Five-Unit Residential Income
For Sale
$1,280,000
305 Cypress Dr E 1 2 3 4 5, Lake Park, FL 33403
Five separately metered units with central air and impact windows, offering a straightforward, well-maintained rental setup.
Property Size2,903 SF
Days on Market85
Property Features for 305 Cypress Dr E 1 2 3 4 5
General Information
Standard status
Active
Size
2,903 SF
Property subtype
Investment
Additional Details
Multifamily Units
5
Taxes and HOA fees
Annual Taxes
$16,966
Building Details
Building Size
2,903 SF
Year Built
1928
Stories
2
Units
4
Listing Agency:
RE/MAX Prestige Realty
Listed By:
Fabian Robert McCullon · License #3016356
(561) 262-3565
Source:
Elliman
Added: Jun 12
Changed: Aug 20
Last Checked: Sep 1 at 10:14PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of RE/MAX Prestige Realty
Investment Insights
Based on property information with market context.
This is a well-maintained five-unit apartment property. Four units feature 2-bedroom, 1-bathroom layouts, and the fifth is a standalone cottage designed for privacy and flexible tenant use. The property includes central air conditioning, impact windows, an on-site laundry facility, and a full surveillance system. Each unit is separately metered for both electric and water, supporting more individualized utility management. Outside, the grounds are landscaped and maintained.
The property is located in Lake Park, Florida, just blocks from the Intracoastal Waterway. The setting offers convenient access to shopping, dining, and entertainment. All tenants are currently on month-to-month leases, which can provide flexibility for an incoming owner.
From an ownership standpoint, the mix of unit types and the separate electric and water metering can simplify operations and tenant billing. With existing in-place amenities such as central air, on-site laundry, and security monitoring, the property is positioned to support comfortable day-to-day residency. In addition, the main roof will be replaced prior to closing.
The property is located in Lake Park, Florida, just blocks from the Intracoastal Waterway. The setting offers convenient access to shopping, dining, and entertainment. All tenants are currently on month-to-month leases, which can provide flexibility for an incoming owner.
From an ownership standpoint, the mix of unit types and the separate electric and water metering can simplify operations and tenant billing. With existing in-place amenities such as central air, on-site laundry, and security monitoring, the property is positioned to support comfortable day-to-day residency. In addition, the main roof will be replaced prior to closing.
Key Highlights
- 5‑unit apartment building built in 1928 with four 2BR/1BA units plus a standalone cottage unit
- All units are separately metered for electric and water
- Central air conditioning and impact windows in the units
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$44,646
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.49%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$892,920
$892.9K
Cap Rate 7%
$637,800
$637.8K
Cap Rate 9%
$496,067
$496.1K
Market Conditions
NOI Build-Up for 2,903 SF
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.
Gross rent
$85.0K $29.28/SF
− Vacancy
−$3.8K −$1.32/SF
EGI
$81.2K $27.96/SF
− OpEx
−$36.5K −$12.58/SF
NOI
$44.6K $15.38/SF
Area
Palm Beach County, FL
Vacancy
4.50%
Lease Rate
$29.28 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$892,920
Cap Rate 7%
$637,800
Cap Rate 9%
$496,067
Alternative Uses
Best Use
Apartment 5plus
$637.8K
$558.1K – $744.1K
NOI $44,646 @ 7.0% cap · market cap 3.49%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.04M
$1.79M – $2.39M
NOI $143,112 @ 7.0% cap · market cap 11.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
4,521
Businesses Nearby
Explore this area
Business Placement
Demographics for 33403, FL
13,779
Population
5,906
Households
2.3
Avg Household Size
38
Median Age
26%
College-Educated
86%
High-School Grad
3.3 sq mi
ZIP Area
4,175
Density / Sq Mi
$69,050
Median Household Income
$34,019
Median Earnings
$1,426
Median Rent
$340,100
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Five separately metered units with central air and impact windows, offering a straightforward, well-maintained rental setup.
Where is this apartment building located?
The property is located at 305 Cypress Dr E 1 2 3 4 5 Lake Park, FL.
What is the asking price?
The asking price for this property is $1,280,000.
What are key features of this property?
This property features: 5‑unit apartment building built in 1928 with four 2BR/1BA units plus a standalone cottage unit; All units are separately metered for electric and water; Central air conditioning and impact windows in the units
