71 N GULF BOULEVARD
About This Property
This elevated 3-bedroom, 3-bath waterfront home offers 2,391 square feet of living space, designed for comfortable, relaxed island living. Set along a peaceful lagoon with a boat lift and direct water access to the Gulf, the property invites kayaking through calm estuary waters and effortless beach days just a short walk or 5-minute golf cart ride away.
Inside, soaring ceilings and an open living area create a bright, airy atmosphere, with expansive glass doors leading to a full-width screened rear porch that overlooks the pool and lagoon. The kitchen is centrally positioned with generous counter space, bar seating, and a sunny breakfast nook, complemented by a separate dining room and private den with solid French doors.
A split-bedroom layout offers privacy, with a spacious primary suite featuring porch access, a large walk-in closet, and a bath with dual vanities, soaking tub, and separate shower. Guest accommodations include two well-positioned guest bedrooms on the opposite side of the home, one featuring a private ensuite bath with direct access to the porch and pool area, along with an additional guest bath serving the remaining guest bedroom.
Outdoor living is a true highlight, with a sparkling pool overlooking the lagoon and an expansive covered and shaded poolside patio that provides a comfortable retreat from the afternoon sun. The patio includes an outdoor shower and offers ample space for entertaining, creating multiple areas designed for easy outdoor living.
One of the property's standout features is the oversized 1,512-square-foot garage with two garage doors, offering exceptional storage, a dedicated workshop area, and room for golf carts-ideal for navigating this golf-cart-friendly island community.
Recent improvements include a 2021 roof, 2023 AC, and 2024 hurricane-impact windows, along with full James Hardie siding and exterior paint installed with stainless steel fasteners and fully weather-caulked for enhanced durability and water resistance. Storm shutters protect all doorways. Additional updates include dock boards (2025) and boat lift motors and controllers replaced (2025). Whether used as a full-time residence or seasonal retreat, this property offers a rare opportunity to experience the quiet beauty and relaxed pace of true island living.
A virtual tour is available to provide additional perspective on the home and property.
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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.
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Phone: 425-283-2930
Address: 335 Madison Avenue, New York, NY 10017