628 Southwind CIR, North Palm Beach, FL 33408
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Kevin Bernhardt

Kevin Bernhardt

+1(305) 491-6043
$ 4,450,000
Est. payment | /mo

11,040 SqFt

Save Virtual Tour
$ 4,450,000
Est. payment | /mo
Save Virtual Tour

11,040 SqFt

Key Details

Property Type Multi-Family

Sub Type Quadruplex

Listing Status Active

Purchase Type For Sale

Square Footage 11,040 sqft

Price per Sqft $403

Subdivision North Palm Beach Village

MLS Listing ID B26035280

Style Fourplex

HOA Y/N No

Leases Per Year 12

Year Built 1968

Annual Tax Amount $33,404

Tax Year 2025

Lot Size 0.450 Acres

Acres 0.45

Property Sub-Type Quadruplex

Property Description

Presenting one of the most unique multifamily properties in all of Palm Beach County, welcome to Cutler's Cove in North Palm Beach. This waterfront, twelve (12) unit apartment complex is 100% leased with virtually zero turnover in the last five years is the cash cow you have been waiting for! Cutler's Cove has a diverse unit mix consisting of five (5) one bedroom units, five (5) two bedroom units, one (1) three bedroom unit, and a studio apartment with a GLA of approximately 11,040 SF and an average of 829 SF per unit. Additionally, this property is also situated on an enormous cove with 210' of linear water-frontage, providing tenants beautiful waterfront views that demand a premium. This water-frontage gives any value-add investor the rare ability install a large dock capable of accommodating several boat slips, which will undoubtedly produce additional rental income. With just one fixed bridge (with a maximum height clearance of 17') before hitting the intracoastal waterway, this is truly one of the most unique value-add opportunities in South Florida's multifamily market. All twelve (12) units were renovated after the current owner purchased the property and every unit has ceramic tile floors, durable millwork throughout, and granite countertops in both the kitchen and bathrooms. Each unit also has its own private, waterfront balcony with beautiful views at any time of the day. other building amenities include complete hurricane impact windows & doors, two staircases on either side of the building, and most importantly, a top of the line elevator for tenants unable to utilize stairs. The exterior of the building was painted within the last twelve months and the asphalt parking lot was redone and re-striped at the same time. Currently, the gross monthly income is approximately $20,500 which gives an average for all twelve units of only $1.85 PSF and is far below current market rates in the area. In addition, all twelve units are on month-to-month leases, which gives any investor the ability to raise rents immediately after the acquisition. When comparing the average rent per unit at the subject property ($1,705/month) to the Palm Beach County average ($2,530/month), it is clear to see that there is a massive opportunity for growth here with this asset. For the conservative investors, bumping the average rent to an affordable rate of $2,000/month (20% below county average) per unit would still generate a 17% increase to the monthly gross income without spending a dollar and would take the annual income from $245,460 to $288,000 overnight. Opportunities like this do not last long!

Location

State FL

County Palm Beach

Community North Palm Beach Village

Area 5250

Interior

Heating Central, Electric

Cooling Central Air, Ceiling Fan(s), Electric

Flooring Tile

Exterior

Exterior Feature Balcony, Other, Patio

Pool None

Utilities Available Cable Available, Electricity Available, Sewer Available, Water Available

Waterfront Description Canal Access,Canal Front,Fixed Bridge,Intersecting Canal,Lagoon,Navigable Water,Ocean Access

View Y/N Yes

View Bay, River

Roof Type Flat,Tile

Porch Patio

Private Pool No

Building

Lot Description <1 Acre, 1/4 to 1/2 Acre Lot

Story 3

Sewer Public Sewer

Water Public

Architectural Style Fourplex

Schools

Middle Schools Howell L. Watkins

High Schools Palm Beach Gardens

Others

Pets Allowed No Pet Restrictions

Senior Community No

Restrictions See Remarks

Tax ID 68434216040380210

Acceptable Financing 1031 Exchange

Listing Terms 1031 Exchange

Pets Allowed No Pet Restrictions

Virtual Tour https://www.propertypanorama.com/628-Southwind-Circle-North-Palm-Beach-FL-33408/unbranded

Miami Association of Realtors (SEFMIAMI MLS)
Listed by Compass Florida LLC
Kevin Bernhardt

"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "

+1(305) 491-6043

kevin@theanchorway.com

809 N Flagler Ave, Homestead, FL, 33030-4953, USA

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628 Southwind CIR