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112 Lagoon Avenue
About This Property
Inside, the main living areas feature beautiful wood-look tile flooring, exposed wood accents, abundant natural light, and an open living, dining, and kitchen design. The remodeled kitchen features quartz countertops, white cabinets, stainless steel appliances, farmhouse sink, tile backsplash, pendant lighting, and a large island with seating. The oversized primary suite is a standout, offering generous closet space and a beautifully remodeled bathroom with dual vessel sinks, quartz countertops, freestanding soaking/jetted tub, oversized glass-enclosed walk-in shower with multiple shower heads, wood-look tile, and custom cabinetry. Additional bathrooms have also been updated with tile showers and modern finishes.
Adding tremendous versatility is approximately 346 sq. ft. of additional air-conditioned living space currently configured as a private guest/in-law suite with its own exterior entrance and patio, bedroom, closet, living area, kitchenette, full bathroom, and dedicated mini-split A/C. Currently utilized as a short-term rental, this flexible space offers excellent possibilities for guests, extended family, a private home office, or potential supplemental income.
Step outside to your own private Florida retreat featuring a large swimming pool, expansive paver patio, covered outdoor entertaining area with bar, fire pit, outdoor shower, tropical landscaping, irrigation system, and fenced backyard, plenty of room for relaxing, entertaining, gardening, or simply enjoying the Florida sunshine.
Major improvements include a 2020 roof, 2021 HVAC system, solar panels installed in 2025, and upgraded electrical panel in 2025. The home also features a two-car garage and multiple access points to the outdoor living areas.
Conveniently located in an established Melbourne neighborhood near Downtown Melbourne, the Indian River, shopping, dining, medical facilities, major roadways, and a short drive to the Space Coast beaches, this property combines location, space, flexibility, and the Florida lifestyle in one unique package.
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What does this mean?
Based on our analysis, the cap rate of this property is 1.25%. A negative cap rate indicates that the property might not be feasible as an income-producing asset. The median cap rate for a near zip code 11238 is 4.23%.
How much can I actually make?
Actual monthly rental income may vary between $4,760 and $7,140 depending on unit-specific characteristics. You can change the amount using the slider to further explore.
How is cap rate calculated?
Cap Rate = Net Operating Income (NOI) / Property Asset Value.
When calculating the cap rate, we assume 100% occupancy. Leverage (mortgage) is not considered.
Cap Rate provided by RealtyHop and RentHop, learn more about cap rate here.
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Phone: 425-283-2930
Address: 335 Madison Avenue, New York, NY 10017