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$459,000

For Sale - Active
211 Ivory Coral Ln Apt 104, Merritt Island, FL 32953
3 Beds
3 Baths
1,483 Square Feet
0.03 Acres Lot
Built in 2017
For Sale - Active
1 Units
Checked: 19 hours ago
Updated: Apr 24, 2025 at 05:27AM

Investment Summary


Monthly Cash Flow
-$1,440
Cap Rate
2.5%
Cash-on-Cash Return
-16.4%
Debt Coverage Ratio
0.40
Internal Rate of Return (5 years)
-11.8%

Property Description


0.03 Acres Lot
Built in 2017
For Sale - Active
1 Units

THE BEST PRICED - END UNIT In Cape Crossing. Enjoy Waterfront Paradise! IMPACT WINDOWS + METAL ROOF. No minimum rental restrictions. The only townhouse with waterfront views from primary bedroom. Priced well below recent sold and active comps, offering exceptional value. 3 Bedrooms, 2.5 Bathrooms. Comes Fully Furnished + Turnkey Ready. End units provide enhanced privacy + four extra windows, illuminating the space with natural light. Cape Crossing is a waterfront, full-service resort, one of the few places in Merritt Island zoned for short-term vacation rentals. Great opportunity for investors or snowbirds. Enjoy Florida part-time and generate income while you're away.The community boasts resort-style amenities: large heated pool, gym with sauna, and clubhouse. Walking distance to Dolphins Waterfront Bar & Grill, grab food and enjoy live music. This property won't last long, schedule your showing today!

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Location


Property Details


Parking

  • Description: Garage
  • Details: Attached
  • Garage Spaces: 1
  • Spaces Total: 0

Bedroom Information

  • # of Bedrooms: 3

Bathroom Information

  • # of Baths (Full): 2
  • # of Baths (Partial): 1
  • # of Baths (Total): 3.0

Interior Features

  • # of Rooms: 5
  • # of Stories: 2

Exterior Features

  • Exterior Walls Materials: Stucco
  • Foundation: Block
  • Roof Type: Gable or Hip
  • Roof Material: Metal

HOA

  • Has HOA: Yes
  • Association: KPMG Community Care
  • HOA Fee: $767/monthly
  • Additional Association: Cape Crossing

Land Information

  • Land Use: Residential
  • Land Use Subtype: Townhouse

Lot Information

  • Parcel ID: 2436110000503.A0000.00
  • Lot Size: 1307 sqft

Property Information

  • Property Type: Townhouse
  • Style: Key West
  • Year Built: 2017

Tax Information

  • Annual Tax: $4,900

Utilities

  • Water & Sewer: Public
  • Heating: Central
  • Cooling: Central Air

Location

  • County: Brevard

Listing Details


Listed by:
Ray Bellamy
BLUE MARLIN REAL ESTATE
(321) 537-9749

Source:
Stellar MLS
MLS#: L4950478
Stellar MLS

Investment Summary


Monthly Cash Flow
-$1,440
Cap Rate
2.5%
Cash-on-Cash Return
-16.4%
Debt Coverage Ratio
0.40
Internal Rate of Return (5 years)
-11.8%

Purchase Details

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Purchase price:
$459,000
Amount financed:
-$367,200
Down payment:
$91,800
Closing costs:
$13,770
Rehab costs:
$0
Initial cash invested:
$105,570
Square feet:
1,483
Cost per square foot:
$310
Monthly rent per square foot:
$2.09

Financing Details

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Loan amount:
$367,200
Loan to value ratio:
80.0%
Loan type:
Amortizing
Term:
30 years
Interest rate:
6.840%
Principal & interest:
$2,404
Property tax:
$408
Insurance:
$217
Private mortgage insurance (PMI):
$0
Monthly payment:
$3,029

Operating Income

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% Rent Monthly Yearly
Gross rent:
$3,100 $37,200
Vacancy loss: (6%)
6% -$186 -$2,232
Operating income:
$2,914 $34,968

Operating Expenses


% Rent Monthly Yearly
Property taxes: (13%)
13%-$408-$4,900
Insurance: (7%)
7%-$217-$2,604
Property management: (8%)
8%-$248-$2,976
Repairs & maintenance: (5%)
5%-$155-$1,860
Capital expenditures: (5%)
5%-$155-$1,860
HOA fees: (25%)
25%-$767-$9,204
Total operating expenses: (63%)
63%-$1,950-$23,404

Cash Flow


Monthly Yearly
Net operating income:
$964 $11,568
Mortgage payments:
-$2,404 -$28,848
Cash flow:
$1,440 $17,280