389 S Lake Drive Phb, Palm Beach, FL 33480 — MLS photo

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389 S Lake Drive Phb, Palm Beach, FL 33480

Active · Condominium

$7,980,000

389 S Lake Drive Phb, Palm Beach, FL 33480

Beds
3
Baths
3
Living area
2,443 sq ft
$ / sq ft
$3,266/sq ft
Year built
1967
Lot size
67,570 sq ft
HOA fee
$10,500 Quarterly
Annual tax
$55,480

About this property

Absolutely breathtaking panoramic views of the Intracoastal Waterway await from the expansive wraparound terraces of this exceptional penthouse, offering some of the finest vistas in Palm Beach. Rarely available, this elegant 3-bedroom, 3-bath residence lives like a private home and showcases timeless architectural details, including beautiful herringbone wood flooring throughout. Designed for both gracious entertaining and relaxed coastal living, every room opens to idyllic terraces with stunning water views. The handsome wood-paneled den, complete with a full bath and oversized walk-in closet, easily serves as a third bedroom or private office. Additional features include soaring ceilings, a spacious kitchen, impact sliding doors, and a convenient laundry closet. Ideally located at prestigious 389 South Lake, just one street from Worth Avenue, this remarkable residence is within walking distance to world-class shopping, fine dining, and the beach.

Property location

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389 S Lake Drive Phb, Palm Beach, FL 33480

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Facts & features

Interior

Bedrooms
3
Bathrooms
3
Living area
2,443 sq ft
Flooring
Hardwood, Marble, Wood
Appliances
Built In Oven, Dryer, Dishwasher, Electric Range, Electric Water Heater, Disposal, Ice Maker, Microwave, Refrigerator, Self Cleaning Oven, Washer
Cooling
Central Air
Heating
Central
Interior features
Built In Features, Bathtub, Entrance Foyer, Living Dining Room, Main Living Area Entry Level, Split Bedrooms, Shower Only, Walk In Closets, Pantry
Furnished
Unfurnished

Exterior & Structure

Property type
Condominium
Year built
1967
Stories
6
Lot size
67,570 sq ft
Architectural style
One Story
Roof
Other
Construction
CBSConcrete Block Structure, Block
Exterior features
Balcony
Pool
None, Association, Community, Heated
Waterfront
Intracoastal Access
View
Intercoastal, Water

Parking

Covered spaces
0
Parking features
Assigned, Covered, Deeded, Guest

HOA, Community & Financials

Association fee
$10,500 Quarterly
Fee inclusions
Association Management, Common Area Maintenance, Cable Tv, Insurance, Laundry, Legal Accounting, Parking, Pest Control, Pools, Reserve Fund, Sewer, Security, Trash
Amenities
Bike Storage, Clubhouse, Laundry, Management, Maintenance, Pool, Security, Trash, Elevators
Security
Building Security, Door Man, Fire Alarm, Intercom, Lobby Secured, Phone Entry, Security Lights, Security System Owned, Security System, Fire Sprinkler System, Smoke Detectors
Pets allowed
No
Annual tax
$55,480
Subdivision
THREE EIGHTY NINE CORP LES
County
Palm Beach
Days on market
163
MLS listing ID
B26027444
Listing status
Active

Investment intelligence

Yield & ROI calculator

Pre-filled from this listing's price, HOA and tax record. Adjust anything to see returns update instantly.

Estimated monthly cash flow

-$26,900

Cap rate
1.6%
Net yield
1.6%
Cash-on-cash return
-14.4%
Gross yield
4.0%
Mortgage payment
$37,829/mo
Down payment
$1,995,000
Loan amount
$5,985,000
Annual NOI
$131,154

Estimates only — includes 5% maintenance reserve and ~3% closing costs in cash invested. Verify taxes, HOA and insurance before making an offer.