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75 & 81 East Lake Dr. Unit 3 (Mary Lappin Marmorowski/Elliman)

75 & 81 East Lake Drive, Unit 3 (Mary Lappin Marmorowski/Elliman)

The East End market is as hot as it has ever been, but a lakefront property in Montauk can be yours for the low price of $500,000 — if you’re willing to compromise on space, according to Behind the Hedges.

Unit 3 at the Outrigger co-op complex on East Lake Drive just went up for sale with that price tag, making it the cheapest listing on Lake Montauk and one of the least expensive in the entire town.

It’s no mansion, though. More like a postage stamp.

The home spans just 260 square feet with one bedroom and one bathroom. The wraparound porch on the 1978-built cottage adds another 240 square feet or so.

While Montauk has its fair share of supersized abodes, the hamlet is home to plenty of small homes that reflect Montauk’s more modest past.

That doesn’t mean the prices are modest, though. For example, actor Julianne Moore recently sold her 1,000-square-foot cottage for $2.9 million. [Behind The Hedges] — Dennis Lynch