3761 Highway 231
About This Property
The property is fully equipped for agricultural or business use with 4 septic systems and 2 wells. Step outside to a stunning 36x20 custom covered koi pond (3,000 gallons) with dual waterfalls--perfect for relaxing and entertaining.
Equestrian facilities include a 40x100 horse barn with 7 stalls, tack room, feed room, and bathroom, plus an attached powered workshop/storage area and additional open shop space. A 19x73 lean-to houses a sawmill (negotiable). The land is fully fenced and cross-fenced into 5 pastures, all with water access, plus 2 chicken coops. Additional structures include a 20x12 metal building (office) with power and phone, and a 12x36 pole barn with RV hookups. The property is beautifully landscaped with mature oaks and a variety of fruit trees including peach, apricot, apple, pear, fig, chestnut, mulberry, and banana. Also included is a 2007 double-wide mobile home (4BR/2BA, 2,200+ sq ft) with split floor plan, wood-burning fireplace, and spacious kitchen/dining combo. This home sits on its own 10.33-acre parcel and may be purchased separately. An additional 2006 single-wide (3BR/2BA, 1,100+ sq ft) is negotiable and can remain or be removed prior to closing.
Prime location on Hwy 231 (4-lane) with easy access north to Montgomery and south to Panama City, and just across from Hwy 73 into Marianna. Ideal for a family compound, horse boarding operation, or commercial venture.
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What does this mean?
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%.
How much can I actually make?
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.
How is cap rate calculated?
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 |
|---|---|---|---|
| May 1, 2026 | Listed by American Gold Realty | $924,900 | |
| Listed by American Gold Realty | |||
| Jul 29, 2005 | Sold | ||
| Sold | |||
Phone: 425-283-2930
Address: 335 Madison Avenue, New York, NY 10017