11917 Elm Drive
About This Property
This half-acre corner lot in Honeymoon Heights comes with something most lots in the region don't: deeded HOA access to Townline Lake -- a 247-acre all-sports lake with fishing, boating, swimming, and year-round recreation. The Honeymoon Heights community sits directly on Townline Lake and includes 9 private lakefront parks and 16 back-lot parks exclusively for members. Annual HOA dues: just $25/year.
The lot itself is 0.50 acres with a classic rectangular shape -- easy to build on, with dual road frontage at the corner of Elm Dr and N County Line Rd. Power lines are already at the street, reducing upfront development costs, and there's ample space for a home, g arage, and yard.
Neighbors have already built homes directly across the street, confirming that permits, well, and septic are obtainable here. No guessing -- just a clear, low-risk path forward in an established lake community in Lakeview, Michigan.
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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 |
|---|---|---|---|
| Oct 20, 2026 | Price Decreased |
$7,920
↓ $2K
(20%) | |
| Price Decreased | |||
| Aug 4, 2026 | Price Decreased |
$9,900
↓ $1K
(9.2%) | |
| Price Decreased | |||
| May 28, 2026 | Price Decreased |
$10,900
↓ $1K
(8.4%) | |
| Price Decreased | |||
| May 25, 2026 | Price Decreased |
$11,900
↓ $1K
(7.8%) | |
| Price Decreased | |||
| May 15, 2026 | Listed by Beycome Brokerage Realty LLC | $12,900 | |
| Listed by Beycome Brokerage Realty LLC | |||
Phone: 425-283-2930
Address: 335 Madison Avenue, New York, NY 10017