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$4,450,000

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11,040 SqFt

New

628 Southwind CIR North Palm Beach, FL 33408

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Bryan Bergstein

bryan@luxurypremierestates.com +1(561) 562-1356

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Key Details

Property Type Multi-Family

Sub Type Quadruplex

Listing Status Active

Purchase Type For Sale

Square Footage 11,040 sqft

Price per Sqft $403

Subdivision North Palm Beach Village

MLS Listing ID B26035280

Construction Status Resale

HOA Y/N No

Total Fin. Sqft 11040

Year Built 1968

Annual Tax Amount $33,404

Tax Year 2025

Lot Size 0.450 Acres

Acres 0.45

Property 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

Area 5250

Zoning R3

Interior

Interior Features InteriorFeatures

Heating Central, Electric

Cooling Central Air, Ceiling Fan(s), Electric

Flooring Tile

Fireplace No

Exterior

Exterior Feature Balcony, Outdoor Living Area, Other

Utilities Available Cable Available, Electricity Connected, Sewer Connected, Water Connected

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

View Y/N Yes

Water Access Desc Public

View Bay

Roof Type Flat

Accessibility None

Porch Covered, Patio, Balcony

Total Parking Spaces 18

Private Pool No

Building

Lot Description 1/4 to 1/2 Acre Lot

Story 3

Sewer Public Sewer

Water Public

New Construction No

Construction Status Resale

Schools

Elementary Schools The Conservatory School At North Palm Beach

Middle Schools Howell L. Watkins

High Schools Palm Beach Gardens

Others

Senior Community No

Restrictions See Remarks

Tax ID 68434216040380210

Acceptable Financing 1031 Exchange

Listing Terms 1031 Exchange

Special Listing Condition Standard

Pets Allowed No Pet Restrictions, Yes

Virtual Tour https://www.propertypanorama.com/628-Southwind-Circle-North-Palm-Beach-FL-33408/unbranded

Listed by Sean Mooney Compass Florida LLC

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Bryan Bergstein

Team Leader | License ID: 3652438

+1(561) 562-1356

628 Southwind CIR North Palm Beach, FL 33408

Bryan Bergstein

Key Details

Location

Interior

Exterior

Building

Schools

Others

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628 Southwind CIR