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840 Myrtle Terrace
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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.
Price History
| Date / Event | Date | Event | Price |
|---|---|---|---|
| May 18, 2026 | Listed by Hovland Realty, LLC | $1,799,000 | |
| Listed by Hovland Realty, LLC | |||
| Sep 1, 2025 | No longer available | - | |
| No longer available | |||
| Jul 14, 2025 | Withdrawn | - | |
| Withdrawn | |||
| Jun 9, 2025 | Price Decreased |
$1,494,900
↓ $5K
(0.3%) | |
| Price Decreased | |||
| Feb 24, 2025 | Listed by Hovland Realty, LLC | $1,499,900 | |
| Listed by Hovland Realty, LLC | |||
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Welcome to the lowest priced single-family home west of 41 — and one of the most unique opportunities in Naples. Zoned for both residential and commercial use, this fully renovated beach cottage offers unmatched flexibility for living, working, or investing. Completely redone in 2019, the home features a new AC, new metal roof, hurricane-impact windows and doors, and an energy-efficient insulated roof system engineered to withstand winds up to 200 MPH. Best of all, there’s no HOA, no flood zone, and no rental restrictions, making it an ideal full-time residence, vacation rental, or live-work space.
Inside, nearly 2,000 square feet of beautifully designed space awaits. Soaring 25-foot cathedral ceilings wrapped in tongue-and-groove Cypress wood create a dramatic yet welcoming atmosphere. The open floor plan is full of custom details, including shiplap accent walls, designer trim, antique and designer lighting, and a mango wood bar with handcrafted brackets. The kitchen is a showstopper with Café appliances, an induction cooktop, a built-in Keurig coffee maker in the fridge, and a large island perfect for entertaining.
The primary suite offers a relaxing retreat with a custom fireplace wall, an oversized 8x11 walk-in closet, and a luxurious en-suite bath featuring custom cabinetry and a statement chandelier. Two guest bedrooms share a stylish Jack-and-Jill bathroom with high-end finishes and emergency egress windows for peace of mind. A separate full bath with a walk-in shower and custom vanity adds extra convenience for guests or clients.
The outdoor space is just as impressive. Custom herringbone pavers flow from the carport to the backyard, where you’ll find a cozy patio with a fireplace, lush landscaping, and a fully fenced yard with plenty of room for a pool. The entire landscape is supported by an underground irrigation system, creating a private and low-maintenance outdoor oasis.
One of the standout features of this home is the fully equipped in-home salon or studio space. With a separate entrance, full bath, and built-in sink, it’s perfect for a hairstylist, esthetician, or creative professional. Even better, it comes with a transferable client list of over 80 people—an instant income-generating opportunity or a versatile private space separate from the main home.
Furnishings are negotiable, and the location is unbeatable—just a short walk to the beach and Waterside Shops, and only a 5-minute drive to 5th Avenue. Whether you’re looking for a unique home, a business-friendly space, or a smart investment, this one-of-a-kind Naples cottage has it all.
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About Naples
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Phone: 425-283-2930
Address: 335 Madison Avenue, New York, NY 10017