2272 Colony Drive
About This Property
This retro, 3 bedroom 2 bath, solid block home is one of the only 2 car garage homes in the Colony West Subdivision- right in the heart of Melbourne.
There is 1,428 living sq ft and over 400 sqft of bonus living space for a workshop or mother-in-law suite. (without bathroom but the addition of one is possible)
(Bonus space is currently cooled by window AC, however, can easily be duct into existing HVAC or used as a split)
There are terrazzo floors throughout, a fenced-in yard and extra workshop space in the garage.
The home is located 1 mile from the trendy Eau Gallie Arts District and near to the area high school, Elementary School, minutes from the beach and I-95.
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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%.
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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