5 Palm Drive
About This Property
NO HOA-STUNNING WATERFRONT HOME WITH POOL, 2 BOAT SLIPS/LIFTS, PROTECTED WATERWAY, AND OUTDOOR SPACE.
Nestled on Lake Clyde, a deep-water saltwater lake in Shalimar, Florida with direct access to the bay and ultimately the Gulf of Mexico and some of the finest fishing around. This home brings charm, warmth and is the perfect property for the saltwater enthusiast. The property features two private boat slips, along with a spacious sun deck-perfect for sunbathing, relaxing, or enjoying breathtaking views of the water.
The backyard is expansive; complete with a huge pool, fully equipped outdoor kitchen with a natural gas grill and broiler for your next shrimp boil. The backyard has been cultivated by a master gardener to feature mature flowers, plants and palm trees to include a 22 year old fig tree that produces a ton of fruit June/July, 5 blueberry bushes, a tangelo and several thornless blackberry bushes. It's your own tropical paradise!
Stepping in from the backyard you are greeted into the Florida room which is a fantastic place to sip your cup of coffee in the morning or enjoy a relaxing evening.
The kitchen is spacious. There is plenty of space to serve guests and tons of cabinets to store away all your cookware. Just off the kitchen is the living room with 12ft stained cedar ceilings that bring warmth to the space. The living room has plenty of space for your oversized seating and even has a bonus room just off the living room that is currently being used as a music room with even more cabinets and storage. The living room is home to the gas fireplace and entertainment equipment that fuels the indoor and outdoor speakers.
Just off the living room is the master suite (1st floor) and large tranquil master bathroom with his and her closets. You will LOVE the oversized custom designed river rock shower- beautiful and functional.
Also, on the 1st floor you will find the laundry room and a good-sized office just off the 2-car garage.
Upstairs, you'll find a versatile loft space ideal for a home office, reading nook, or additional living area and 2 bedrooms. Your guest/family can draw straws on whoever gets the bedroom with their own private balcony.
The seller has gone above and beyond meticulously maintaining the property. the bay. Brand new dock piers with new snap jackets. The pool has a brand-new pool liner 2024. Security system in place with ADT. This home truly offers the ultimate in waterfront living, with all the amenities and details you could want for a luxurious, relaxed lifestyle. (SEE FEATURE SHEET IN PICTURES)
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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 |
|---|---|---|---|
| Jul 3, 2025 | Sold | ||
| Sold | |||
| May 15, 2025 | In contract | - | |
| In contract | |||
| Apr 19, 2025 | Price Decreased |
$1,219,000
↓ $30K
(2.4%) | |
| Price Decreased | |||
| Mar 1, 2025 | Price Decreased |
$1,249,000
↓ $20K
(1.6%) | |
| Price Decreased | |||
| Feb 20, 2025 | Price Decreased |
$1,269,000
↓ $11K
(0.9%) | |
| Price Decreased | |||
Phone: 425-283-2930
Address: 335 Madison Avenue, New York, NY 10017