Waterfront 12-Unit Apartment
For Sale
$4,450,000
628 Southwind Circle, North Palm Beach, FL 33408
Renovated apartments feature private balconies, waterfront views, and elevator access.
Property Size11,040 SF
Price / SF$403.08
Days on Market95
Property Features for 628 Southwind Circle
General Information
Standard status
Active
Size
11,040 SF
Elevators
Yes
Property subtype
Multi-family
Occupancy
100%
Lease Term
[]
Financials
Gross Income
$245,460
Average Monthly Rent
$1,705
Units
Unit Mix
5 x 1BR, 5 x 2BR, 1 x 3BR, 1 x studio
Multifamily Units
12
Amenities
private waterfront balcony
hurricane impact windows & doors
Building Details
Year Built
1968
Listing Agency:
Compass Florida LLC
Listed By:
Sean Mooney
(772) 287-1777
Source:
Onesothebysrealty
Added: May 30
Changed: Aug 30
Last Checked: Aug 31 at 7:50PM
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 Compass Florida LLC
Investment Insights
Based on property information with market context.
Cutler's Cove is a 12-unit apartment property completed in 1968, with approximately 11,040 square feet and a varied residential mix. The building includes five one-bedroom apartments, five two-bedroom apartments, one three-bedroom apartment, and one studio. All units were renovated after the current owner's acquisition and include ceramic tile flooring, durable millwork, and granite countertops in the kitchens and bathrooms. Each apartment also has a private waterfront balcony.
The property occupies a waterfront cove in North Palm Beach with 210 linear feet of frontage. Boating access includes one fixed bridge with a maximum clearance of 17 feet before reaching the Intracoastal Waterway. Building improvements include hurricane-impact windows and doors, two staircases, and an elevator. The exterior was painted within the last twelve months, while the asphalt parking lot was resurfaced and restriped during the same period. All 12 apartments are currently leased on month-to-month agreements.
The property occupies a waterfront cove in North Palm Beach with 210 linear feet of frontage. Boating access includes one fixed bridge with a maximum clearance of 17 feet before reaching the Intracoastal Waterway. Building improvements include hurricane-impact windows and doors, two staircases, and an elevator. The exterior was painted within the last twelve months, while the asphalt parking lot was resurfaced and restriped during the same period. All 12 apartments are currently leased on month-to-month agreements.
Key Highlights
- 12‑unit apartment property with approximately 11,040 SF
- Unit mix includes five one‑bedroom, five two‑bedroom, one three‑bedroom, and one studio apartment
- 210 linear feet of waterfront frontage on a cove
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
$169,788
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
3.82%
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%
$3,395,760
$3.4M
Cap Rate 7%
$2,425,543
$2.4M
Cap Rate 9%
$1,886,533
$1.9M
Market Conditions
NOI Build-Up for 11,040 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
$323.3K $29.28/SF
− Vacancy
−$14.5K −$1.32/SF
EGI
$308.7K $27.96/SF
− OpEx
−$138.9K −$12.58/SF
NOI
$169.8K $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%
$3,395,760
Cap Rate 7%
$2,425,543
Cap Rate 9%
$1,886,533
Alternative Uses
Best Use
Apartment 5plus
$2.43M
$2.12M – $2.83M
NOI $169,788 @ 7.0% cap · market cap 3.82%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$7.77M
$6.80M – $9.07M
NOI $544,249 @ 7.0% cap · market cap 12.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,644
Businesses Nearby
Explore this area
Business Placement
Demographics for 33408, FL
18,965
Population
13,490
Households
1.4
Avg Household Size
58
Median Age
52%
College-Educated
96%
High-School Grad
6.8 sq mi
ZIP Area
2,789
Density / Sq Mi
$91,390
Median Household Income
$65,606
Median Earnings
$1,885
Median Rent
$502,900
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Renovated apartments feature private balconies, waterfront views, and elevator access.
Where is this apartment building located?
The property is located at 628 Southwind Circle North Palm Beach, FL.
What is the asking price?
The asking price for this property is $4,450,000.
What are key features of this property?
This property features: 12‑unit apartment property with approximately 11,040 SF; Unit mix includes five one‑bedroom, five two‑bedroom, one three‑bedroom, and one studio apartment; 210 linear feet of waterfront frontage on a cove
