Waterfront Apartment
For Sale
Under Contract
$3,995,000
628 Southwind Circle, North Palm Beach, FL 33408
MULTI_FAMILY - North Palm Beach, FL
Property Size11,040 SF
Lot Size0.45 Acres
Price / SF$361.87
Days on Market68
Property Features for 628 Southwind Circle
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning
R3
Bedrooms
3
Full bathrooms
2
Rooms
Bathroom 2, Bedroom 1, Bedroom 3, Bedroom 2, Bathroom 1
Patio and Porch features
Patio
Pets allowed
No, Yes
Exterior features
Balcony
Subdivision
NORTH PALM BEACH VILLAGE
Elementary school
The Conservatory School at North Palm Beach
Middle school
Howell L. Watkins
High school
Palm Beach Gardens
Standard status
Active Under Contract
APN
68434216040380210
Size
11,040 SF
Lot size
0.45 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
NORTH PALM BEACH VILLAGE OF PL 3 LT 21 BLK 38
Tax Annual Amount
33405
Legal Description
NORTH PALM BEACH VILLAGE OF PL 3 LT 21 BLK 38
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Cooling system
Central Air, Ceiling Fan(s), Electric
Water source
Public
Water front features
Navigable Water, Ocean Access, Lagoon, River Access
Water front
1
Amenities
private waterfront balcony
hurricane impact windows & doors
ceramic tile floors
granite countertops
durable millwork
Building Details
Year built
1968
Floors in Building
3
Number of units
2
Flooring type
Tile
Building materials
Concrete Block - With Stucco
Roof type
Flat
Listing Agency:
Compass Florida LLC
(561) 300-6056
Listed By:
Sean Mooney · License #3366223
(561) 789-7208
Added: Jun 1
Changed: Aug 5
Last Checked: Aug 7 at 3:06AM
MLS# B26035280
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 waterfront apartment building offers twelve apartment units in a concrete block construction with stucco finishes. The property is zoned R3 and sits on 0.45 acres. The building features private waterfront balconies and tile flooring throughout, along with durable millwork and granite countertops in both kitchens and bathrooms. Unit interiors were renovated after the current owner purchased the property. Operational amenities include hurricane impact windows and doors, two staircases on either side of the building, and an elevator designed for tenants who prefer not to use stairs.
The building is described as having navigable water, river access, lagoon, and ocean access, with approximately 210 feet of linear waterfrontage. The property also notes one fixed bridge with a maximum height clearance of 17 feet before reaching the intracoastal waterway. Construction year is 1968, with a flat roof and central heating/cooling and electric service. Utilities include cable availability, with public water and public sewer.
Unit mix is reported as five one-bedroom units, five two-bedroom units, one three-bedroom unit, and one studio apartment, with a total gross living area of approximately 11,040 SF.
The building is described as having navigable water, river access, lagoon, and ocean access, with approximately 210 feet of linear waterfrontage. The property also notes one fixed bridge with a maximum height clearance of 17 feet before reaching the intracoastal waterway. Construction year is 1968, with a flat roof and central heating/cooling and electric service. Utilities include cable availability, with public water and public sewer.
Unit mix is reported as five one-bedroom units, five two-bedroom units, one three-bedroom unit, and one studio apartment, with a total gross living area of approximately 11,040 SF.
Key Highlights
- 12‑unit apartment building with private waterfront balconies
- Approximately 210 feet of linear waterfrontage with navigable water access
- Concrete block with stucco construction and flat roof; year built 1968
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
4.25%
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 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.
Property Analytics
Property Profile
Current Use
Lease Details
12
Residential units
100%
Occupancy
Multi-tenant
Tenancy
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Twelve-unit apartment building with private waterfront balconies, hurricane impact windows and doors, and an on-site elevator.
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 building with private waterfront balconies; Approximately 210 feet of linear waterfrontage with navigable water access; Concrete block with stucco construction and flat roof; year built 1968
