5-Unit Apartment Property with Separate
305 Cypress Drive E Lake Park, FL 33403
305 Cypress Drive E, Lake Park, FL, 33403
$1,350,000
For Sale
$1,350,000
MULTI_FAMILY - Lake Park, FL
Property Size2,903 SF
Lot Size0.29 Acres
Price / SF$465.04
Days on Market299
Property Features for 305 Cypress Drive E
General Information
- Property type
- Residential Multi Family
- Property subtype
- Quadruplex
- Zoning
- R1(cit
- Bedrooms
- 8
- Bathrooms
- 4
- Rooms
- Bedroom 4, Bedroom 8, Bedroom 1, Bathroom 4, Bedroom 7, Bedroom 6, Bathroom 3, Bathroom 2, Bedroom 5, Bathroom 1, Bedroom 3, Bedroom 2
- Window features
- Storm Window(s)
- Exterior features
- Courtyard, Garden
- Fencing
- Fenced
- Standard status
- Active
- APN
- 36434220010690440
- Size
- 2,903 SF
- Lot size
- 0.29 Acres
Taxes and HOA fees
- Tax Year
- 2025
- Tax Description
- 3-44-42, E 225 FT OF N 200 FT OF S 1035.13 FT OF NE 1/4
- Tax Annual Amount
- 16966
Utilities
- Utilities
- Cable Available
- Sewer type
- Public Sewer
- Heating system
- Central
- Cooling system
- Central Air
- Water source
- Public
Building Details
- Year built
- 1928
- Floors in Building
- 2
- Number of units
- 4
- Flooring type
- Carpet, Linoleum, Tile - Ceramic
- Building materials
- Frame, Stucco
- Roof type
- Composition
- Additional Structures
- Outbuilding
Listing Agency
RE/MAX Prestige Realty/Wellington
(561) 798-8080
12789 Forest Hill Blvd. No. 2A, West Palm Beach, FL
Listed by
Fabian Robert McCullon · License #3016356
(561) 262-3565
Added: Sep 23, 2025 Checked: Jul 18 at 4:06 am
MLS# R11126199
Listing URL
Copyright © 2026 BeachesMLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 5-unit apartment property includes four 2-bedroom, 1-bathroom units and a fifth standalone cottage designed to offer additional privacy and flexibility. The interior and exterior are described as meticulously maintained, with landscaped grounds supporting a strong first impression. Each unit has central air conditioning and impact windows. An on-site laundry facility is included, and the property is equipped with a full surveillance system. Electric and water services are separately metered for each unit, which can help streamline utility billing and reduce shared overhead concerns. The main roof is planned to be replaced prior to closing.
The property is located in Lake Park, Florida, just blocks from the Intracoastal Waterway. The listing also notes easy access to nearby shopping, dining, and entertainment.
For buyers seeking a small, self-contained residential income asset, the current rent roll is supported by month-to-month annual leases, providing flexibility for both residents and a new owner. The mix of four similarly sized units plus an additional cottage can help diversify unit configuration for tenant demand. Separate utility metering, in-unit comfort features, and on-site laundry are practical elements for everyday operations and resident experience.
The property is located in Lake Park, Florida, just blocks from the Intracoastal Waterway. The listing also notes easy access to nearby shopping, dining, and entertainment.
For buyers seeking a small, self-contained residential income asset, the current rent roll is supported by month-to-month annual leases, providing flexibility for both residents and a new owner. The mix of four similarly sized units plus an additional cottage can help diversify unit configuration for tenant demand. Separate utility metering, in-unit comfort features, and on-site laundry are practical elements for everyday operations and resident experience.
Key Highlights
- 5‑unit apartment property built in 1928 with central heating and central air
- Four units offer 2‑bedroom, 1‑bathroom layouts; the fifth unit is a standalone cottage
- Each unit is separately metered for electric and water; public water and public sewer available
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $85.0k | $29.28 |
| − Vacancy | −$3.8k | −$1.32 |
| EGI | $81.2k | $27.96 |
| − OpEx | −$36.5k | −$12.58 |
| NOI | $44.6k | $15.38 |
2,903 SF · lease $29.28/SF/yr · vacancy 4.50% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$637.8K
$558.1K – $744.1K
NOI $44,646 @ 7.0% cap · market cap 3.31%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.04M
$1.79M – $2.39M
NOI $143,112 @ 7.0% cap · market cap 10.60%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Apartment building - Five residential units with separate electric and water metering, month-to-month leases, and on-site laundry for day-to-day convenience.
Where is this apartment building located?
The property is located at 305 Cypress Drive E Lake Park, FL.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: 5‑unit apartment property built in 1928 with central heating and central air; Four units offer 2‑bedroom, 1‑bathroom layouts; the fifth unit is a standalone cottage; Each unit is separately metered for electric and water; public water and public sewer available
