5134 Madras Drive NW
About This Property
The Carrington stands out with its rare dual primary suites, with one located on each level. This layout is the perfect solution for multi-generational living or a high-end guest retreat. Each suite serves as a private sanctuary featuring dual vanities and glass-enclosed walk-in showers with custom ceramic tile. At the heart of the home, the open-concept great room and kitchen are finished with elegant Shaker cabinetry, sleek granite countertops, and stainless steel appliances. Natural light pours in through the sliding doors, leading you out to a screened-in lanai that provides a private front-row seat to the Florida breeze. Upstairs, a wrought-iron rail leads to a massive open loft and a dedicated bonus/media room that adapts effortlessly to your lifestyle. Whether you need a home cinema, a playroom, or a quiet executive office, this level provides the space you need alongside two additional bedrooms and a conveniently located second-floor laundry.
This residence includes premium upgrades such as 17x17 ceramic tile on the first floor, custom interior paint, and elegant door hardware throughout. Modern efficiency is built-in with cordless blinds, flush-mount LED lighting, a Ring Video Doorbell, a Smart Thermostat, and Keyless Entry. The exterior is equally impressive with hurricane shutters, a paver driveway, and professional landscaping with front irrigation.
Malabar Springs provides a vacation lifestyle every day. Spend your weekends at the resort-style pool and cabana, explore the scenic walking trails and ponds, or visit the community playground. Located just minutes from the nature trails at Three Forks Conservation Area and the shopping and dining of Malabar Road, everything you need is right at your doorstep. The Carrington is a statement of smart design and timeless elegance, perfectly positioned within one of Palm Bay's most sought-after communities.
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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%.
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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.
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 |
|---|---|---|---|
| Sep 23, 2026 | In contract | - | |
| In contract | |||
| Mar 26, 2026 | Price Decreased |
$399,900
↓ $10K
(2.4%) | |
| Price Decreased | |||
| Mar 12, 2026 | Listed by New Home Star Florida LLC | $409,900 | |
| Listed by New Home Star Florida LLC | |||
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About Brevard
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Phone: 425-283-2930
Address: 335 Madison Avenue, New York, NY 10017