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Alex Mendel

alex@mendelgroupfl.com +1(561) 827-8449

$ 1,280,000

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305 CYPRESS DR #1, 2, 3, 4, 5 Lake Park, FL 33403

2,504 SqFt

UPDATED:

Key Details

Property Type Multi-Family

Sub Type Quadruplex

Listing Status Active

Purchase Type For Sale

Square Footage 2,504 sqft

Price per Sqft $511

Subdivision Kelsey City

MLS Listing ID B26080606

Construction Status Resale

HOA Y/N No

Total Fin. Sqft 2504

Year Built 1928

Annual Tax Amount $16,955

Tax Year 2025

Lot Size 0.290 Acres

Acres 0.29

Property Sub-Type Quadruplex

Property Description

INCOME-PRODUCING 5-UNIT INVESTMENT PROPERTY - 100% OCCUPIED! Exceptional opportunity to acquire a fully rented, well-maintained multifamily property offering immediate cash flow and an estimated 6.5% cap rate at a $1.28M purchase price, based on current income and operating expenses. The property consists of four spacious 2-bedroom, 1-bath units plus a separate standalone cottage, providing five individual rental units and a diversified income stream. All five units are currently rented, with established tenants, allowing a new owner to begin generating income from day one. The property is owner-managed and has been meticulously maintained inside and out, with attractive landscaping and excellent curb appeal. Tenants enjoy central air conditioning and impact windows, while the property also features an on-site surveillance system for added security. With tenants currently on month-to-month agreements, a new owner has added flexibility when developing a future rental and management strategy. The property also offers potential upside through future rent adjustments as market conditions allow. Ideally located just blocks from the Intracoastal Waterway and convenient to shopping, dining, employment, and entertainment. As an additional benefit, the main roof will be replaced prior to closing, helping reduce a significant near-term capital expense for the new owner. Whether you're expanding an existing portfolio or looking for a stabilized multifamily investment with immediate rental income, this is a rare opportunity to acquire a fully occupied, income-producing 5-unit property in a desirable Palm Beach County location.

Location

State FL

County Palm Beach

Area 5270

Zoning R1 (city)

Interior

Interior Features InteriorFeatures

Heating Central, Individual

Cooling Central Air

Flooring Tile

Fireplace No

Window Features ENERGY STAR Qualified Windows

Laundry Common Area

Exterior

Exterior Feature Courtyard

Fence Back Yard, Front Yard

Utilities Available Cable Available, Electricity Connected, Water Connected

View Y/N Yes

Water Access Desc Public

View City

Roof Type Flat,Shingle

Accessibility None

Total Parking Spaces 10

Private Pool No

Building

Lot Description 1/4 to 1/2 Acre Lot

Dwelling Type Multi Family,Quadruplex

Story 2

Entry Level Two

Sewer Public Sewer

Water Public

Level or Stories Two

Structure Type Frame,Stucco,Wood Frame

New Construction No

Construction Status Resale

Schools

Elementary Schools Lake Park

Middle Schools Howell L. Watkins

High Schools Palm Beach Gardens

Others

Senior Community No

Restrictions No Restrictions,OK To Lease

Tax ID 36434220010690440

Acceptable Financing Cash, Conventional, 1031 Exchange, VA Loan

Listing Terms Cash, Conventional, 1031 Exchange, VA Loan

Special Listing Condition Standard

Pets Allowed No Pet Restrictions, Yes

Virtual Tour https://www.propertypanorama.com/305-CYPRESS-Drive-Unit-12345-Lake-Park-FL-33403/unbranded

Listed by Fabian Robert McCullon RE/MAX Prestige Realty/Wellington

NEARBY SCHOOLS & PROPERTIES

Alex Mendel

Agent

+1(561) 827-8449

Alex Mendel

305 CYPRESS DR #1, 2, 3, 4, 5 Lake Park, FL 33403

Key Details

Location

Interior

Exterior

Building

Schools

Others

NEARBY SCHOOLS & PROPERTIES

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305 CYPRESS DR #1,2,3,4,5