This Shelter Island home on Smith Cove is on the...

This Shelter Island home on Smith Cove is on the market for $5.5 million. Credit: VHT Studios

A "boater’s paradise" in Shelter Island is on the market for $5.5 million. The annual property taxes are $15,666.

Sitting on the dock of the bay (literally) at South Ferry Road, the property includes a guest house on its 1.16 acres. The main house, at 5,500 square feet, features four bedrooms and four bathrooms. The guest house contains two bedrooms, two bathrooms and a garage.

The house, built in 1961, was designed to maximize the waterfront views, said agent Patrick McLaughlin of Douglas Elliman Real Estate. He is co-listing the property with Timothy Kelly.

The kitchen.

The kitchen. Credit: VHT Studios

"In the summer, it’s almost like being in Nice," said McLaughlin. "The views are absolutely stunning."

The property overlooks Smith Cove, and includes a private dock, boat ramp and exclusive beach access. The depth of the water allows for a "fairly sizable" boat, McLaughlin said. Inside, there are panoramic views of Mashomack Preserve and Sag Harbor through glass doors and walls of windows.

This Shelter Island home on Smith Cove is on the...

This Shelter Island home on Smith Cove is on the market for $5.5 million. HODAILY231213 Credit: VHT Studios

"For somebody who loves the water, this is the perfect property," McLaughlin said.

The house is a five-minute cruise across the water to Sag Harbor, according to the listing. But during the off season, Shelter Island is a comparatively laid-back and tight-knit place to live, McLaughlin said.

The property overlooks Smith Cove.

The property overlooks Smith Cove. Credit: VHT Studios

"In the summer, obviously it’s a bit more bustling here," he said. "But it’s pretty un-Hamptons: It’s a bit more removed and quiet. It still has great restaurants, shopping and amazing beaches — you just don't get that frenetic pace on Shelter Island."

The property is served by the Shelter Island Union Free School District.

The guest house contains two bedrooms, two bathrooms and a...

The guest house contains two bedrooms, two bathrooms and a garage. Credit: VHT Studios

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