5-Unit Apartment
New
For Sale
$1,280,000
305 CYPRESS Drive, Lake Park, FL 33403
Residential Income, Lake Park, FL
Property Size2,504 SF
Lot Size0.29 Acres
Price / SF$511.18
Days on Market4
Property Features for 305 CYPRESS Drive
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning
R1 (city)
Bedrooms
8
Full bathrooms
4
Rooms
Bedroom 4, Bathroom 3, Bedroom 5, Bedroom 6, Bathroom 1, Bathroom 2, Bathroom 4, Bedroom 3, Bedroom 2, Bedroom 8, Bedroom 1, Bedroom 7
Window features
ENERGY STAR Qualified WIndows
Pets allowed
No, Yes
Exterior features
Courtyard
Subdivision
KELSEY CITY
View
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
2,504 SF
Lot size
0.29 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
KELSEY CITY LTS 44 TO 46 INC BLK 69
Tax Annual Amount
16955
Legal Description
KELSEY CITY LTS 44 TO 46 INC BLK 69
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Amenities
central air conditioning
impact windows
on-site surveillance system
Building Details
Year built
1928
Floors in Building
2
Number of units
4
Flooring type
Tile
Building materials
Frame, Stucco, Wood Frame
Roof type
Flat, Shingle
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 25
Changed: Sep 28
Last Checked: Sep 28 at 5:06PM
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.
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 = 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
$38,510
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
3.01%
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%
$770,200
$770.2K
Cap Rate 7%
$550,143
$550.1K
Cap Rate 9%
$427,889
$427.9K
Market Conditions
NOI Build-Up for 2,504 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
$73.3K $29.28/SF
− Vacancy
−$3.3K −$1.32/SF
EGI
$70.0K $27.96/SF
− OpEx
−$31.5K −$12.58/SF
NOI
$38.5K $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%
$770,200
Cap Rate 7%
$550,143
Cap Rate 9%
$427,889
Alternative Uses
Best Use
Apartment 5plus
$550.1K
$481.4K – $641.8K
NOI $38,510 @ 7.0% cap · market cap 3.01%
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.
Property Analytics
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Current Use
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
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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
