48
Map
116 Pelican Drive
About This Property
Recent improvements include a newer roof (11/23), AC (10/23), 80-gallon solar water heater (1/25), replaced propane tank (2025), and newer electrical panel (9/25). A whole-home water filtration and softener system, gas cooking, and energy-efficient upgrades support comfortable coastal living.
Just a short walk to deeded beach and river access, where you can watch ocean sunrises, kayak the Indian River at sunset, and enjoy nearby riverfront parks with a boat launch, fishing pier, and picnic areas. A unique blend of coastal lifestyle, nature, and sustainability
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Cap Rate Calculator
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.
Price History
| Date / Event | Date | Event | Price |
|---|---|---|---|
| Jun 4, 2026 | Sold | ||
| Sold | |||
| Apr 16, 2026 | In contract | - | |
| In contract | |||
| Mar 12, 2026 | Listed by Dale Sorensen Real Estate Inc. | $589,000 | |
| Listed by Dale Sorensen Real Estate Inc. | |||
| May 21, 2025 | Price Decreased |
$599,000
↓ $8K
(1.3%) | |
| Price Decreased | |||
| May 5, 2025 | Price Decreased |
$607,000
↓ $8K
(1.3%) | |
| Price Decreased | |||
Property Highlights
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About Melbourne Shores
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Phone: 425-283-2930
Address: 335 Madison Avenue, New York, NY 10017