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851 SE 5th Avenue
About This Property
This extraordinary waterfront estate is a rare convergence of refined design, uncompromising craftsmanship, and effortless coastal living. Upon arrival, the home captivates immediately-an expansive, newly reimagined open-concept interior frames uninterrupted views of the deep-water canal, drawing the eye straight through to your private 75' dock and brand-new 15K LB boat lift.
Completely taken down to the studs and rebuilt, this residence offers peace of mind and modern luxury throughout. A new 38' steel support beam allows for soaring ceilings, while impact-rated doors and windows, new walls, electrical, plumbing, and natural gas lines reflect a level of renovation rarely found. The gourmet kitchen is a showpiece-high-end stainless appliances, professional hood range, soft-close custom cabinetry with pull-out shelving, and exquisite quartzite countertopsdesigned equally for entertaining and everyday elegance. A flexible bonus space seamlessly transitions between a private theater and a fifth guest bedroom, featuring a custom-designed Murphy bed with integrated shelving and storageperfect for hosting in style.
Step outside and experience a resort-caliber backyard oasis that defines Florida luxury living. A spectacular newly constructed tiki pavilion (2024)soaring 20 feet high and spanning over 1,050 square feet of covered entertaining spacesets the stage for unforgettable gatherings. No detail was overlooked: rope-wrapped columns, ambient accent lighting, and a fully equipped commercial-grade summer kitchen featuring dual refrigerators, beverage cooler, ice maker, Twin Eagle grill, flat grill, rotisserie, side-by-side burners, prep sink, storage drawers, and a dedicated condiment station.
The expansive quartzite-topped bar comfortably seats six, complemented by oversized fans, multiple seating areas, recliners, and dual 100" TVs, creating the ultimate setting for entertaining or relaxing waterside. Trex decking and modernized dock railings (2024) preserve unobstructed water views while enhancing durability and style.
Surrounded by lush, professionally landscaped grounds with custom lighting, the lagoon-style saltwater pool with rock waterfall offers year-round enjoyment, enhanced by a new electric pool heater (2024). Dock lighting above and below the water ensures effortless nighttime navigation and fish visibility.
Additional features include a 15kW whole-house generator, tankless hot water heater, and fully permitted upgrades completed by licensed local contractorsdelivering both luxury and reliability.
All of this is perfectly positioned just 15 minutes to the inlet, offering seamless access to open water and world-class boating.
This is not just a homeit's a waterfront lifestyle without compromise.
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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 |
|---|---|---|---|
| Jun 6, 2026 | Relisted | $2,200,000 | |
| Relisted | |||
| Jun 6, 2026 | Price Decreased |
$1,875,000
↓ $325K
(14.8%) | |
| Price Decreased | |||
| May 11, 2026 | No longer available | - | |
| No longer available | |||
| Apr 14, 2026 | Price Decreased |
$1,999,999
↓ $200K
(9.1%) | |
| Price Decreased | |||
| Dec 17, 2025 | Listed by The Keyes Company | $2,200,000 | |
| Listed by The Keyes Company | |||
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About Cypress Harbor
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Phone: 425-283-2930
Address: 335 Madison Avenue, New York, NY 10017