616 MEDITERRANEAN Way
About This Property
Offering four bedrooms and designed to live like a private seaside retreat, the home is constructed of solid concrete block and includes a spacious two-car garage--an uncommon luxury in oceanfront condominium living. A gracious foyer welcomes you inside, where a dramatic spiral staircase creates an architectural focal point and an immediate sense of elegance. The interiors are both sophisticated and inviting, with a thoughtfully updated kitchen that blends style and function for effortless entertaining. The primary suite, privately positioned on the lower level, opens to its own porch and captures beautiful ocean views, creating a serene and restorative retreat. Upstairs, the main living area extends to an open balcony where sweeping ocean views provide a stunning backdrop for everyday living and entertaining.
Beyond the residence, Ocean Gate I offers an elevated lifestyle--featuring a private pool exclusively for its residents, tennis courts, and access to a boardwalk leading to a wide, sandy stretch of pristine beach. Recent association-led improvements further enhance the property, providing peace of mind and a truly turnkey experience.
A rare opportunity to own within one of the area's most intimate and distinguished oceanfront communities--now offered at a compelling new price point where privacy, architecture, and the rhythm of the sea converge.
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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 27, 2026 | Sold | ||
| Sold | |||
| Apr 2, 2026 | In contract | - | |
| In contract | |||
| Mar 19, 2026 | Listed by BERKSHIRE HATHAWAY HOMESERVICES FLORIDA NETWORK REALTY | $1,475,000 | |
| Listed by BERKSHIRE HATHAWAY HOMESERVICES FLORIDA NETWORK REALTY | |||
| Mar 1, 2022 | Sold | ||
| Sold | |||
| Mar 1, 2017 | Sold | ||
| Sold | |||
Property Highlights
Comparables
Status
Price/ft²
Listed On
Sold On
Past Sales
| Date | Unit | Beds | Baths | Sqft | Price | Closed | Listed By |
|---|---|---|---|---|---|---|---|
|
03/19/2026
| |
4 Bed
|
2 Bath
|
2984 ft²
|
$1,475,000
4 Bed
2 Bath
2984 ft²
|
$1,480,000
+0.34%
04/27/2026
|
Donna Matthews
Berkshire Hathaway Homeservices Florida Network Realty
|
|
01/20/2022
| |
4 Bed
|
3 Bath
|
2984 ft²
|
$1,550,000
4 Bed
3 Bath
2984 ft²
|
$1,475,000
-4.84%
03/01/2022
|
DJ DELLA SALA
DJ & LINDSEY REAL ESTATE
|
Building Info
About Butler Beach
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Phone: 425-283-2930
Address: 335 Madison Avenue, New York, NY 10017