3 Summit LANE
About This Property
Inside, the home features a fully updated master bath with a quartz countertop over a wood cabinet, a glass door enclosure for the step-in shower, and decorative tile. The adjoining master bedroom offers access to the pool and lanai area through a pocket slider. All popcorn ceilings were removed and replaced a new finish plus new interior paint was added shortly after these owners purchase. The second bathroom was remodeled in 2020, with updates from floor to ceiling, including a higher cabinet, new tile flooring, quartz countertop, and new shower hardware in 2024.Beautiful cherry wood floors adorn the living, dining, and master areas, while new tile was added in 2020 to the family room, hallway, and kitchen. The kitchen remodel in 2020 included new cabinets, a sink, faucet, disposal, and upgraded LED lighting. All appliances were replaced within the last two years. The inside laundry room provides access to the side-load garage and features an expansive folding table, utility sink, and a newer washer and dryer purchased in 2019. With a new A/C unit installed in 2021, an energy-efficient pool pump added in 2015, and numerous other cosmetic enhancements, propane fireplace with brick front plus more, this home is a must-see!
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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.
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Phone: 425-283-2930
Address: 335 Madison Avenue, New York, NY 10017