Waterfront
Address
628 Southwind Circle, North Palm Beach, FL
Price
$ 3,995,000
Property Attributes
- MLS#B26035280
- TypeSingle Family
- Listing Status ActiveUnderContract
- CountyPalm Beach
- CityNorth Palm Beach
- Area5250
- NeighborhoodNORTH PALM BEACH VILLAGE
- Zip33408
- Style
- Year Built1968
- Taxes$ 33404
- Price$ 3,995,000
- Bedrooms0
- Full Bathrooms0
- Half Bathrooms0
- Sqr Footage11040
- Lot Size0.45 Acres
Data Source:
Beaches MLS (FL)
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!
| Elementary School | Middle School | High School |
|---|---|---|
| The Conservatory School at North Palm Beach Elementary School | Howell L. Watkins Middle School | Palm Beach Gardens High School |
| Price History | |
|---|---|
| 6/1/2026 | Listed $4,450,000 |
| 7/14/2026 | 10$3,995,000 |
General Features
| Sewer | PublicSewer |
|---|---|
| Heating | Central,Electric |
| Cooling | CentralAir,CeilingFans,Electric |
| Utilities | CableAvailable,ElectricityConnected,SewerConnected,WaterConnected |
| Possession | CloseOfEscrow |
| Roof | Flat |
| Patio/Porch Features | Covered,Patio,Balcony |
| Construction Materials | Concrete,Stucco |
| Pets Allowed | NoPetRestrictions,Yes |
| Year Built | 1968 |
| Tenant Pays | CableTv,Electricity,Sewer,Water |
| View | Bay |
| Property Subtype | Quadruplex |
| Tax Year | 2025 |
| Waterfront Features | CanalAccess,CanalFront,FixedBridge,Lagoon,NavigableWater,OceanAccess,RiverAccess |
| Accessibility | None |
| County | Palm Beach |
| New Construction | false |
| Property Type | ResidentialIncome |
| Contingency | Inspection |
| Subdivision Name | NORTH PALM BEACH VILLAGE |
| Status | ActiveUnderContract |
| High School | Palm Beach Gardens |
| City | North Palm Beach |
| Senior Community Y/N | false |
| Number Of Units Total | 2 |
| MLS Area | 5250 |
| Elementary School | The Conservatory School at North Palm Beach |
| Tax Annual Amount | 33404.71 |
| Middle/Junior High School | Howell L. Watkins |
| Property Condition | Resale |
| Virtual Tour | https://www.propertypanorama.com/628-Southwind-Circle-North-Palm-Beach-FL-33408/unbranded |
| Standard Status | ActiveUnderContract |
| Property Sub Type Additional | Quadruplex |
| PostalCity | North Palm Beach |
| Legal Description | NORTH PALM BEACH VILLAGE OF PL 3 LT 21 BLK 38 |
Interior Features
| Flooring | Tile |
|---|---|
| Total Stories | 3 |
| Air Conditioning Y/N | true |
| Heating Y/N | true |
Exterior Features
| Exterior Amenities | Balcony,OutdoorLivingArea,Other |
|---|---|
| Lot Features | QuarterToHalfAcreLot |
| Water Source | Public |
| Total Parking | 18 |
| Lot Size Area | 19602 |
| Building Area Total | 11040 |
| Lot Size Acres | 0.45 |
| Frontage Length | 210.00 |
| Frontage Type | Waterfront |
| Waterfront Y/N | true |
Amenities
- Foreclosure
- Views
- Short Sale
- New Construction
- Adult 55+
- Lease To Own
- No HOA Fees
- Furnished
- Primary On Main
- Air Conditioning
- Seller Finance
- Green
- Fixer Upper
- Horse
- Golf
- Fireplace
- Deck
- Garage
- Basement
- Pool
Property vs Single Family Average in 33408
Price
Taxes
Year Built
In The Neighborhood
Primary On Main
North Palm Beach
$ 2,500,000
- Type
- Single Family
- Size
- 3,767 SqFt
- Rooms
- 5 Beds + 4 Baths
All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The data relating
