605 SE 8th AVENUE
About This Property
Come and view a very special 1,290 SF vintage 2 BR / 1 BA concrete block home on a .31 acre waterfront lot. A perfect haven for anyone to commute to jobs on the coast, or someone working from home.
The current owners have made many practical improvements, making it cozy and efficient. The bright & open kitchen features original solid wood cabinets, Mexican tile floors, and newer appliances, and it is complemented by the addition of a large storage pantry and a 3 X 5-foot stainless top prep table.
The original carport was transformed into a 220 SF air-conditioned oversized 1-car garage with an electric opener. It is lined with industrial-grade shelving for all of the climate-controlled indoor storage you will need yet roomy enough for an exercise area or parking a small car.
The spacious living/dining room has Mexican tile floors. Two large bedrooms - the Primary Bedroom fits a 6-piece king suite; each bedroom has wall-length closets with double sliding doors.
The utility room has a newer washer & dryer, a utility sink, and a tankless on-demand water heater.
2-year-old AC unit and newer ceiling fans throughout the home including the screened patio.
Metal roof (2005). Exterior 30 AMP RV outlet and 50 AMP generator outlet with a transfer switch for running a large generator after a power outage.
Hidden from view is a backyard oasis with a newly re-screened patio, beautiful landscaping, and a huge outdoor shed for storing bikes, garden equipment, and supplies. The lot has mature shade trees offering protection from the Florida sun, an avocado tree close to producing fruit, and a dock where you can fish for bass. For those with a green thumb, three large Vegepod raised beds provide an easy, critter-free setup for growing your own organic vegetables year-round.
This is a one-of-a-kind home with many unique features and lives much larger than it looks.
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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.
Phone: 425-283-2930
Address: 335 Madison Avenue, New York, NY 10017