5-Unit Apartment
305 CYPRESS Drive, Lake Park, FL 33403
For Sale
$1,280,000
Residential Income, Lake Park, FL
Property Size2,504 SF
Lot Size0.29 Acres
Price / SF$511.18
Days on Market49
Property Features for 305 CYPRESS Drive
General Information
Property type
Property subtype
Zoning
Bedrooms
Full bathrooms
Rooms
Window features
Pets allowed
Exterior features
Subdivision
View
Elementary school
Middle school
High school
Directions
Standard status
APN
Size
Lot size
Additional Details
Tenant in Place
Taxes and HOA fees
Tax Year
Tax Description
Tax Annual Amount
Legal Description
Utilities
Utilities
Sewer type
Heating system
Cooling system
Water source
Amenities
central air conditioning
impact windows
on-site surveillance system
Building Details
Year built
Floors in Building
Number of units
Flooring type
Building materials
Roof type
Listing Agency:
RE/MAX Prestige Realty/Wellington · RE/MAX International
(561) 798-8080
Listed By:
Fabian Robert McCullon · License FL #3016356
(561) 262-3565
Added: Sep 25
Changed: Nov 5
Last Checked: Nov 12 at 10:06PM
MLS# B26080606
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.
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Investment Insights
Based on property information with market context.
This Lake Park multifamily property contains five rental units across 2,504 square feet on a 0.29-acre parcel. The unit mix includes four two-bedroom, one-bath apartments and a separate cottage. Central air conditioning, impact windows, tile flooring, and a courtyard serve the property; public water and sewer are available. The main roof is scheduled for replacement before closing.
All five units are occupied, with tenants on month-to-month agreements. The property is zoned R1 by the city and is located near the Intracoastal Waterway. Built in 1928, the building has frame and stucco construction and flat and shingle roofing.
All five units are occupied, with tenants on month-to-month agreements. The property is zoned R1 by the city and is located near the Intracoastal Waterway. Built in 1928, the building has frame and stucco construction and flat and shingle roofing.
Key Highlights
- Five rental units: four 2‑bedroom, 1‑bath apartments and a separate cottage
- All 5 units currently occupied; tenant agreements are month‑to‑month
- 2,504 square feet on a 0.29‑acre parcel
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$38,263
Cap Rate
2.99%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$765,260
$765.3K
Cap Rate 7%
$546,614
$546.6K
Cap Rate 9%
$425,144
$425.1K
Market Conditions
NOI Build-Up for 2,504 SF
Gross rent
$73.6K $29.40/SF
− Vacancy
−$4.0K −$1.62/SF
EGI
$69.6K $27.78/SF
− OpEx
−$31.3K −$12.50/SF
NOI
$38.3K $15.28/SF
Area
Palm Beach County, FL
Vacancy
5.50%
Lease Rate
$29.40 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$765,260
Cap Rate 7%
$546,614
Cap Rate 9%
$425,144
Alternative Uses
Best Use
Apartment 5plus
$546.6K
$478.3K – $637.7K
NOI $38,263 @ 7.0% cap · market cap 2.99%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.76M
$1.54M – $2.06M
NOI $123,442 @ 7.0% cap · market cap 9.64%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Lease Details
5
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
554
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
$340,100
Median Home Value
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Market
Average Price Trend$/SF for Apartment buildings in Palm Beach County, FL
Properties on Market for Apartment buildings in Palm Beach County
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Four two-bedroom apartments and a detached cottage are currently rented on month-to-month agreements.
Where is this apartment building located?
The property is located at 305 CYPRESS Drive 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: Five rental units: four 2‑bedroom, 1‑bath apartments and a separate cottage; All 5 units currently occupied; tenant agreements are month‑to‑month; 2,504 square feet on a 0.29‑acre parcel
