Five-Unit Apartment Property with
For Sale
$1,350,000
305 Cypress Drive E, Lake Park, FL 33403
MULTI_FAMILY - Lake Park, FL
Property Size2,903 SF
Lot Size0.29 Acres
Price / SF$465.04
Days on Market319
Property Features for 305 Cypress Drive E
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning
R1(cit
Bedrooms
8
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 4, Bedroom 2, Bedroom 7, Bathroom 1, Bedroom 1, Bedroom 4, Bathroom 2, Bedroom 6, Bathroom 3, Bedroom 3, Bedroom 8, Bedroom 5
Window features
Storm Window(s)
Exterior features
Courtyard, Garden
Fencing
Fenced
Subdivision
KELSEY CITY
Elementary school
Lake Park
Middle school
Howell L. Watkins
High school
Palm Beach Gardens
Directions
US-1 to Cypress Dr.
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
Legal Description
3-44-42, E 225 FT OF N 200 FT OF S 1035.13 FT OF NE 1/4
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Amenities
on-site laundry facility
central air conditioning
impact windows
full surveillance system
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 · RE/MAX International
(561) 798-8080
Listed By:
Fabian Robert McCullon · License #3016356
(561) 262-3565
Added: Sep 23, 2025
Changed: Aug 5
Last Checked: Aug 7 at 3:06AM
MLS# R11126199
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.
Discover a five-unit apartment property on 305 Cypress Drive E in Lake Park, built in 1928. Four units feature 2-bedroom, 1-bathroom layouts, and the fifth is a standalone cottage designed for privacy and flexible rental use. The property totals 2,903 square feet on a 0.29-acre lot, with a frame and stucco exterior and a composition roof.
Tenants are on month-to-month annual leases, and each unit is separately metered for both electric and water. Residents benefit from central air conditioning and impact windows, plus an on-site laundry facility. A full surveillance system is also included. Exterior amenities include a courtyard and garden, and the property is fenced.
The main roof will be replaced prior to closing. Utilities include public water and public sewer, with cable available. The home is centrally positioned just blocks from the Intracoastal Waterway, with easy access to shopping, dining, and entertainment.
Tenants are on month-to-month annual leases, and each unit is separately metered for both electric and water. Residents benefit from central air conditioning and impact windows, plus an on-site laundry facility. A full surveillance system is also included. Exterior amenities include a courtyard and garden, and the property is fenced.
The main roof will be replaced prior to closing. Utilities include public water and public sewer, with cable available. The home is centrally positioned just blocks from the Intracoastal Waterway, with easy access to shopping, dining, and entertainment.
Key Highlights
- Five units: four 2‑bedroom, 1‑bath apartments plus a standalone cottage
- Each unit has separate electric and water meters
- Central air and impact windows
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
3.31%
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 3.31%
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 authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
101
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-unit apartment property with central air, impact windows, and separate electric and water meters.
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: Five units: four 2‑bedroom, 1‑bath apartments plus a standalone cottage; Each unit has separate electric and water meters; Central air and impact windows
