Residential Land for Sale in Montauk, New York

13 Units o Waterfront o 1.17 Acres o Potential Expansion - 131 E Lake Drive, Montauk, NY Waterfront Income Property With Expansion Potential - This 1.19-acre multi-family compound includes 13 total units across four buildings, plus ~107 feet of direct lake frontage with a sandy beach & a private kayak launch. Western exposure provides exceptional sunset views-an increasingly rare attribute for Montauk income-producing property. Established Multi-Building Residential Layout - The property includes 13 units across four structures, as follows: o Former Waterfront Main House (demolished): 2 units - a 4BR/2BA residence and a 1BR/1BA unit, offering redevelopment potential within the prior footprint. o Long Row Building: 7 units - two 1BR/1BA apartments and five studio units. o Street-Parallel Triplex: 3 units - each a 1BR/1BA apartment. o Lakefront Cottage: 1 unit - a standalone 1BR/1BA cottage near the shoreline. This structure mix provides strong existing density and a versatile foundation for future planning. Lakefront Infrastructure & Extensive Parking - The waterfront improvements include a bulkhead, sandy beach, lakeside stairs, and a boat launch. A long driveway and expanded parking area accommodate 23 vehicles, supporting year-round tenancy, contractor activity, or high-turnover seasonal rentals without congestion. Residence A Zoning Within Coastal & Harbor Overlays - The site lies within the Residence A district, further governed by the Harbor Protection Overlay District (HPOD) and Coastal Erosion Hazard Zone 2. Existing improvements, longstanding unit density, and the historical location of the former main house may offer meaningful advantages for future redevelopment applications. Prime Montauk Setting With Long-Term Upside - Positioned just below the Montauk Lake Club and surrounded by marinas, beaches, restaurants, and high-value residential enclaves, the property sits within one of Montauk's most desirable waterfront districts. The combination of scale, frontage, sunset orientation, and unit count presents a rare opportunity with both immediate stability and future optionality. Surrounding Neighbors: Montauk Lake Club & Marina, Montauk Anglers Club & Marina, The Crow's Nest, Ditch Witch Deep Hollow Ranch, Montauk Lighthouse, Gotham Tennis Montauk, Montauk Yacht Club. Asking Price: $11,500,000. Inquire with the Hamptons Commercial RE Team additional information.