940 LAMBERT AVENUE
About This Property
Wake up to amazing sunrises and enjoy water views from nearly every room in the house. The remodeled kitchen and owner's bathroom, completed in 2021, feature stylish, upscale finishes, while luxury vinyl plank flooring flows throughout the home. The open-concept kitchen, dining, and living areas create an inviting atmosphere, with the living room highlighted by a white brick fireplace that offers both gas and electric options.
Step outside to a spacious backyard that's fully bulkheaded and built for enjoyment. A 14x34 boathouse with water and electric accommodates a 32' boat, while the paver pool deck surrounds a sparkling 34' pool that's 7 feet deep. The expansive covered outdoor living area is accessible from multiple points within the home, making it perfect for entertaining.
The owners suite is generously sized, with sliding doors leading to the pool and a spa-like bathroom featuring a unique round bathtub. A split-bedroom layout includes two additional guest rooms, one of which is oversized-ideal for live-in family or guests-and also has sliding access to the pool. The secondary bathroom offers convenient access to the pool as well.
Recent upgrades include a new roof installed in late 2021 and a new AC system in 2020, ensuring modern comfort and peace of mind. This home is a rare opportunity to enjoy Flagler Beach waterfront living at its finest.
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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 |
|---|---|---|---|
| Sep 4, 2025 | Sold | ||
| Sold | |||
| Aug 14, 2025 | In contract | - | |
| In contract | |||
| Jul 10, 2025 | Price Decreased |
$998,900
↓ $70K
(6.6%) | |
| Price Decreased | |||
| May 12, 2025 | Listed by COASTAL GATEWAY REAL ESTATE GR | $1,069,000 | |
| Listed by COASTAL GATEWAY REAL ESTATE GR | |||
| Mar 8, 2021 | Sold | ||
| Sold | |||
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About Flagler Beach
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Phone: 425-283-2930
Address: 335 Madison Avenue, New York, NY 10017