4508 Luke Avenue
About This Property
This recently remodeled 4-bedroom, 3-bathroom home offers beautiful Gulf views from the third floor and scenic views of the surrounding neighborhood. The spacious layout includes a large living and dining area that flows seamlessly into the modern kitchen, creating a perfect space for gatherings. The first floor features a bedroom and full bathroom, providing convenience for guests or family members.
One of the standout features of this property is its fantastic outdoor amenities, including a large heated pool, a full volleyball court, and a spacious deck perfect for entertaining or unwinding after a day at the beach. The property's prime location and amenities make it an ideal vacation rental, and it's currently enrolled in the Ocean Reef Resorts Rental Program.
Additionally, the garage offers the possibility of being converted into more living space, further increasing its rental appeal or providing room for personal use. Call Today to see this Beauty in the Heart of Destin Florida
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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 |
|---|---|---|---|
| Feb 20, 2026 | Sold | ||
| Sold | |||
| Feb 11, 2026 | In contract | - | |
| In contract | |||
| Jan 29, 2026 | Price Decreased |
$1,149,000
↓ $20K
(1.7%) | |
| Price Decreased | |||
| Dec 23, 2025 | Price Decreased |
$1,169,000
↓ $10K
(0.9%) | |
| Price Decreased | |||
| Dec 12, 2025 | Price Decreased |
$1,179,000
↓ $6K
(0.5%) | |
| Price Decreased | |||
Phone: 425-283-2930
Address: 335 Madison Avenue, New York, NY 10017