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5216 Palm Drive
About This Property
The home features a split floor plan, high ceilings, and a unique interior design that provides both comfort and functionality. Vinyl laminate wood flooring runs throughout the main living areas, and the kitchen offers brand new stove, remanufactured Granite, ample cabinet space for storage and everyday use. New Water heater 2026. One bathroom includes a roll-in shower with wheelchair accessibility, adding flexibility. Recent updates include a new A/C unit installed in 2024. Windows were installed in 2005 and are Anderson double pane. Complete Storm shutters for added protection easily placed on windows if need be. Outside, enjoy a screened-in porch with ceiling fans, perfect for relaxing or entertaining. The oversized driveway provides parking for multiple vehicles, and the fully fenced backyard sits on a nicely sized lot with plenty of room for a pool, gardening, or outdoor activities.
An added bonus is the vacant lot to the north, owned by the rear east neighbor, with no known plans to selloffering additional privacy. Indian River Estates is known for its peaceful lakes, parks, and welcoming community atmosphere, all while being conveniently close to town.
This home checks all the boxes for location, space, and usabilityschedule your showing today.
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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 |
|---|---|---|---|
| Apr 7, 2026 | Sold | ||
| Sold | |||
| Mar 13, 2026 | In contract | - | |
| In contract | |||
| Feb 28, 2026 | Price Decreased |
$310,000
↓ $24K
(7.2%) | |
| Price Decreased | |||
| Feb 2, 2026 | Price Decreased |
$333,900
↓ $15K
(4.3%) | |
| Price Decreased | |||
| Jan 18, 2026 | Price Decreased |
$349,000
↓ $16K
(4.4%) | |
| Price Decreased | |||
Property Highlights
Building Info
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About Indian River Estates
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$2,200 /mo
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Phone: 425-283-2930
Address: 335 Madison Avenue, New York, NY 10017