123 OLD SPANISH WAY
About This Property
The formal living room features a vaulted ceiling and hidden pocket glass doors that open to reveal picturesque views of the pool, seamlessly blending indoor and outdoor living. The gourmet kitchen is a chef's dream, equipped with a professional-grade 6-burner range, ample cabinet storage, and a pantry with pull-out shelves. Granite countertops complement the stone tile backsplash, while a designer hammered copper sink and copper pendant lighting add warmth and character. Bronze-framed windows provide views of the patio, and additional hidden pocket doors in the breakfast nook open to serene pool views, making it an ideal spot to start your day.
The great room is inviting and spacious, with soaring ceilings, transom windows, and a cozy fireplace, perfect for relaxing. This desirable split-bedroom floor plan provides privacy for all occupants. The generously sized primary suite includes a custom walk-in closet organizer system and an oversized slider for direct access to the patio. The primary bathroom boasts a large vanity with dual sinks, a water closet, a walk-in shower, a luxurious soaking tub, and a garden window.
For added guest privacy, the fourth bedroom can be separated with pocket doors, creating a private guest suite complete with a half bath. Outdoors, this home truly shines with a heated pool, cascading waterfall and spa. The expansive patio offers two pass-through windows from the kitchen with bar shelves, ceiling fans, and ample space for entertaining. A fenced-in yard and a charming bridge over a creek lead to a barn, adding to the property's rustic charm.
Additional features include a laundry room with upgraded washer, dryer, and utility sink; a new saltwater pool system (2022); upgraded gas Rinnai tankless water heater (2022); architectural shingle roof (2022); an irrigation system; two updated HVAC systems (2022); two sun tunnel skylights; water filter and softener system (2022); pull-down attic stairs; solid surface flooring throughout; septic system cleaned in 2024; chimney swept with new cap (2022); freshly painted interior; a circular driveway; and an oversized 2-car garage.
This rare property offers over 3 acres of peaceful, park-like setting with the convenience of nearby shopping, dining, and attractions like Legoland. Don't miss this unique opportunity to own a luxury retreat with all the comforts of town living.
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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 |
|---|---|---|---|
| Mar 14, 2025 | Sold | ||
| Sold | |||
| Feb 4, 2025 | In contract | - | |
| In contract | |||
| Dec 31, 2024 | Relisted | $629,000 | |
| Relisted | |||
| Dec 27, 2024 | In contract | - | |
| In contract | |||
| Dec 21, 2024 | Price Decreased |
$629,000
↓ $39K
(5.8%) | |
| Price Decreased | |||
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About Cypress Gardens
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Phone: 425-283-2930
Address: 335 Madison Avenue, New York, NY 10017