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124 W Cedar Lane
About This Property
Opportunity awaits at 124 W Cedar Lane in the peaceful, gated Callender Lake community. This **site-built home-not a manufactured home-**offers 2 bedrooms, 1 bathroom, and 1,056 square feet of living space on a spacious 0.37-acre double lot measuring approximately 200 feet by 80 feet.
The property is livable but needs work, making it a great opportunity for an investor, handyman, or buyer looking to move in and complete improvements over time. The home needs siding, roof work, and interior cosmetic updates, including paneling, paint, and some flooring. The kitchen and bathroom are in excellent condition. The foundation bows at the front of the house, and buyers should perform their own inspections and due diligence.
Outside, the property features a large detached garage on a concrete slab, multiple storage sheds, and several covered areas with plenty of room for vehicles, tools, equipment, hobbies, or workshop space. The beautiful double lot offers a quiet, peaceful setting within walking distance of Callender Lake.
The gated community features two spring-fed lakes, a boat launch, swimming pool, pavilion with tables and a kitchen, and other recreational amenities.
Built in 1989, this property offers a rare combination of a site-built home, large double lot, multiple outbuildings, lake-community amenities, and owner-financing potential. Similar vacant lots in the neighborhood have sold for approximately $35,000.
Property is being sold strictly AS IS. Seller will make no repairs.
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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 |
|---|---|---|---|
| Sep 12, 2026 | Price Decreased |
$59,000
↓ $10K
(14.5%) | |
| Price Decreased | |||
| Jul 7, 2026 | Listed by Coldwell Banker American Dream | $69,000 | |
| Listed by Coldwell Banker American Dream | |||
Phone: 425-283-2930
Address: 335 Madison Avenue, New York, NY 10017