56875 Route 48
About This Property
The existing home sits on .75 acres with direct, no-bluff access to the Sound and showcases sweeping 180-degree panoramic water views. This 3-bedroom, 2-bath residence features a waterside gunite pool and an open-concept interior with modern finishes, designed for effortless indoor-outdoor living and year-round enjoyment. Expansive windows fill the home with natural light while capturing stunning sunsets over the water.
Included in the offering is an additional .80-acre unimproved soundfront parcel, providing exceptional flexibility-whether to create a multi-generational compound, expand the existing footprint, or develop a second residence for investment or resale.
Ideally located in Greenport near beaches, shops, and acclaimed dining, this rare dual-parcel property delivers a compelling blend of coastal lifestyle, privacy, and long-term value.
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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 |
|---|---|---|---|
| Oct 7, 2026 | Relisted | $4,250,000 | |
| Relisted | |||
| Sep 25, 2026 | No longer available | - | |
| No longer available | |||
| Mar 24, 2026 | Listed by East End Luxury Ltd | $4,250,000 | |
| Listed by East End Luxury Ltd | |||
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Data Source: OneKey MLS
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Phone: 425-283-2930
Address: 335 Madison Avenue, New York, NY 10017