15831 North Road
About This Property
Just under 5 acres with organic fruit tree garden with existing irrigation system from the pond, barn with 5 stalls for your horses, 3 spacious paddocks for free grazing, a workshop that has over 2,400 sq. ft. and even a loft!
The house features a great layout and a screened patio, just ready for updating.
Some extra features are drainage alongside the whole lot, new septic and drain field, newer AC, updated barn, dedicated water heater for the master bath, attic fan, partially converted garage, exterior door-- great for office, work out room, air-conditioned storage, bonus room, etc. DETAILED:
WANT THE SPACE FOR HORSES AND BOARDING BUSINESS? It is a 5 stall, well-lit, breezeway barn with very sturdy 12 x 12 stalls (2 X 8 planks), each with their own paddock (recently re-sanded), with new hot wire, hook ups for waterers, outlets for fans above the stalls, separate feed room, matted wash rack, manure bin, trailer parking etc. 3 large, dry, shady paddocks and plenty of room for more. Easy access to trails. Currently rented for $225 per stall/month for dry stall rent only. Great place for grooms or can be used as a rental. It is a nice set up for full board as a business. Plenty of room for an arena, more paddocks, etc. and of course an option to incorporate the workshop. It could easily get ag exemption as equestrian, but it is a little less beneficial than the fruit.
CLOSE TO IMPORTANT DESTINATIONS LIKE:
" 4 miles to Publix
" 10 miles to the Equestrian Center
" 12 Miles to Wellington Green Mall
" 17 Miles to Palm Beach International Airport
" 17 Miles to City Place in Downtown West Palm Beach
The property is fully fenced, and the front portion has dozens of fruit trees and is fully irrigated from the pond. The fruit trees include mango, lychee, longan, tamarind, sapodilla, loquat, bananas, coconuts, pineapples, figs, carambola (start fruit), mulberries, rose apple, pitomba, surinum cherry, jack fruit, grumichama cherry, moringa, edible bamboo, yellow dragon fruit, chaya spinach tree, etc. There is a bee farm next door to help with pollination. It had an ag exemption as an orchard for many years which could easily be reinstated.
FOR THOSE, WHO JUST WANT COUNTRY AND QUIET: The pond has a small dock (in need of repair) but is frequented by many water birds including wood ducks, great blue heron, various egrets, etc. Front and back screened porches to enjoy the peace and the wildlife, which includes cardinals, blue jays, painted buntings, hummingbirds, indigo buntings, owls, hawks, osprey, woodpeckers, dove, squirrel, fox, etc. and lots and lots of butterflies.
FOR THOSE WHO WANT TO RUN A BUSINESS, the workshop is 40' X 60' plus a loft to run any type of business.
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Based on our analysis, the cap rate of this property is 1.25%. A negative cap rate indicates that the property might not be feasible as an income-producing asset. The median cap rate for a near zip code 11238 is 4.23%.
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Actual monthly rental income may vary between $4,760 and $7,140 depending on unit-specific characteristics. You can change the amount using the slider to further explore.
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Cap Rate = Net Operating Income (NOI) / Property Asset Value.
When calculating the cap rate, we assume 100% occupancy. Leverage (mortgage) is not considered.
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About Loxahatchee Groves
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Phone: 425-283-2930
Address: 335 Madison Avenue, New York, NY 10017