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1278 Rainbow Court
About This Property
Existing pilings allow for dock installation in the original footprint, and a matching boathouse structure offers flexibility for storage, entertaining, or a waterfront bar concept.
Inside, the coastal fishing cabin ambiance is elevated through exposed wrapped beams, horizontal whitewashed ceiling planks, and layered up lighting designed to emulate vintage gaslight warmth. Level 5 Cambria quartz countertops wrap the kitchen, complemented by custom cubbies with barrister doors for wine and specialty drinkware. Appliances include a three-burner induction cooktop, beverage refrigerator, convection oven with air fry and broil functions, and thoughtfully integrated workstation pass-through. Two fireplaces with concrete hearths are approved for insert conversion, while vaulted rod holders and curated mid-century furnishings enhance the thematic cohesion. The primary suite boasts a 12-foot vaulted ceiling, and the bath showcases dimensional tilework with a glass-wall shower and built-in cabinetry. Wall-mounted pivoting fans add both function and aesthetic detail. With no community rental restrictions and exceptional character rarely found on Naples waterfront, this cottage presents an outstanding opportunity as a personal retreat, guest overflow residence, or high-performing short-term rental investment.
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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%.
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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 10, 2026 | Listed by William Raveis Real Estate | $1,249,000 | |
| Listed by William Raveis Real Estate | |||
| Apr 12, 2013 | Sold | ||
| Sold | |||
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Phone: 425-283-2930
Address: 335 Madison Avenue, New York, NY 10017