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5747 Cajeput Circle
About This Property
An expansive front porch welcomes you into a warm, inviting interior featuring 8x8 Timber Framing, soaring ceilings, rich wood tones, and a cozy Rumford fireplace. The thoughtful layout includes a first-floor primary suite with ensuite bath, along with a second-floor bedroom, ensuite bath, and loft, ideal for guests, a home office, or creative space.The kitchen is well-appointed with solid wood cabinetry, granite countertops, stainless steel appliances, and a large island. Built with durability and efficiency in mind, this home features high-performance construction including a stress-skin insulated wall system, Hardie Plank siding, enhanced wind bracing, and hurricane-resistant strapping. Energy-conscious upgrades include solar hot water capability and high R-value insulation for added comfort and lower utility costs. Key updates include metal roof on garage (2021), back porch roof (2025), A/C (2025), water heater (2026) and newer refrigerator and dishwasher (2022).
Step out back to a sprawling covered porch, perfect for relaxing, entertaining, or simply enjoying the quiet beauty of your surroundings. The property is a true retreat, enhanced by a variety of fruit trees including mango, avocado, starfruit, guava, Surinam cherry and mulberry.
Beyond the home, a massive 22' x 34' block workshop opens up endless possibilities. Complete with 10-foot walls, metal roof, electric, water, a half bath, washer drain and a 1,500 lb chain hoist on a continuous I-Beam, this space is ideal for a workshop, garage, or even a future guest house conversion. It also adds value for home-based businesses or contractors who need a functional, heavy-duty workspace.
With no HOA restrictions, you have the freedom to bring your RV, boat, chickens, or even operate a home-based business or short-term rental. An optional community association offers access to a pool, garden, and year-round events and 42 acres of park land and trails, enhancing the Village's unique small-town feel.
This is a rare opportunity to own a newer, thoughtfully crafted home that blends character, flexibility, and space within one of Melbourne's most naturally beautiful and close-knit communities, just minutes from major employers like L3Harris and Northrop Grumman, yet offering a true sense of peaceful seclusion.
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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%.
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.
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Phone: 425-283-2930
Address: 335 Madison Avenue, New York, NY 10017