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830 Biscayne Drive
About This Property
Both the house and the hard-to-find 2-car garage are hollow tile construction. The original pecky cypress front door and Herpel stone surroundings with outstanding landscaping make a great front to face the street. The rear is perfect to make the garage a large guest cottage and still have room for a pool and entertaining. High on the hill; no sea-level rise here! When renovated much attention was paid to detail and architectural integrity. The house was gutted and all electric and plumbing replaced, floor joists were replaced, new subfloor laid, vapor barrier included and the original floors relaid (no sloping!) and refinished. Walls are 3/4'' sheet rock resulting in sound insulation. Quality crown molding and baseboards were added. The house has copper gutters, Cat-5 wiring and an internal sound system. Kitchen and baths were redone in excellent architectural style. All counter surfaces are granite. The kitchen features upgraded appliances, a center work island and custom cabinets. Stove, water heater and dryer are gas. The huge, private master bedroom has a large walk-in closet and double French doors to a small rear patio. The master bath has walk-in shower with multiple shower jets; the guest bath has a Jacuzzi tub. The garage could be turned into a large guest cottage and there is still room for a pool. The garage doors and doors to both bedrooms are hurricane; the others are Marvin aluminum wood clad casements with hurricane panels. All renovation work done with permits.
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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.
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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.
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About Flamingo Park
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Phone: 425-283-2930
Address: 335 Madison Avenue, New York, NY 10017