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2616 Rainbow Lake Drive
About This Property
The sellers are offering this lovely home due to a change in circumstances, after completing significant improvements. This 2,411 sq ft, 3-bedroom, 3-bath home features a spacious floor plan with large windows, wood flooring, and a unique chef's kitchen with an antique gas stove and custom cultured concrete countertops. A remodeled upstairs suite offers added privacy. Relax by the fireplace or enjoy the massive covered patio. Set on over 1 acre with fruit trees, raised garden beds, covered parking, workshops, secure electric gate, city water/sewer, two on-site wells (one operational), and a boat dock across the street
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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 |
|---|---|---|---|
| Sep 23, 2026 | Price Decreased |
$599,000
↓ $31K
(4.9%) | |
| Price Decreased | |||
| Jul 21, 2026 | Price Decreased |
$629,850
↓ $5K
(0.8%) | |
| Price Decreased | |||
| Jul 14, 2026 | Price Decreased |
$635,000
↓ $5K
(0.8%) | |
| Price Decreased | |||
| Jun 18, 2026 | Price Decreased |
$640,000
↓ $10K
(1.5%) | |
| Price Decreased | |||
| Jan 23, 2026 | Listed by Torreon Realty | $650,000 | |
| Listed by Torreon Realty | |||
Phone: 425-283-2930
Address: 335 Madison Avenue, New York, NY 10017