Listed by Douglas Elliman Commercial Division
$1,850,000
35 Gardners Ln
Details
Property Type Multifamily
Sub Type Apartment Building
Square Footage 2,577
Price per SqFt $718
Buildings 2
Acreage 0.450
Zoning RWB
Multifamily
Marketing description
Presenting a rare investment opportunity in Hampton Bays: a waterfront property with direct Shinnecock Bay views on Penny Pond, 80 feet of frontage, a
40-foot dock, and sandy beach access. Situated on 0.49 acres, this compound offers multifamily zoning and multiple income-producing structures, making
it an ideal candidate for investors seeking rental upside or redevelopment potential.
The property is anchored by a two-bedroom, two-bath main house with an open floor plan, cathedral ceilings, gourmet kitchen, dining area, and living room with fireplace. Architectural plans and approvals are in place to renovate and expand the existing structures, including a separate guest cottage and an 18- foot-by-36-foot gunite pool. Additional residences include a two-bedroom, one-bath cottage, a one-bedroom, one-bath studio above a two-car detached garage, and ample outdoor decking for entertaining and relaxation.
Key property features include sprinklers, extensive landscaped grounds, and low annual taxes of only $14,309. Several units are separately metered,
offering flexibility for year-round rental income. With multifamily zoning, bay views, and strong demand for waterfront rentals, this asset provides investors
with multiple strategies: reposition as a boutique rental compound, operate as a seasonal retreat, or redevelop into a luxury waterfront estate.
Located just minutes from ocean beaches and at the gateway to the Hamptons, this property combines lifestyle appeal with investment-grade
fundamentals. Both homes are also available for lease.
Investment highlights
- Waterfront Location with Bay Views: 80 feet of Shinnecock Bay frontage, sandy beach access, and a 40-foot dock.
- Multiple Structures For Income Potential: Main house (2BR/2BA with fireplace), guest cottage, studio over garage, and detached 2-car garage.
- Redevelopment Potential: Offered with architectural plans and approvals for custom beach house, guest cottage, and gunite pool.
- Strong Investment Fundamentals: Multifamily zoning, sprinklers, and low annual taxes of only $14,309 enhance long-term value.
- Prime Hampton Bays Setting: 0.49-acre parcel with extensive decking, landscaped grounds, and proximity to ocean beaches.
- Each Home is Also Available for Lease
Listing Contacts
Listed by Douglas Elliman Commercial Division
Valuation Calculator
Login or Sign up to see Valuation Metrics
Sign up for Crexi to see valuation metrics for this property
Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$--
$--
Valuation Metrics
0
DSCR
--
Cap Rate
--
ROI
Map
Broker Selected Comps View More Comps
Property History
Similar Properties
Additional Information
Name
License
Brokerage
Title
Is there information that looks off?
