Sense of place is the initial impression one ascribes of 23 Ocean
Street in Manchester-by-the-Sea. This spectacular Contemporary home
could easily be sited on the rugged Northern California coast, yet
here we are on the refined North Shore of Boston. The property
overlooks White Beach, the coastal marshes spreading toward Black
Beach and the open Atlantic Ocean. The elevated position above the
shoreline ensures privacy and enhances the rhythm of the sea. The
great room has cathedral ceilings, fireplace, bookcases and walls
of glass that frame the ever-changing views. Sliders lead out to
magnificent multi-level decks that provide sublime entertaining
spaces. The kitchen features contemporary white cabinetry, high-end
appliances (Thermador, SubZero, Meile). The primary suite has luxe
bathroom, fireplace and a home office in the tower. How cool! An
intimate library, two additional bedrooms, one en-suite rounds out
this level. First level bonus room with bath, two car garage &
gardens.
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.
You don’t have to imagine the stunning beauty of a bird’s eye view of the Atlantic Ocean or beautiful marshes that stretch to Black Beach or watching wildlife come and go. These awesome sights (and more) can be yours daily from this former “simple” deck house that has been carefully maintained, expanded and transformed over the last 48 years by the same family into a unique and stunning 3-bedroom Contemporary. A “few” highlights of this exquisite home include a recently updated kitchen with views of the Atlantic in one direction; the marshes in another. The living-dining room has vaulted ceilings and miles of views, and the primary suite has an updated bath. Wake up to the sun rising. Let’s not forget the family room/library. Access to the outside and the view is easy from every level. The home office (with 180-degree views, of course) even has its own deck. The lower level first floor has a bonus room, full bath and laundry facilities. 2-car garage. See FEMA map: not in flood zone.
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Property Highlights
Garage
Parking Available
Fireplace
Parking Details
Has Garage
Attached Garage
Has Open Parking
Parking Features: Attached, Garage Door Opener, Storage, Paved, Under
Garage Spaces: 2
Open Parking Spaces: 6
Interior Details
Full Bathrooms: 4
Interior Features: Vaulted Ceiling(s), Wet Bar, Bathroom - Full, Closet, Bonus Room, Office, Entry Hall
Appliances: Water Heater, Oven, Dishwasher, Microwave, Range, Refrigerator, Washer, Dryer
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