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321 Allison Drive
About This Property
Situated on a fully fenced .52-acre homesite in desirable Malabar Lakes West, this spacious 5-bedroom, 3-bath pool home blends comfort, flexibility, and outdoor living into one exceptional property. Whether you're hosting holidays, accommodating extended family, working from home, or simply craving more space and privacy, this home was designed to adapt to the way you live.
Inside, you'll find multiple living and dining areas, soaring ceilings, crown molding, ceiling fans throughout, and fresh professional interior paint in Sherwin-Williams Marshmallow. A sought-after first-floor bedroom and full bath creates the perfect setup for guests, in-laws, a home office, or multi-generational living.
The kitchen serves as the heart of the home, offering granite countertops, freshly painted cabinetry, pantry storage, a breakfast nook, and an oversized peninsula with seating for four. Recent upgrades include a brand-new stainless-steel refrigerator, dishwasher, garbage disposal, and workstation sink featuring a waterfall faucet, integrated pressurized cup washer, and durable easy-to-maintain design-making meal prep and entertaining a pleasure.
Upstairs, retreat to the oversized primary suite featuring a walk-in closet and a beautifully renovated spa-inspired bathroom. The custom walk-in tiled shower includes a rainfall shower head, dual body spray wands, built-in bench seating, modern finishes, and a Bluetooth-enabled exhaust fan that brings a luxury hotel feel to your daily routine.
Step outside and discover where this property truly shines. The screened pool with waterfall feature creates a private backyard oasis, while the expansive fenced yard offers room for pets, play, gardening, entertaining, and future possibilities. Gather around the custom fire pit area, enjoy the mature landscaping, or simply relax knowing you have space that is increasingly difficult to find. A gated side parking area provides room to bring your boat, RV, trailer, recreational vehicles, and all your toys without HOA parking restrictions.
Home additionally features a brand-new 2025 roof, 2025 fencing, 2024 gutters, 2024 pool pump, fresh landscaping and mulch, exterior pressure washing, new staircase carpeting, new laminate flooring throughout the upstairs bedrooms, loft and guest bath, updated toilets, new refrigerator water line, new garage door opener, second-floor impact windows with tint, remote blinds, exterior paint, and a newer water heater. Comfort is enhanced with dual-zone climate control, featuring a brand-new downstairs HVAC system and an upstairs system that has been recently serviced and maintained.
With low HOA dues of only $450 per year, an oversized homesite, extensive updates, a resort-style backyard, and room for every stage of life, this Malabar Lakes West residence offers something increasingly rare in today's market: the freedom to spread out, entertain, store your toys, and truly enjoy the Florida lifestyle. This isn't just a house it's the place where your next chapter begins.
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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%.
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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.
Price History
| Date / Event | Date | Event | Price |
|---|---|---|---|
| Jul 10, 2026 | Sold | ||
| Sold | |||
| Jun 12, 2026 | In contract | - | |
| In contract | |||
| Jun 8, 2026 | Price Decreased |
$493,000
↓ $6K
(1.2%) | |
| Price Decreased | |||
| May 29, 2026 | Listed by Atlantic Key Realty group | $499,000 | |
| Listed by Atlantic Key Realty group | |||
| Oct 17, 2025 | Listed | $669,000 | |
| Listed | |||
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With its vaulted ceilings & crown molding throughout, this home combines space, modern upgrades, neighborhood charm, and prime location — a rare find in Palm Bay! Nestled in a highly sought neighborhood known for its welcoming community, maintained homes, and low HOA fees. Tucked away from main roads, with a peaceful and small community feel, and spacious lots that provide comfort and privacy. Just a few of the recent updates include a new roof ,gutters, hot water tank, paint, luxury vinyl floors, A/C, fence, pool pump, granite countertops, tinted energy efficient windows, appliances, and master bath updated to walk-in shower with waterfall and custom bench. Screened in patios and an extra parking pad, creating a perfect space to enjoy Florida living year-round. Step into your private backyard oasis with mature tropical landscaping, unwind by the saltwater pool or gather around the fire pit. Minutes away, is a brand-new shopping center, easy access to parks, I-95, the river & beaches
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About Malabar Lakes West
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Phone: 425-283-2930
Address: 335 Madison Avenue, New York, NY 10017