503 Useppa
About This Property
#503 still features some of the original features from its 1980 construction, with functional updates performed during the longtime owner's use, such as electric hurricane shutters for the sliding glass doors, new HVAC, new water heater, new washer/dryer and other upgrades to the living space and finishes. The living room features a cathedral ceiling, fireplace and huge views of the water through sliding doors which lead to the screen porch. On the eastern side of the first living floor is the Master Bedroom, with en-suite bath and direct access to an open deck. The two guest rooms and shared full bathroom are upstairs, creating separation between guests and family while presenting the potential for alternative uses such as a home office. The western guest room has access to an open balcony overlooking the water, where daily sunset performances can be observed from an elevated perspective.
Ownership of #503 comes with the cost-free right to dock one boat 24' or less at the Useppa Village Community Dock, located about 400' away to the west. With desirable boating locations such as Cabbage Key, Cayo Costa, Boca Grande within 5 miles of the cottage, its owner will have easy access to the best boating, beaches and fishing southwest Forida has to offer. This unit presents an opportunity to enter into an island lifestyle for well under $1m.
Property ownership on Useppa Island requires a Resident Membership to Useppa Island Club & Marina. The Club is under new ownership as of late 2024 and the Club facilities are currently undergoing a multi=million-dollar renovation plan. Buyers are responsible for performing their own due diligence with respect to Useppa Island Club & Marina's operating status, fees and policies as they are all subject to change.
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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%.
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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
Property Highlights
Comparables
Status
Price/ft²
Listed On
Sold On
Past Sales
| Date | Unit | Beds | Baths | Sqft | Price | Closed | Listed By |
|---|---|---|---|---|---|---|---|
|
01/06/2026
| |
3 Bed
|
2 Bath
|
1362 ft²
|
$695,000
3 Bed
2 Bath
1362 ft²
|
$625,000
-10.07%
02/26/2026
|
Jim Fischer
Sellstate Prime Realty
|
Building Info
Phone: 425-283-2930
Address: 335 Madison Avenue, New York, NY 10017