954 Placid Drive
About This Property
Welcome to this beautifully updated home situated along the Eau Gallie River (3.9-mile-long freshwater tributary in Melbourne, Florida that flows into the Indian River Lagoon), offering a rare combination of waterfront charm and modern reliability. With over $85,000 in recent improvements, this move-in ready property delivers both lifestyle and peace of mind.
Fully remodeled kitchen in 2022. New cabinetry, granite countertops & appliances. Ideal for entertaining or everyday living. Both bathrooms tastefully renovated (2022) with contemporary finishes. Original wood floors have been professionally restored and resealed, complimented by new LVP flooring in the kitchen & baths. Fresh interior & exterior paint provide a clean, updated look throughout. New Roof 2022. Foundation Leveling 2021. Full Electric Upgrade 2026. Plumbing re-pipe to City Main 2024. New Water Heater 2025.New Fence 2023. Home Security System 2022. No Rental Restrictions.
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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 |
|---|---|---|---|
| Jun 26, 2026 | Sold | ||
| Sold | |||
| May 22, 2026 | In contract | - | |
| In contract | |||
| Apr 19, 2026 | Listed by RE/MAX Aerospace Realty | $479,000 | |
| Listed by RE/MAX Aerospace Realty | |||
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About Melbourne
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Phone: 425-283-2930
Address: 335 Madison Avenue, New York, NY 10017