7109 Wells Avenue
About This Property
Down at the water you've got 112 feet of shoreline and a private pier with a covered boat slip, covered deck, and a chain swing for the most epic waterside conversations. The owners boast of the redfish, trout, and sunfish they've caught off the dock, and one day pulled in enough blue crab for a boil. Kayak into the estuary and they've even landed a largemouth bass.
The 4x4 utility and disability lift is rated for 1,000 lbs and runs ground floor to every level, so stairs can be a thing of the past, and you won't have to combine your cardio with carrying in the groceries. There's a half bath under the carport, so a wet swimsuit never has to go upstairs looking for a toilet. Inside there's a propane fireplace, 9 foot ceilings on level 2, a tray ceiling in the primary, and the washer, dryer, and fridge all stay. End of a quiet wooded street, 20 minutes south to the beach and 20 north to I-10. No HOA, no CCRs, and short-term rentals are allowed, so the house can work the weeks you can't be here.
The nerdy stuff: roof is 2021 and the lift got a new motor in September 2026. The owners report the property flooded in Ivan and Sally, but no water got inside the house. A/C is two zones, outdoor unit about 5 years old, but the indoor unit and water heater are about 24, so plan for those. Water's about $12 a month. A conservation easement covers part of the lot, so cut trees and stumps stay put for erosion control.
Fair warning: "just a minute on the dock" is never a minute, and that perfectly good couch inside is about to get very lonely.
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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.
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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