40620 Melrose Drive
About This Property
Payment Calculator
Your Estimated Monthly Payment
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 |
|---|---|---|---|
| Nov 10, 2025 | Sold | ||
| Sold | |||
| Oct 18, 2025 | In contract | - | |
| In contract | |||
| Sep 5, 2025 | Price Decreased |
$664,000
↓ $16K
(2.4%) | |
| Price Decreased | |||
| Jul 30, 2025 | Listed by Abundance Real Estate | $679,999 | |
| Listed by Abundance Real Estate | |||
| May 19, 2025 | Listed | $689,999 | |
| Listed | |||
| | |||
|
Assumable FHA Mortgage 5.5%. Welcome to 40620 Melrose Drive, a beautifully maintained energy-efficient home featuring PAID SOLAR, located in the heart of Temecula’s newest community, Heirloom Farms. Recently completed, Heirloom Farms offers modern living with a fresh, vibrant neighborhood atmosphere. This home is in a prime location, just minutes from award-winning schools, great restaurants, shopping, dining, Costco, and the Promenade Mall. With easy access to the 15 Freeway, a short drive to the iconic Temecula Wine Country and Old Town Temecula, and walking distance to the serene Harveston Lake, this home offers the ultimate blend of convenience and lifestyle. Inside, you'll find elegant luxury vinyl flooring, quartz countertops throughout, and recessed lighting that adds a bright, modern touch to every room. The open concept layout is perfect for both relaxed living and entertaining. Designed with sustainability in mind, the home also features spray foam insulation and paid solar, ensuring year round comfort and energy savings. Step outside to a recently landscaped backyard, perfect for relaxing, entertaining, or enjoying the beautiful Temecula weather. The home is just a short walk to the community pool and spa, as well as picnic areas complete with barbecues, a playground, and a zip line, perfect for young kids to enjoy outdoor fun and family gatherings. Don’t miss this opportunity to own a home in one of Temecula’s most desirable and newest neighborhoods, where location, luxury, and energy-efficient living come together effortlessly.
| |||
Property Highlights
Comparables
Status
Price/ft²
Listed On
Sold On
Phone: 425-283-2930
Address: 335 Madison Avenue, New York, NY 10017