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2324 Merlin Drive
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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.
Price History
| Date / Event | Date | Event | Price |
|---|---|---|---|
| Oct 20, 2025 | Sold | ||
| Sold | |||
| Sep 30, 2025 | In contract | - | |
| In contract | |||
| Sep 26, 2025 | Listed by RE/MAX Elite | $549,500 | |
| Listed by RE/MAX Elite | |||
| | |||
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((( SPECTACULAR 4 BR/3 BA LAKEFRONT HOME IN WEST MELBOURNE!! ))) FANTASTIC UPGRADES ALONG w/NEW ROOF IN 2024 & PHENOMENAL $80,000 SOLAR PANEL SYSTEM...SELLER TO PAY OFF! PRICELESS 3 CAR GARAGE, GIGANTIC BACK SCREENED PATIO & LARGE FENCED BACK YARD...PLENTY OF ROOM FOR POOL! Split & open FP w/vaulted ceilings, Granite counters, SS appliances, custom cabinets, RO water system, extensive tile work, high baseboards, plant ledges, transom windows, upgraded fixtures, plantation shutters & beautiful driftwood tile flooring throughout! NEW FRIDGE IN 2023. NEW WATER HEATER & SOLAR SYSTEM IN 2022 & NEW CARPET IN 2025! Formal living room (could be office) Formal dining room, huge master suite, interior laundry, breakfast nook, potential in-law suite & spacious kitchen overlooking enormous family room for entertainment at its finest! Step out on your screened patio & relax in your hot tub w/the preserve trees providing a privacy canopy buffer between your back yard & lake...CONVENIENT PARADISE!!
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| Feb 21, 2023 | Sold | ||
| Sold | |||
| Oct 12, 2022 | Listed by ITG Realty | $575,000 | |
| Listed by ITG Realty | |||
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About Falcon Ridge
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Phone: 425-283-2930
Address: 335 Madison Avenue, New York, NY 10017