628 Southwind CIR, North Palm Beach, FL 33408
Listed by Sean Mooney • Compass Florida LLC
$3,995,000
Est. payment /mo
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11,040 SqFt
Pending

628 Southwind CIR North Palm Beach, FL 33408

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Dylan Snyder

Dylan Snyder

+1(561) 951-9301

UPDATED:

Key Details

Property Type Multi-Family

Sub Type Quadruplex

Listing Status Pending

Purchase Type For Sale

Square Footage 11,040 sqft

Price per Sqft $361

Subdivision North Palm Beach Village

MLS Listing ID B26035280

Construction Status Resale

Year Built 1968

Annual Tax Amount $33,404

Tax Year 2025

Property Sub-Type Quadruplex

Sub Type Quadruplex

Property Description

Presenting one of the most unique multifamily properties in all of Palm Beach County, welcome to Cutler's Cove in North Palm Beach. This waterfront, twelve (12) unit apartment complex is 100% leased with virtually zero turnover in the last five years is the cash cow you have been waiting for! Cutler's Cove has a diverse unit mix consisting of five (5) one bedroom units, five (5) two bedroom units, one (1) three bedroom unit, and a studio apartment with a GLA of approximately 11,040 SF and an average of 829 SF per unit. Additionally, this property is also situated on an enormous cove with 210' of linear water-frontage, providing tenants beautiful waterfront views that demand a premium. This water-frontage gives any value-add investor the rare ability install a large dock capable of accommodating several boat slips, which will undoubtedly produce additional rental income. With just one fixed bridge (with a maximum height clearance of 17') before hitting the intracoastal waterway, this is truly one of the most unique value-add opportunities in South Florida's multifamily market. All twelve (12) units were renovated after the current owner purchased the property and every unit has ceramic tile floors, durable millwork throughout, and granite countertops in both the kitchen and bathrooms. Each unit also has its own private, waterfront balcony with beautiful views at any time of the day. other building amenities include complete hurricane impact windows & doors, two staircases on either side of the building, and most importantly, a top of the line elevator for tenants unable to utilize stairs. The exterior of the building was painted within the last twelve months and the asphalt parking lot was redone and re-striped at the same time. Currently, the gross monthly income is approximately $20,500 which gives an average for all twelve units of only $1.85 PSF and is far below current market rates in the area. In addition, all twelve units are on month-to-month leases, which gives any investor the ability to raise rents immediately after the acquisition. When comparing the average rent per unit at the subject property ($1,705/month) to the Palm Beach County average ($2,530/month), it is clear to see that there is a massive opportunity for growth here with this asset. For the conservative investors, bumping the average rent to an affordable rate of $2,000/month (20% below county average) per unit would still generate a 17% increase to the monthly gross income without spending a dollar and would take the annual income from $245,460 to $288,000 overnight. Opportunities like this do not last long!

Location

State FL

County Palm Beach

Community Non- Gated

Area 5250 North Palm Beach/Juno Beach

Interior

Heating Central, Electric

Cooling Central Air, Ceiling Fan(s), Electric

Flooring Tile

Fireplace No

Exterior

Exterior Feature Balcony

Community Features Non- Gated

Utilities Available Cable Available

Waterfront Description Canal Access, Fixed Bridge, Lagoon, Navigable Water, Ocean Access

View Y/N Yes

View Bay

Roof Type Flat Tile

Porch Balcony, Covered

Private Pool No

Roof Flat Tile

Building

Construction Status Resale

Schools

Elementary Schools The Conservatory School At North Palm Beach

Middle Schools Howell L. Watkins

High Schools Palm Beach Gardens

Others

Pets Allowed Yes

Senior Community No

Tax ID 68434216040380210

Acceptable Financing 1031 Exchange

Listing Terms 1031 Exchange

Pets Allowed Yes

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Martin County REALTORS® of the Treasure Coast (MCRTC MLS)

NEARBY SCHOOL & BUSINESS

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Dylan Snyder

Dylan Snyder

Agent SLSL698137

+1(561) 951-9301

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628 Southwind CIR

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