For Sale

Listed by Sean Mooney from Compass Florida LLC

Source: Greater Fort Lauderdale Realtors #B26035280

628 Southwind Circle, North Palm Beach, FL, 33408

$4,450,000

11040 sq. ft.
0.45 ac.

Duplex

What's around 628 Southwind Circle

About this property

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!

Looking for more information on 628 Southwind Circle?

Explore comparables, sales history and growth for this property.
Learn more

Similar properties for sale nearby

For Sale
$874,900
1867 Windsor Drive
Juno Ridge FL 33408
Duplex
Listing courtesy of Prime Real Estate & Investment LLC
For Sale
$1,850,000
941 Ocean Drive
Juno Beach FL 33408
4
Duplex
Listing courtesy of DOUGLAS ELLIMAN
For Sale
$1,400,000
2081 Joy Rene Lane
North Palm Beach FL 33408
3
Duplex
Listing courtesy of PARTNERSHIP REALTY INC.

Other properties for sale by Compass Florida LLC

For Sale
$1,395,000
19245 Skyridge Cir
Boca Raton FL 33498
5
3
6
Single-Family
Listing courtesy of Compass Florida LLC
For Sale
$779,000
517 Ibis Dr
Delray Beach FL 33444
3
2
2
Single-Family
Listing courtesy of Compass Florida LLC
For Sale
$925,000
660 Hookline Circle
Palm Beach County FL 33470
6
5
4
Single-Family
Listing courtesy of Compass Florida LLC

Browse properties sold in nearby areas

The Digital Millennium Copyright Act of 1998, 17 U.S.C. § 512 (the "DMCA") provides recourse for copyright owners who believe that material appearing on the Internet infringes their rights under MLS GRID IDX Rules Updated September 16, 2024 7 U.S. copyright law. If you believe in good faith that any content or material made available in connection with our website or services infringes your copyright, you (or your agent) may send us a notice requesting that the content or material be removed, or access to it blocked. Notices must be sent in writing by email to: dmca@ratemyagent.com

The DMCA requires that your notice of alleged copyright infringement include the following information: (1) description of the copyrighted work that is the subject of claimed infringement; (2) description of the alleged infringing content and information sufficient to permit us to locate the content; (3) contact information for you, including your address, telephone number and email address; (4) a statement by you that you have a good faith belief that the content in the manner complained of is not authorized by the copyright owner, or its agent, or by the operation of any law; (5) a statement by you, signed under penalty of perjury, that the information in the notification is accurate and that you have the authority to enforce the copyrights that are claimed to be infringed; and (6) a physical or electronic signature of the copyright owner or a person authorized to act on the copyright owner's behalf. Failure to include all of the above information may result in the delay of the processing of your complaint.

Email
© 2026 RateMyAgent