311 Alberts Cove
About This Property
In this home, the lake is part of daily life, not just a weekend destination. You can be on the water in minutes with your covered boat dock right on property. You can sit on the upper deck with your morning coffee and watch the sun move across the water. That same deck is where dinner with guests becomes something people talk about. At night, the hot tub is right there when you want it. This is not a lake-adjacent property with a sliver of a view. This is the real thing, completely private, with open water stretching out in every direction.
Inside, the main level living room features soaring ceilings, a gas fireplace, and a wall of windows framing Cherokee Lake and the Smoky Mountains like a living painting. The remodeled kitchen has granite countertops, a center island, and is plumbed for gas. The primary suite includes a private sunroom with direct lake views, and one of the guest rooms opens directly to the main deck overlooking the water. The completely remodeled primary bath features a tiled walk-in shower, double granite vanity, and finishes that feel intentional, not builder-grade. Plenty of storage throughout the home means everything has a place.
What sets this home apart from most Cherokee Lake properties is the lower level. A kitchenette, a bedroom, and a full bath make it fully functional for guests or multi-generational living. Beyond that, the lower level opens into a large video room and a separate game room with enough space for a pool table. Two additional garage bays give you four total across the property. And the indoor lap pool, housed in its own sunroom, is 35 feet long and 4.5 feet deep, with a liner replaced two years ago. Year-round swimming is completely realistic.
With over 500 feet of Cherokee Lake shoreline, a covered dock on the main channel, 270-degree views that include the Smoky Mountains, multi-level entertaining space, and the privacy of 3.1 wooded acres, there is genuinely nothing else like this available on Cherokee Lake right now.
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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 2, 2026 | Sold | ||
| Sold | |||
| May 15, 2026 | Listed by ReMax Real Estate Ten | $1,100,000 | |
| Listed by ReMax Real Estate Ten | |||
Phone: 425-283-2930
Address: 335 Madison Avenue, New York, NY 10017