Waterfront Apartment
For Sale
$3,995,000
Pending
628 Southwind Circle, North Palm Beach, FL 33408
Residential Income, North Palm Beach, FL
Property Size11,040 SF
Lot Size0.45 Acres
Days on Market114
Property Features for 628 Southwind Circle
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning
R3
Bedrooms
3
Full bathrooms
2
Rooms
Bedroom 2, Bedroom 3, Bathroom 1, Bedroom 1, Bathroom 2
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
Pending
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
Central, Electric (Heating)
Cooling system
Ceiling Fan(s), Electric, Central Air
Water source
Public
Water front features
River Access, Lagoon, Navigable Water, Ocean Access
Water front
1
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: Sep 17
Last Checked: Sep 22 at 10:06AM
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 R3-zoned apartment property contains 12 units totaling approximately 11,040 square feet on a 0.45-acre site. The unit mix includes five one-bedroom apartments, five two-bedroom apartments, one three-bedroom apartment, and one studio. Each residence was renovated after the current owner’s acquisition and includes ceramic tile flooring, millwork, granite kitchen and bathroom countertops, and a private waterfront balcony. The building also features hurricane-impact windows and doors, two staircases, an elevator, central air, electric heating, and public water and sewer service.
The property has 210 feet of linear waterfront along a navigable lagoon with ocean access and river access. One fixed bridge with a maximum clearance of 17 feet separates the site from the Intracoastal Waterway. Exterior paint and the asphalt parking lot were updated within the last twelve months. All 12 apartments are leased on a month-to-month basis, and the property has maintained 100% occupancy with virtually no turnover in the last five years.
The property has 210 feet of linear waterfront along a navigable lagoon with ocean access and river access. One fixed bridge with a maximum clearance of 17 feet separates the site from the Intracoastal Waterway. Exterior paint and the asphalt parking lot were updated within the last twelve months. All 12 apartments are leased on a month-to-month basis, and the property has maintained 100% occupancy with virtually no turnover in the last five years.
Key Highlights
- 12 units with five one‑bedroom, five two‑bedroom, one three‑bedroom, and one studio apartment
- Approximately 11,040 SF across a 0.45‑acre site
- 210' of linear waterfront with navigable water, lagoon, river, and ocean access
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
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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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Apartment building - Fully leased multifamily property with renovated interiors, private balconies, elevator access, and navigable waterfront frontage.
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 units with five one‑bedroom, five two‑bedroom, one three‑bedroom, and one studio apartment; Approximately 11,040 SF across a 0.45‑acre site; 210' of linear waterfront with navigable water, lagoon, river, and ocean access
