Description

A rare waterfront investment opportunity awaits in Hampton Bays, offering direct views of Shinnecock Bay along Penny Pond with 80 feet of frontage, a 40-foot dock, and sandy beach access. Set on 0.49 acres with multifamily zoning, this unique compound features multiple income-producing structures, creating exceptional rental upside and redevelopment flexibility. The centerpiece is a two-bedroom, two-bath main residence with an open layout, cathedral ceilings, a gourmet kitchen, dining area, and a fireplace-centered living room. Approved architectural plans are in place to renovate and expand the property, including enhancements to a separate guest cottage and the addition of an 18-by-36-foot gunite pool. Additional improvements include a two-bedroom, one-bath cottage and a one-bedroom, one-bath studio apartment above a detached two-car garage, complemented by expansive outdoor decking ideal for entertaining. The property is enhanced by landscaped grounds with irrigation, low annual taxes of $14,309, and separately metered units that allow for flexible year-round rental configurations. With strong demand for waterfront properties and multifamily zoning in place, investors may reposition the asset as a boutique rental compound, operate it as a seasonal retreat, or redevelop it into a luxury waterfront estate. Located just minutes from ocean beaches and serving as a gateway to the Hamptons, this offering blends lifestyle appeal with compelling investment fundamentals. Both homes are also available for lease.