About This Property
Description from listing agentRare Waterfront Island Opportunity in Melbourne - Near Eau Gallie & US-1 (Dixie Hwy) Discover a truly one-of-a-kind County Records show 4.01-acre private island setting tucked just off the Eau Gallie corridor, offering unmatched privacy while still being minutes from shopping, dining, and the Indian River Lagoon. Surrounded by tranquil waterways and lush natural vegetation, this hidden gem provides the perfect canvas to create your dream waterfront estate, eco-retreat, or secluded sanctuary. With direct water frontage and serene views in every direction, the property delivers a peaceful, Old Florida ambiance rarely found this close to town. Accessible from the mainland and positioned near US-1 (Dixie Highway), you'll enjoy both convenience and exclusivity--an exceptional combination for those seeking something truly special.
Space Coast Context
🚀 Launch Viewing — Good Views
30.9 mi from SLC-40
30.9 miles from SLC-40 — visible on clear days, especially at night.
Estimates only — verify with Google Maps.
Flood Risk
Special Flood Hazard Area (1% annual chance). Flood insurance is federally required for mortgages.
Estimated flood insurance: $2,000 – $6,000+ / yr — varies by coverage, elevation & insurer
Source: FEMA National Flood Hazard Layer. Insurance estimates are ranges only — get a quote for accurate pricing.
Offer Intelligence
Price history and market context for this listing.
How we match comps
Comps are pulled directly from the Space Coast MLS — sold sales only, closed within the last 180 days. We apply hyper-local matching criteria in this order:
- ✓Same property type, always (single family, condo, townhouse, etc.)
- ✓Single-story homes compared only to single-story (and multi to multi)
- ✓Exact bedroom count
- ✓Bathrooms within ±0.5
- ✓Garage spaces within ±1
- ✓Pool status must match
- ✓Waterfront status must match
- ✓HOA must match (HOA community vs. no HOA)
- ✓Price within ±5–20% of list price (tightest in early tiers)
- ✓Square footage within ±10–25% (tighter in early tiers)
- ✓Year built always within ±5–20 years (never dropped)
We search in tiers, expanding the radius only as needed — starting in the same subdivision within 1 mile, then 2 miles, then the same neighborhood within 3 miles, and the same zip code within 5 miles as a last resort. For luxury homes ($5M+), where nearby comps are scarce, we widen the search to 5–20 miles. Year built is always required so comps are from the same era of construction. The median is weighted toward nearer sales, and sales within the last 90 days count 2× to reflect current market conditions.
Median estimate is based on similar active listings and homes that have sold within the last 180 days in this area, as reported through Brevard MLS. This is not an appraisal or a Comparative Market Analysis (CMA). Before making an offer, work with a licensed real estate agent to obtain a CMA, or hire a certified real estate appraiser for an independent valuation.
Location
Get DirectionsAdditional Details
Schools
Elementary
Harbor City
Middle School
Hoover
High School
Melbourne
Financial & Listing Details
Estimated Monthly Payment
- Principal & interest
- $2,081
- Property taxes
- $395
- Insurance
- $150
Based on a 6.90% rate, 30-year loan, and $395K price — down payment shown: $79,000.
This is a quick estimate only — it does not include items like mortgage insurance, closing costs, or rate-lock terms. For an accurate payment based on your credit and finances, get pre-qualified with a certified bank or licensed mortgage brokerage.
