Officers from North Yorkshire Police executed the warrant on the morning of April 3.
The force said officers found a 'quantity of white powder believed to be cocaine', but tests to determine exactly what it is are ongoing.
A bundle of cash was also seized by police at the property.
A man in his 50s has been arrested on suspicion of possessing class A drugs with intent to supply and money laundering offences.
He has been released under police investigation while further enquiries are carried out. A spokesman for the force said: “Information supplied by the public is always taken seriously and can play a vital role in keeping communities safe and taking illegal drugs off the streets.”
The force is asking anyone who has concerns or information about drugs in their community to contact them on 101.