248 Cherokee Cove
About This Property
This 2025-built Timbercraft home delivers 4,000 square feet of living space with the kind of craftsmanship you'd expect to wait years for. The great room stops you at the door: vaulted ceilings with exposed wood timber beams, shiplap walls, wide-plank floors, and a staircase dressed in custom iron tree railings that look like they belong in a mountain lodge. The open layout means whoever's cooking in the kitchen with the sage green shaker cabinets, granite island, and stainless appliances is never cut off from the conversation.
The primary suite sits on the main level so you're not climbing stairs at the end of the day. The walk-in closet is the size of a real room, and the bathroom has a double granite vanity, a soaking tub, and a floor-to-ceiling tiled shower with black fixtures. Step out back onto the large open deck and you've got tree canopy, fresh air, and Cherokee Lake views.
Upstairs, two bedrooms with wood louvered closet doors give guests or family their own space without crowding the main level. The finished basement adds a large rec room or den, a bonus room that works perfectly as a home office or flex space, and a second bonus room for storage or hobbies. The basement walks out to a covered patio, and the garage connects at the lower level.
The subdivision boat ramp puts Cherokee Lake within reach without the waterfront price tag. You get the lake lifestyle, a brand-new home, and room to spread out.
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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 4, 2026 | Price Decreased |
$599,900
↓ $75K
(11.1%) | |
| Price Decreased | |||
| Feb 20, 2026 | Listed by ReMax Real Estate Ten | $675,000 | |
| Listed by ReMax Real Estate Ten | |||
Phone: 425-283-2930
Address: 335 Madison Avenue, New York, NY 10017