Updated Aug 6, 2026
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
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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