961 IRIS Drive
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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.
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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 22, 2025 | Sold | ||
| Sold | |||
| Aug 22, 2025 | In contract | - | |
| In contract | |||
| Jun 9, 2025 | Listed by Compass Florida LLC | $7,995,000 | |
| Listed by Compass Florida LLC | |||
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Direct Intracoastal Point Lot! Experience unparalleled waterfront living at 961 Iris Drive, a modern contemporary estate nestled on a rare Intracoastal point lot in Delray Beach's exclusive Tropic Isle community. Boasting 310 feet of deep-water frontage including 185 feet along a side canal this fully furnished residence is a yachtsman's dream, accommodating vessels up to 150 feet with no fixed bridges to the ocean.
Inside, the home features a striking floating staircase, 9-foot solid core doors, and a master suite that exudes timeless charm. The versatile garage is newly refinished and air-conditioned, ideal for various uses. Top-of-the-line appliances from Sub-Zero, GE Monogram, and Miele are in impeccable condition, complemented by a 30 kW Generac generator and a complete internet upgrade for uninterrupted living. With Lutron lighting and electric blinds in all bedrooms, this home is not just a residence; it's a lifestyle of ultimate waterfront living.
Step outside to a private resort-style oasis featuring an infinity-edge pool and spa, a large covered patio with a chef's summer kitchen, lush landscaping, spacious backyard,and breathtaking views of the Intracoastal waterway. Whether you're entertaining guests or enjoying a quiet evening, this outdoor space offers the perfect setting.
Located just minutes from Atlantic Avenue and Delray Beach's award-winning beaches, this estate offers the perfect combination of luxury, comfort, and prime location. With 4 bedrooms, 4 full baths, and 2 half baths, this home provides ample space for both relaxation and entertainment. Intracoastal living at it's best!
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| Feb 25, 2025 | Sold | ||
| Sold | |||
| Jan 11, 2025 | Price Decreased |
$7,995,000
↓ $500K
(5.9%) | |
| Price Decreased | |||
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About Tropic Isle North
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Phone: 425-283-2930
Address: 335 Madison Avenue, New York, NY 10017