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405 Ocean Avenue
About This Property
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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.
Price History
| Date / Event | Date | Event | Price |
|---|---|---|---|
| Dec 3, 2024 | Sold | ||
| Sold | |||
| Sep 28, 2024 | In contract | - | |
| In contract | |||
| Aug 20, 2024 | Listed by Coldwell Banker Realty - Marblehead | $6,795,000 | |
| Listed by Coldwell Banker Realty - Marblehead | |||
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Welcome to “The Tea house on the Neck”, originally 4 lots with two residences, and owned by the same family including the head of the Lipton Tea Company from 1880-1990. A spectacular property with the perfect smaller "tea house" at the tip of the point from which to enjoy a morning (or evening) drink. The lots were subdivided in 1991, and 405 Ocean Avenue now sits perched on a double lot totaling 1.82 acres, surrounded by trees shaped by the sun and wind, rocky ledges (“the lower woods”), mature plantings, an easement to a small beach, and potential for further subdivision. Also, stunning 360 degree views of the Atlantic Ocean, Marblehead Rock, Children’s Island, and Castle Rock Park, as well as Marblehead Harbor and The Marblehead Lighthouse! The interior of the home is spacious with 5+ bedrooms, 6 bathrooms and 6518 SF of living space. Period details throughout the house are obvious, but the current owners have also made it a priority to bring the house up to modern day standards.
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| Jul 9, 2014 | Sold | ||
| Sold | |||
| Apr 7, 2014 | Listed by LandVest, Inc. | $4,500,000 | |
| Listed by LandVest, Inc. | |||
Phone: 425-283-2930
Address: 335 Madison Avenue, New York, NY 10017