Waterfront 12-Unit Apartment
For Sale
$3,995,000
Pending
628 Southwind Circle, North Palm Beach, FL 33408
Renovated apartments feature private balconies, waterfront views, and elevator access.
Property Size11,040 SF
Days on Market139
Property Features for 628 Southwind Circle
General Information
Standard status
Pending
Size
11,040 SF
Elevators
Yes
Property subtype
Residential Income / Quadruplex
Occupancy
100%
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
Taxes and HOA fees
Annual Taxes
$33,405
Amenities
private waterfront balcony
hurricane impact windows & doors
Ceiling Fan(s), Central Air, Electric
Central, Electric
3.0
Tile
3
2
Balcony, Patio
Concrete Block - With Stucco
Flat
Balcony - Covered
Balcony, Other
No
Yes
Patio, Patio - Open
Building Details
Year Built
1968
Listing Agency:
Compass Florida LLC
Listed By:
Sean Mooney · License #3366223
(561) 789-7208
Source:
Compass
Added: Jun 1
Changed: Oct 15
Last Checked: Oct 16 at 10:44AM
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
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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 / Yr
$169,788
Cap Rate
4.25%
Suggested Prices Based on Cap Rates
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
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 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 4.25%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$7.77M
$6.80M – $9.07M
NOI $544,249 @ 7.0% cap · market cap 13.62%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
12
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,644
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in South region
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 $3,995,000.
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
