Rare investment opportunity in Hampton Bays! This waterfront compound offers direct Shinnecock Bay views on Penny Pond with 80 feet of frontage, a 40-foot dock, and sandy beach access. Situated on 0.44 acres, the property features multiple income-producing structures, including a two-bedroom, two-bath main house with cathedral ceilings, a gourmet kitchen, and a living room with a fireplace. The home opens directly to the water with room for a boat. Approved architectural plans allow for renovation and expansion of existing structures, including a separate guest cottage and an 18 x 36 gunite pool. Landscaped grounds include a full sprinkler system. This versatile property offers potential to reposition as a boutique rental compound, operate as a seasonal retreat, or redevelop into a luxury waterfront estate. Located minutes from ocean beaches at the gateway to the Hamptons.Lease Availability:Main House (2 BED / 2 BATH): $35,000Cottage 1 (1 BED/ 1 BATH): $25,000Available June 1 through Labor Day. Call for additional details.