On an oversized 0.41-acre corner lot amid lush, mature landscaping,
this Mediterranean-style residence in Greenwood at Palm River
Estates offers a distinctive expression of indoor-outdoor living in
North Naples. Built in 1974 and offering 2,131 square feet with
four bedrooms and two baths, the home unfolds through a series of
connected gathering spaces designed for conversation, dining and
entertaining. Terrazzo floors lend character throughout the main
living areas, where a dedicated bar creates a natural gathering
point and the dining area flows into a well-equipped kitchen.
Granite countertops, wood cabinetry, stainless steel appliances and
a substantial gas range support everything from everyday meals to
evenings shared around the table. Gas service is supplied by a
120-gallon propane tank. The home's personality continues outdoors.
Impact-resistant sliding doors open to an expansive,
screen-enclosed lanai where a built-in pizza oven imported from
Italy becomes a centerpiece for alfresco dining. Beyond, paver
surfaces wind through mature tropical landscaping and fruit trees
to a courtyard-style setting with a pergola-style structure and
decorative fountain. Together, these outdoor spaces create inviting
places for morning coffee, dinner beneath the lanai or an evening
gathered around the pizza oven. Plantation shutters, recessed
lighting, a newer roof (2023) and a two-car garage add to the
home's features. Greenwood is an intimate enclave of just 25
low-maintenance residences within established Palm River Estates,
with landscaping included in homeowners association services.
Community amenities include a renovated community room, park,
sidewalks, and a new heated community pool and spa expected to open
soon. From its Italian pizza oven and garden spaces to its terrazzo
floors and interconnected living areas, 511 Eastwood Drive offers a
home with individual character and room to gather, all from an
established North Naples location convenient to Gulf beaches,
shopping, dining and recreation.
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.
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