320 ISLAND POINT DRIVE
About This Property
*** The heart of the home features an open kitchen with center island and breakfast nook, plus a separate formal dining room - perfect for hosting gatherings. Just off the kitchen, a sun-filled family room with a cozy propane fireplace leads to a large, elevated deck offering seasonal lake views and total privacy. A versatile den makes the ideal home office, art studio, or reading room. *** Looking for even more space? The expansive lower level is ready for your vision - complete with rough-ins for a bathroom and kitchenette and walk-out access to the back patio and yard. There's even a rough-in for an exterior hot tub! *** A second detached five-door garage is a game-changer: it features its own full bathroom, kitchenette, and a second story that could be a guest suite, hobby loft, or remote workspace. With oversized bays, there's ample room for your RV, boat, workshop, and all your adventure gear. *** Located in the peaceful and private Heron Landing community on tranquil Leesville Lake, you're just a 10-minute stroll to the marina, where you can enjoy Friday night fish fries, boat rentals, a refreshing pool, and easy boat access to some of the best fishing in Virginia. *** Unlike many rural lake communities, Heron Landing is uniquely convenient - just 30 minutes to Lynchburg for shopping, dining, farmer's markets, and Liberty University sports. Grocery shopping, restaurants, and the town center of Altavista is only seven miles away. Even Northern Virginia and Washington, DC are within 3.5 hours, making weekend escapes easy and stress-free. *** Make plans to visit your future home today.
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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.
Phone: 425-283-2930
Address: 335 Madison Avenue, New York, NY 10017