior living facility. However, following public outcry and collaboration between Rose Commercial Real Estate and Cherry Hill officials, the township has purchased the land for preservation as open space.
Summary of transation details
- Property Type: Land
- Transaction Amount: $3,859,000
- Address: 350 East Evesham Road
- Market: Cherry Hill
- Broker: Jeffrey Lucas - Rose Commercial Real Estate
This successful negotiation showcases the collaboration between Rose Commercial Real Estate and Cherry Hill officials, resulting in the preservation of the 26-acre Holly Ravine Farm. The property's potential as a senior living facility was set aside, and it will now remain as open space following the public's desire for preservation.
On the Map
$3,859,000
Land
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
4.11%
Cash-on-Cash
-1.17%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93