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3399 PALOMETA DRIVE
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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.
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Cap Rate = Net Operating Income (NOI) / Property Asset Value.
When calculating the cap rate, we assume 100% occupancy. Leverage (mortgage) is not considered.
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Price History
| Date / Event | Date | Event | Price |
|---|---|---|---|
| Jun 13, 2026 | Price Decreased |
$69,000
↓ $5K
(6.8%) | |
| Price Decreased | |||
| Apr 28, 2026 | Price Decreased |
$74,000
↓ $5K
(6.3%) | |
| Price Decreased | |||
| Jan 28, 2026 | Listed by PREMIERE PROPERTIES | $79,000 | |
| Listed by PREMIERE PROPERTIES | |||
| Apr 17, 2025 | Listed | $80,900 | |
| Listed | |||
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This beautiful canal-front residential lot on Palometa Drive is located in the highly desirable, deed-restricted boating community of Hernando Beach South, along Florida’s Nature Coast. The lot spans approximately 7,500 square feet and offers 75 feet of water frontage, providing direct backyard access to the community's wide canal system and a short ride to the Gulf of America via a community-maintained boat lift. Zoned R1B – designated for single-family residential homes only, supporting peaceful, low-density living.
No short-term rentals allowed – preserving the integrity and tranquility of the neighborhood.
Located in a flood zone– elevated construction is required, as is typical for waterfront homes in this coastal region.
Public utilities – water, sewer, and electricity available at the street.
No seawall currently installed – a blank canvas for designing a dock or lift to suit your boating lifestyle Hernando Beach Sou is a golf cart-friendly neighborhood known for its tight-knit, relaxed coastal atmosphere. Enjoy access to a private community boat ramp, allowing for easy launch and recovery of your watercraft. Dolphins, manatees, and coastal birds are regular visitors in the area’s scenic waterways. Just a short cart ride or walk to local waterfront restaurants, including seafood spots, tiki bars, and sunset views. Close to natural preserves like the Weeki Wachee Springs and Weeki Wachee Preserve, offering hiking, kayaking, and eco-tourism. This lot is an ideal opportunity to design and build your dream waterfront home in one of Florida’s most peaceful and scenic boating communities.
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| May 10, 2005 | Sold | ||
| Sold | |||
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About Hernando Beach
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Phone: 425-283-2930
Address: 335 Madison Avenue, New York, NY 10017