628 Southwind Circle, North Palm Beach, FL 33408
Local realty services provided by:Reliant Realty ERA Powered
Listed by: sean mooney
Office: compass florida llc.
MLS#:B26035280
Source:RMLS
Price summary
- Price:$3,995,000
- Price per sq. ft.:$361.87
About this home
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!...
Contact an agent
Home facts
- Year built:1968
- Subdivision & Development:NORTH PALM BEACH VILLAGE
- Listing ID #:B26035280
- Added:108 day(s) ago
- Updated:September 18, 2026 at 07:52 AM
Rooms and interior
- Flooring:Tile
- Living area:11,040 sq. ft.
Heating and cooling
- Cooling:Ceiling Fans, Central Air, Electric
- Heating:Central, Electric
- Central air:Yes
Structure and exterior
- Roof:Flat
- Year built:1968
- Building area:11,040 sq. ft.
- Construction Materials:Concrete, Stucco
- Exterior Features:Patio
Schools
- High school:Palm Beach Gardens
- Middle school:Howell L. Watkins
- Elementary school:The Conservatory School at North Palm Beach
Utilities
- Water:Public
- Sewer:Public Sewer
Finances and disclosures
- Price:$3,995,000
- Price per sq. ft.:$361.87
- Tax amount:$33,405 (2025)
Parking
- Total parking spaces:18
New listings near 628 Southwind Circle
- New
$2,380,000Active3 beds 4 baths2,445 sq. ft.1 Water Club Way #504, North Palm Beach, FL 33408
MLS# B26077530Listed by: K2 REALTY, INC. (NPB) - New
$785,000Active2 beds 3 baths2,318 sq. ft.100 Lakeshore Drive #754, North Palm Beach, FL 33408
MLS# B26076984Listed by: ILLUSTRATED PROPERTIES, LLC - New
$2,500,000Active4 beds 4 baths3,702 sq. ft.841 Anchorage Drive, North Palm Beach, FL 33408
MLS# B26076794Listed by: WILLIAM RAVEIS FLORIDA, LLC - New
$299,000Active2 beds 2 baths944 sq. ft.111 Shore Court #301, North Palm Beach, FL 33408
MLS# B26076727Listed by: THE KEYES COMPANY - New
$155,000Active1 beds 1 baths750 sq. ft.148 Yacht Club Dr #7, North Palm Beach, FL 33408
MLS# A12089415Listed by: SOBE INTERNATIONAL REALTY - Open Sun, 1 to 3pmNew
$2,499,000Active3 beds 4 baths2,569 sq. ft.2245 Monet Road, North Palm Beach, FL 33410
MLS# B26076353Listed by: ECHO FINE PROPERTIES - New
$699,000Active2 beds 2 baths1,629 sq. ft.120 Lakeshore Drive #4360, North Palm Beach, FL 33408
MLS# B26076366Listed by: COMPASS FLORIDA LLC - New
$1,700,000Active3 beds 4 baths3,429 sq. ft.100 Lakeshore Drive #558, North Palm Beach, FL 33408
MLS# B26076374Listed by: RE/MAX OCEAN PROPERTIES - New
$1,950,000Active3 beds 3 baths1,788 sq. ft.1 Water Club Way #301, North Palm Beach, FL 33408
MLS# B26076274Listed by: ILLUSTRATED PROPERTIES - Open Sat, 1 to 3pmNew
$2,950,000Active3 beds 4 baths2,445 sq. ft.1 Water Club Way #1904, North Palm Beach, FL 33408
MLS# B26076095Listed by: THE KEYES COMPANY