528 Stonegate Drive
About This Property
The first home offers 3 bedrooms and 1 bathroom, while the second features 2 bedrooms and 1 bathroom. Both homes have new roofs and are separately metered for electricity, which is paid by the tenants. City water services the property, with usage handled between the tenants, and there are two separate septic systems in place.
With no zoning restrictions, this property offers flexibility-continue operating as a rental investment, build a new home, or explore other permitted uses. A county restriction allows one home per 2.5 acres, providing additional development potential.
The property currently generates $1,660 in gross monthly rental income, with both tenants on month-to-month leases, offering flexibility for a new owner.
Owner financing is available with a substantial down payment at 5% interest for 20 years, making this an attractive opportunity to own acreage in a desirable rural setting.
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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 |
|---|---|---|---|
| Jan 30, 2026 | Price Decreased |
$480,000
↓ $20K
(4%) | |
| Price Decreased | |||
| Dec 22, 2025 | Listed by AmeriPlex Realty, Inc. | $500,000 | |
| Listed by AmeriPlex Realty, Inc. | |||
Phone: 425-283-2930
Address: 335 Madison Avenue, New York, NY 10017