Discover a rare opportunity to own a stunning 6+ acre estate in the heart of Block Island, comprising three distinct lots two developed and one vacant. This unique property features a spacious, sunlit 5-bedroom, 3-bathroom residence that radiates comfort and elegance, along with a 2-bedroom, 1-bathroom apartment ideal for guests or rental income. The estate includes a 3-car garage with ample storage space and a state-of-the-art 5-stall barn equipped with a roomy storage/hay/studio loft, tack room, and farrier station. An attached double-depth 3-bay garage provides even more storage. The meticulously maintained grounds boast beautifully rebuilt stone walls, sturdy board fencing, and a secure grass paddock, all surrounded by 80 acres of conserved land ensuring privacy and tranquility. The vacant lot offers additional potential for development or expansion. This versatile property could transform into an Island farm, serve as a serene private residence, or become a cherished family compound. With significant tax benefits under the Farm Tax category, it's a wise investment for those seeking sustainable living. Don't miss this exceptional chance to own three lots on Block Island, where tranquility and endless potential come together. The barn Lot (81-2) can be converted into a single-family home; it needs updated electrical work, septic and well, architectural rough plans are available. Main House Lot - 1. 94 acres: Barn Lot - 1. 91 acres: Vacant Lot - 2. 36 acres
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Our Executive Mortgage Banker:
Our Insurance Division:
$3,500,000
William Raveis Real Estate
Phone: 888.699.8876
Contact@raveis.com
VP, Mortgage Banker
William Raveis Mortgage, LLC
Phone: 401.474.4879
Whitney.Rugg@raveis.com
NMLS Mortgage Loan Originator ID 7654
5/6 (30 Yr) Adjustable Rate Jumbo* |
30 Year Fixed-Rate Jumbo |
15 Year Fixed-Rate Jumbo |
|
---|---|---|---|
Loan Amount | $2,800,000 | $2,800,000 | $2,800,000 |
Term | 360 months | 360 months | 180 months |
Initial Interest Rate** | 5.500% | 6.250% | 5.750% |
Interest Rate based on Index + Margin | 8.125% | ||
Annual Percentage Rate | 6.821% | 6.396% | 5.990% |
Monthly Tax Payment | $768 | $768 | $768 |
H/O Insurance Payment | $125 | $125 | $125 |
Initial Principal & Interest Pmt | $15,898 | $17,240 | $23,251 |
Total Monthly Payment | $16,791 | $18,133 | $24,144 |
* The Initial Interest Rate and Initial Principal & Interest Payment are fixed for the first and adjust every six months thereafter for the remainder of the loan term. The Interest Rate and annual percentage rate may increase after consummation. The Index for this product is the SOFR. The margin for this adjustable rate mortgage may vary with your unique credit history, and terms of your loan.
** Mortgage Rates are subject to change, loan amount and product restrictions and may not be available for your specific transaction at commitment or closing. Rates, and the margin for adjustable rate mortgages [if applicable], are subject to change without prior notice.
The rates and Annual Percentage Rate (APR) cited above may be only samples for the purpose of calculating payments and are based upon the following assumptions: minimum credit score of 740, 20% down payment (e.g. $20,000 down on a $100,000 purchase price), $1,950 in finance charges, and 30 days prepaid interest, 1 point, 30 day rate lock. The rates and APR will vary depending upon your unique credit history and the terms of your loan, e.g. the actual down payment percentages, points and fees for your transaction. Property taxes and homeowner's insurance are estimates and subject to change.