Warner sells 61 +/- acre preserved farm & seven unit investment for $225,000
NEW JERSEY — Warner Real Estate & Auction closed on a 61 +/- acre preserved farm in Lower Alloways Creek/Quinton Townships on January 22, 2016 for $225,000. The farm included block 29, lot 2 (Quinton Township) and block 10, lot 2 (LAC Township). The farm consisted of 57 +/- tillable acres and one exception area to build a single family home. Soil types were mostly silt loam. Warner Real Estate represented the seller and buyer in the sale.
The seven unit investment property situated on 3.96 +/- acres located in Mannington Township consisted of five single family homes and one duplex. The property was fully rented with a net operating income (NOI) of about $54,000 per year. The property sold for $215,000 and the buyer plans on making renovations to the property to increase the net income and hold the property in his investment portfolio.