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5599 PELICAN Way
About This Property
The second-floor living level is thoughtfully positioned to take full advantage of the views, with expansive glass doors opening to a generous ocean-view deck-ideal for sunset evenings, outdoor dining, and savoring the ocean air. Inside, the open-concept living and dining spaces are anchored by a chef-inspired gourmet kitchen featuring sleek pro-style stainless steel appliances, a striking double-door oven, and an industrial-size refrigerator, all delivering professional-grade performance with a modern European flair. The home offers four well-proportioned bedrooms and 3.5 baths, including two ensuite bedrooms, providing flexibility and privacy for family and guests. The entire third floor serves as a private primary retreat, where ocean views create a peaceful sense of escape. The spa-style ensuite is beautifully appointed with elegant tilework, a soaking tub, a spacious shower, and quality finishes.
Outdoor living is seamlessly integrated throughout the property, with elevated decks on both the second and third floors and a large rear patio extending from the back of the home, creating an inviting setting for entertaining or relaxing after a day on the beach.
Located in Butler Beach, just a five-minute walk to a wide, uncrowded sandy shoreline, this home offers the simple pleasures of morning beach walks, shelling, and quiet coastal moments.
Modern, sophisticated, and carefully designed, this coastal residence delivers a rare combination of new construction, upscale finishes, and relaxed beachside living, making it ideal as a primary residence, second home, or refined coastal getaway.
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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
| Date / Event | Date | Event | Price |
|---|---|---|---|
| Apr 21, 2026 | Price Decreased |
$1,645,000
↓ $53K
(3.1%) | |
| Price Decreased | |||
| Mar 17, 2026 | Price Decreased |
$1,698,000
↓ $97K
(5.4%) | |
| Price Decreased | |||
| Feb 7, 2026 | Listed by BERKSHIRE HATHAWAY HOMESERVICES FLORIDA NETWORK REALTY | $1,795,000 | |
| Listed by BERKSHIRE HATHAWAY HOMESERVICES FLORIDA NETWORK REALTY | |||
| Jan 24, 2026 | Price Increased |
$1,875,000
↑ $80K
(4.5%) | |
| Price Increased | |||
| Jan 23, 2026 | Price Decreased |
$1,795,000
↓ $80K
(4.3%) | |
| Price Decreased | |||
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About Butler Beach
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Phone: 425-283-2930
Address: 335 Madison Avenue, New York, NY 10017