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    135 ASHLEY LAKE Drive Melrose, FL 32666

    View on Map
    For Sale
    $395,000

    MULTI_FAMILY - Melrose, FL

    Property size:
    2,220 SF
    Lot size:
    1.19 Acres
    Added:
    Jan 15, 2026
    Days on Market:
    76
    Last Refresh:
    Apr 1 at 3:06 pm

    Property Features for 135 ASHLEY LAKE Drive

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    3
    Bathrooms
    2
    Rooms
    Bathroom 2, Bedroom 3, Bedroom 1, Bedroom 2, Bathroom 1
    Parking features
    Garage, Off Street
    Appliances
    Dishwasher, Disposal, Electric Range, Microwave, Refrigerator
    Standard status
    Active
    APN
    170923010000100180
    Size
    2,220 SF
    Lot size
    1.19 Acres

    Taxes and HOA fees

    TaxYear
    2025
    TaxAnnualAmount
    2556

    Utilities

    Sewer type
    Septic Tank
    Heating system
    Central
    Cooling system
    Central Air
    Water source
    Well
    Water front features
    Lake Front
    Water front
    1

    Building Details

    Year built
    1990
    Floors in Building
    1
    Number of units
    2
    Roof type
    Metal
    Additional Structures
    Gazebo

    We can help!

    Listing Contact
    WALTER KEY
    WALTER KEY

    Listing agent WALTER KEY License #3512165

    Listing office EPIQUE REALTY, INC 100 S Ashley Dr Suite 600, Tampa, FL

    Listing date Jan 15, 2026

    MLS# 2125184

    Copyright © 2026 realMLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Lakefront Home with Income Potential

    This well-maintained home offers lakefront living with active income potential. Situated on a landscaped 1.19-acre lot in a quiet neighborhood, the property is located minutes from downtown historic Melrose. The main residence features 2 bedrooms and 2 full bathrooms, with an open layout, ample storage, and a screened patio with a hot tub. Additionally, there is a 900-sqft semi-finished basement with drywall, electrical, and plumbing, suitable for storage or a private office. A separate storage area is available for lawn mowers and yard tools, along with a 1-car garage and additional driveway parking. A full efficiency apartment with a kitchen and full bathroom is currently rented for almost $1,000 per month on a short-term lease, providing passive income or serving as an in-law suite or guesthouse. The property is less than 30 minutes from Gainesville and 5 minutes from the Lake Sante Fe public boat launch. The total property size is 2220 square feet and includes 3 beds and 3 full baths. The property is located in Putnam County, Florida.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Single family properties

    Suggested Use

    HVAC Service Pet Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Melrose
    County
    Putnam
    State
    Florida
    Longitude
    -82.021418
    Latitude
    29.708381

    Nearby Similar for Sale

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      Commercial Corner Lot For Sale

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    FAQs

    What type of property is this?
    Single family property - Well-maintained home on 1.19 acres with rental income.
    Where is this single family property located?
    The property is located at 135 ASHLEY LAKE Drive Melrose, FL.
    What is the asking price?
    The asking price for this property is $395,000.
    What are key features of this property?
    This property features: Lakefront property with direct access; Income‑generating efficiency apartment currently rented for almost $1,000/month; Located minutes from downtown Melrose and 5 minutes from Lake Sante Fe public boat launch
    (757) 635-3645
    We can help!
    Listing Contact
    WALTER KEY
    WALTER KEY
    Real Estate License ID: 3512165
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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