116 Sunset Drive
About This Property
Outside, the property truly sets itself apart. Especially in the warmer months, the backyard is lush, private, and surprisingly serene - plush with mature greenery and wildlife, creating a peaceful retreat that feels miles away from campus life, even though you are just a short distance from Elon University. It is rare to find this level of privacy and spaciousness so close to town. Designed for gathering and entertaining, the outdoor space features a two-tier deck with Japanese char-style accents, a crushed oyster shell ''half'' bocce court, fire pit, partial privacy fencing, and brick walkway. Not one, but two screened-in porches - one off the living room and one off the kitchen - extend the living space and make this home ideal for hosting, relaxing, or simply enjoying the view year-round.
The large two-level wired barn with electricity and lighting provides exceptional storage or workshop potential. Additional highlights include a Tesla charger, new Gas Pak (2025), oversized driveway with parking pad for 6+ vehicles, landscaping, trash screen, and an existing well for irrigation use.
Located in a desirable school district and just minutes to shopping, dining, campus, and the downtown area. Property survey, plat map, features list, and additional information available as part of the listing documents.
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Cap Rate Calculator
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 |
|---|---|---|---|
| Apr 29, 2026 | Sold | ||
| Sold | |||
| Apr 5, 2026 | In contract | - | |
| In contract | |||
| Apr 3, 2026 | Price Decreased |
$359,000
↓ $16K
(4.3%) | |
| Price Decreased | |||
| Mar 19, 2026 | Price Increased |
$374,999
↑ $45K
(13.6%) | |
| Price Increased | |||
| Mar 12, 2026 | Relisted | $330,000 | |
| Relisted | |||
Phone: 425-283-2930
Address: 335 Madison Avenue, New York, NY 10017