A home along a canal comes with certain advantages, particularly when that waterfront is in an upscale community such as Vero Beach, Florida.

From a privacy standpoint there are no neighbors sharing a backyard border. Instead, a tranquil waterway acts as a natural buffer.

From an investment angle, homes on the water are always in limited supply—a fact that keeps values high.

From a recreational viewpoint, consider the fun factor. Access to water right outside the backdoor opens up endless possibilities for kayaking, boating, fishing or just watching the rising tide.

This brand-new Barrier Island home has canal access to the Intracoastal Waterway. Set at 649 Tulip Lane, it’s close to 17th Street Bridge, which connects to the mainland.

Shopping and restaurants are only minutes away, says Matilde Sorensen of Dale Sorensen Real Estate, who is representing the property.

“The neighborhood is very quiet and family friendly, with lots of professionals,” Sorensen says. As for the nearest beach? “It takes about less than 5 minutes to get there via golf cart.”

The open-concept dwelling features coffered ceilings. Large windows bring in ample natural light. Long plank engineered white oak flooring enhances the airy ambiance throughout.

High ceilings in the great room give way to a barrel ceiling in the dining room that is 15 feet at its tallest point. A lanai adjoins the living space.

The island kitchen is outfitted with top-of-the-line appliances, quartz counters, custom Shaker-style cabinetry and a walk-in pantry.

The 4,650 square feet of living space contains four bedrooms, five full bathrooms and two powder rooms.

The primary suite, which accounts for two of the full bathrooms, has two air-conditioned walk-in closets. Also air-conditioned are the two-car garage and golf cart garage.

A resort-style swimming pool and spa with a pool deck occupy the backyard. There’s a new seawall, and a dock could be added.

Integrated smart home features include programmable thermostats, smoke and carbon monoxide detectors, air conditioning with return air circulation, prewired data room for cameras and house and pool area speakers.

The asking price is US $5.35 million.

Dale Sorensen Real Estate is an exclusive member of Forbes Global Properties, a consumer marketplace and membership network of elite brokerages selling the world’s most luxurious homes.