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You can buy this private island in the Caribbean for $350,000—take a look

1 acre island for sale off the coast of southern Belize
Source: 7th Heaven Properties

If owning a private island in the Caribbean sounds like a pipe dream to you, you're in luck: An island in Belize just hit the market for an affordable $350,000, which is cheaper than the median home prices in major markets like New York, Seattle, San Diego and Portland.

The 1-acre island is located seven miles off the coast of Southern Belize, which is about 20 minutes by boat, according to 7th Heaven Properties.

1 acre island for sale off the coast of southern Belize
Source: 7th Heaven Properties

Robert Cooper, director of 7th Heaven Properties, tells CNBC Make It that while the island is "undeveloped" — meaning that there's currently no plumbing or electricity — it's still large enough to build several houses or even a resort on it.

"There's also a natural cove with deep water that would be perfect for building a dock to provide easy access via the water," Copper says.

However, he thinks the area is ideal for a private beach or a dive resort. The waters surrounding the island is filled with a large variety of marine life, according to Cooper.

Additionally, it could be used for other kinds of commercial ventures such as a beach bar or restaurant to target visiting tourists.

Source: 7th Heaven Properties

Waters surrounding the island are also shallow enough that swimmers can go 30-plus yards out from the edge of the island and still be only knee-deep in water.

Source: 7th Heaven Properties

There are also several other islands are within a mile away, and the entire region forms part of the Belize Barrier Reef, the largest barrier reef system in the Northern Hemisphere,

Cooper says the island is currently owned by an undisclosed Belizean company.

Source: 7th Heaven Properties
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1 acre island for sale off the coast of southern Belize
Source: 7th Heaven Properties
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