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50 Drakestown Road

Updated Aug 6, 2026

Local Entrepreneurs Acquire 35-Acre Resort In Mount Olive For $1.35M With Brokers Jessica Craig & Michele Blinn-Barreiro
SOLDOther

Local Entrepreneurs Acquire 35-Acre Resort In Mount Olive For $1.35M With Brokers Jessica Craig & Michele Blinn-Barreiro

50 Drakestown Road

Building Size

Asset Type

Other

Closing

Aug 2, 2026

About this deal

AI

The former Goodland Country Club property, encompassing 35 acres, is located at 50 Drakestown Road in Mount Olive, New Jersey. The asset was sold for $1.35 million after its listing price of $2.9 million. The site is set to be repurposed into a wellness, health, and spa retreat while maintaining the historic character of the Victorian-era mansion.

Summary of transaction details:

  • Property Type: Resort
  • Transaction Amount: $1.35 million
  • Address: 50 Drakestown Road
  • Market: Mount Olive, NJ
  • Acres: 35
  • Brokers: Jessica Craig & Michele Blinn-Barreiro - Coldwell Banker

The acquisition was made by local entrepreneurs who have outlined plans for the renovation of the site. The brokers representing the deal were Jessica Craig and Michele Blinn-Barreiro from Coldwell Banker.

Players

Jessica Craig

Coldwell Banker

Broker

1 deal

Broker

Detour Other Market Snapshot

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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