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    Exceptional Equine Compound For Sale Title is generated by Realmo AI

    23 Bay State Rd, Rehoboth, MA 02769

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    For Sale
    $3,950,000

    86.33-acre equine compound with multiple dwellings and equestrian facilities.

    Type:Farm
    Property size:
    8,314 SF
    Lot size:
    86.33 Acres
    Price / SF:
    $475/SF
    Added:
    Oct 21, 2025
    Days on Market:
    213
    Last Refresh:
    Apr 1 at 9:07 pm

    Property Features for 23 Bay State Rd

    General Information

    Standard status
    Active
    Size
    8,314 SF
    Lot size
    86.33 Acres
    Property subtype
    Farm

    Building Details

    Year Built
    2022

    We can help!

    Listing Contact
    Joseph Costa

    Listing agent Joseph Costa

    Listing office Mott & Chace Sotheby's International Realty

    Listing date Oct 21, 2025

    Source Xome

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of Mott & Chace Sotheby's International Realty

    HighLights

    • 86.33‑acre equine compound with lush landscape, riding paths, and clearings.
    • 8‑stall barn with runouts, feed room, wash stall, second‑floor storage, and attached indoor riding arena with fiber footing.
    • Two immaculately updated (2022) 2‑bedroom homes, each with ensuites, half baths, open floor plans, high‑end finishes, on‑demand hot water, central AC, and full basements.
    • One‑bedroom apartment overlooking the indoor riding arena.
    • Extensive exterior features including fenced yard, professional landscaping, sprinkler system, outbuildings, and deck.
    • Property is set up for horses, including barns/stalls and fenced areas.

    Overview

    Fox Knoll Farm is an equine compound encompassing 86.33 acres. The property features landscapes with clearings and paths suitable for riding. Equestrian facilities include an 8-stall barn equipped with runouts, a feed room, a wash stall, and second-floor storage. Attached to the barn is an indoor riding ring with fiber footing. The property includes three dwellings. One is a two-story, one-bedroom apartment integrated with the indoor ring, featuring a living room, kitchen, laundry, and office. Large windows in the apartment overlook the indoor ring. The two additional homes, updated in 2022, each contain 2-bedrooms with ensuites and additional half baths, open floor plans, top-of-the-line mechanicals and finishes, on-demand hot water, central AC, and full basements. This compound is suitable for horse enthusiasts.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Horse & equestrian properties

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Dental Office Spa & Massage Center Auto Repair Shop Hair Salon Nail Salon Hotel & Motel

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Rehoboth
    County
    Bristol
    State
    Massachusetts
    Longitude
    -71.246
    Latitude
    41.844

    Nearby Similar for Sale

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    • $950,000
      6,733 SF

      Spacious Warehouse with Central Air

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    FAQs

    What type of property is this?
    Horse & equestrian property - 86.33-acre equine compound with multiple dwellings and equestrian facilities.
    Where is this horse & equestrian property located?
    The property is located at 23 Bay State Rd Rehoboth, MA.
    What is the asking price?
    The asking price for this property is $3,950,000.
    What are key features of this property?
    This property features: 86.33‑acre equine compound with lush landscape, riding paths, and clearings.; **8‑stall barn with runouts, feed room, wash stall, second‑floor storage, and attached indoor riding arena with fiber footing.**; **Two immaculately updated (2022) 2‑bedroom homes, each with ensuites, half baths, open floor plans, high‑end finishes, on‑demand hot water, central AC, and full basements.**
    (401) 314-3000
    We can help!
    Listing Contact
    Joseph Costa
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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