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628 Southwind Circle

North Palm Beach, FL 33408

$4,450,000 $18,761/Mo

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Overview

Bed

Bath

11,040

Sqft

19,602

Sqft(Lot)

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 accommod ating 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!

Property Details

Property Type : ResidentialIncome

Price : $4,450,000

AD Id : 79725396

MLS Id : B26035280

Beds : 3

Lot Size : 19,602 Sqft

Living Area Size : 11,040

Year Built : 1968

County : Palm Beach

Subdivision: North Palm Beach Village

Map

What's Nearby

Nearby Areas

Features

Interior Features

Roof: Flat
Heating & Cooling

Has Heating: Yes Heating: Central, Electric Has Cooling: Yes Cooling: CentralAir, CeilingFans, Electric Water front: 1

Building Information

Year Built: 1968

Building Area Total: 11040

Frontage Length: 210.00

Patio And Porch Features: Covered, Patio, Balcony

Private Pool: No

Water front Features: CanalAccess,CanalFront,FixedBridge,Lagoon,NavigableWater,OceanAccess,RiverAccess

View: Bay
Exterior Features

Exterior Features: Balcony, OutdoorLivingArea, Other

Lot Information

Main Square Feet: 19602 Lot Size Acres: 0.45 Lot Description: QuarterToHalfAcreLot

Property Information

Subdivision: NORTH PALM BEACH VILLAGE Source Property Type: ResidentialIncome Postal Code Plus 4: 5320 Property SubType: Quadruplex Property Age: 58

Listing Price Information

Listing Price: $4450000

Exchange1031

Tax Information

Parcel Number: 68434216040380210 Tax Year: 2025 Annual Tax: $33404.71 Tax Legal Desc: NORTH PALM BEACH VILLAGE OF PL 3 LT 21 BLK 38

Parking Information

Parking Total: 18

Garage Information

Pets Allowed: NoPetRestrictions, Yes

School Information

Elementary School: The Conservatory School at North Palm Beach Junior High School: Howell L. Watkins Senior High School: Palm Beach Gardens
Utility Information

CableAvailable, ElectricityConnected, SewerConnected, WaterConnected
Location Information

WaterSource: Public

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Nearby Home Value

Address	Estimate	Bed	Bath	Sq. Ft	Lot Size
1831 Juno Road, North Palm Beach, FL, 33408	$620,000	3	3	1,598	1,598 SqFt
1867 Windsor Drive, North Palm Beach, FL, 33408	$874,900	5	2	2,076	2,076 SqFt
2081 Joy Rene Lane, North Palm Beach, FL, 33408	$1,435,000	5	3	2,580	2,580 SqFt

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1867 Windsor Drive,
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628 Southwind Circle,
North Palm Beach, FL, 33408

Bed

Bath

11,040

Sqft

19,602

Sqft(Lot)

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ByOwner last updated this listing 06/06/2026 @ 21:32

MLS: B26035280 LISTED BY: Sean Mooney, Compass Florida LLC 561-300-6056 SOURCE: Beaches MLS