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For SaleSingle Family Home
$324K
116 Oak Lake Road, Melbourne, FL 32901
South Melbourne neighborhood
Subdivision: South Lakes Phase I
3
Bedrooms
2
Bathrooms
1,602
Sq Ft
1991
Year Built
$202 /sqft

About This Property

Description from listing agent

Beautifully updated and open floor plan. You will love this open and spacious 3/2 with 1600'ft is great for starting a family or looking to downsize. home features waterproof flooring, 5 inch baseboards, updated kitchen with stainless appliances. Screen enclosed patio and fully fenced back yard with a 2 car garage. PLUS New roof will be installed before closing. Come see this one today.

Space Coast Context

🚀 Launch Viewing — Fair Views

35.9 mi from SLC-40

35.9 miles from SLC-40 — visible as a bright streak in good conditions.

Aerospace Commute Guide
L3Harris3.9 mi~9 min
Northrop5.8 mi~13 min
Blue Origin29.9 mi~1h 7m
SpaceX31.1 mi~1h 9m
Lockheed31.1 mi~1h 9m
Boeing/KSC32.9 mi~1h 13m
KSC33.4 mi~1h 14m

Estimates only — verify with Google Maps.

Flood Risk

Flood zone data not yet available for this listing. Check FEMA Flood Map

Source: FEMA National Flood Hazard Layer. Insurance estimates are ranges only — get a quote for accurate pricing.

Price History

Date
Event
Price
  • 3/21/26
    Listed
    $324K
    $202/sqft

Tracked by MaxxCity from the date each listing first appeared in our system — earlier history isn't available from the MLS feed.

Offer Intelligence

Based on 5 comparable sales in this area in the last 180 days.

Price vs. Comparable Sales
4.5% above median
Median comparable close: $310,000 — premium may reflect unique features not captured in automated comps
Typical Offer Discount
95.8% of list price
At that rate, a competitive offer ≈ $310,506
Price Reductions
No reductions
Listed price has not changed since hitting the market
See & adjust the 5 comparable sales used

Uncheck any home you don't consider comparable — the median updates instantly.

The median is weighted: nearer sales count more than distant ones, and comps marked recent (sold in the last 90 days) count 2×. Comps farther than 3 miles are flagged — a longer distance usually means few nearby sales were available.

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.

Additional Details

Lot Size
0.18 acres (7,841 sqft)
Full Baths
2
Garage
2 car (attached)
HOA Fee
$286/mo
Days on Market
92
MLS Area
330 - Melbourne - Central

Community & HOA

HOA

  • Name: South Lakes HOA
  • Fee: $286 / annually

Schools

Elementary

University Park

Middle School

Stone

High School

Palm Bay

Financial & Listing Details

Listed
Mar 21, 2026
Parcel #
28-37-15-53-0000c.0-0013.00
$324K

Listing Agent (for property info)

T
Troy L Peterson
IGC Realty
407-592-6377
Call Listing Agent

Estimated Monthly Payment

$2,467/mo
Principal & interest
$1,707
Property taxes
$324
Insurance & HOA
$436

Based on a 6.90% rate, 30-year loan, and $324K price — down payment shown: $64,800.

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.

MLS# 1072603

Interested in this property?

Equal Housing Opportunity

MLS# 1072603 · Listing Broker: IGC Realty · IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The data is deemed reliable but is not guaranteed accurate by the MLS. Listing information provided by Space Coast Association of REALTORS® and the Space Coast MLS. © 2026 Space Coast Association of REALTORS®. All rights reserved. · MaxxCity Realty LLC · Licensed in Florida.