291 Deep Hole Road
About This Property
Officially designated as a Horse Farm on the Town of Riverhead's assessment roll, 291 Deep Hole Road stands apart not by virtue of size alone - but because the combination it represents is no longer achievable. Current zoning and permitting conditions across Long Island's East End have effectively closed the door on new construction of a residence of this scale on an agriculturally classified parcel. What exists here exists permanently, and on its own terms.
The Hollenbeck-designed, MAB Custom Built residence commands its 5.1 acres with quiet authority. Eighteen-foot ceilings draw the eye upward through sun-filled open volumes shaped by a passive solar philosophy - spaces that live generously across all seasons, grounded by Mexican terra cotta flooring and anchored by two fireplaces. The primary suite occupies its own world within the home: angled high ceilings, a southern and western exposure calibrated for year-round light, and glass sliders opening to dual private decks above the grounds. Four bedrooms, three and a half bathrooms, a four-car garage with nine-foot clearance - every element scaled to the life this property supports.
The equestrian infrastructure needs no embellishment. A 42 x 70 foot Morton barn - twelve rooftop skylights, insulated roof, six 10 x 12 stalls, dedicated tack room - serves rolling, fenced, and gated pastures backed by a natural southern woodland line that will never be developed. At the center of the operation: an 80 x 120 foot indoor riding arena, purpose-built, professional in every dimension, and irreplaceable in today's regulatory environment.
This is not a property that competes. It occupies a category of its own on the North Fork.
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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.
Cap Rate provided by RealtyHop and RentHop, learn more about cap rate here.
Price History
| Date / Event | Date | Event | Price |
|---|---|---|---|
| Aug 15, 2026 | Listed by Douglas Elliman Real Estate | $2,490,000 | |
| Listed by Douglas Elliman Real Estate | |||
| Aug 6, 2024 | Sold | ||
| Sold | |||
| Apr 18, 2024 | In contract | - | |
| In contract | |||
| Nov 7, 2023 | Price Decreased |
$1,900,000
↓ $600K
(24%) | |
| Price Decreased | |||
| Jun 23, 2023 | Price Decreased |
$2,500,000
↓ $1M
(28.6%) | |
| Price Decreased | |||
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About Calverton
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Phone: 425-283-2930
Address: 335 Madison Avenue, New York, NY 10017