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Map
600 Burr Street
About This Property
Concrete block home on double lots in a prime Melbourne location. Property needs significant renovation and is priced for cash buyers, investors, or builders looking for a value-add opportunity.
Major updates already completed include new roof and gutters, updated electrical with new breaker panel, new hot water heater, updated fresh water plumbing, and LED lighting throughout. Trees have been removed and the lot cleared, providing a great starting point for redevelopment or renovation.
Home features wood flooring, crawl space foundation, and documentation includes a current 4-point inspection, wind mitigation report, and survey confirming the double lots.
No central A/C (window unit in living room).
Excellent location just 7 minutes to the beach and walking distance to Downtown Melbourne's restaurants, shops, and entertainment. Nearby community park.
Strong potential for renovation, rental, or redevelopment.
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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.
Price History
| Date / Event | Date | Event | Price |
|---|---|---|---|
| Apr 20, 2026 | Sold | ||
| Sold | |||
| Mar 21, 2026 | In contract | - | |
| In contract | |||
| Mar 14, 2026 | Price Decreased |
$139,500
↓ $21K
(13.3%) | |
| Price Decreased | |||
| Jan 10, 2026 | Price Increased |
$160,855
↑ $11K
(7.2%) | |
| Price Increased | |||
| Dec 22, 2025 | Price Decreased |
$150,000
↓ $13K
(8%) | |
| Price Decreased | |||
Property Highlights
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Phone: 425-283-2930
Address: 335 Madison Avenue, New York, NY 10017