In a large bowl or stand mixer, whisk together the box cake, eggs, water, coconut milk, shredded coconut, coconut extract, and vanilla extract on a low speed until just combined.
Line your cupcake pan with cupcake liners. Fill each liner 1⁄2 to 3⁄4 of the way full (about 1⁄4 cup of batter for a standard 2-inch diameter cupcake).
Bake for 15 minutes, or until a toothpick comes out clean when inserted into the center of a cupcake.
Remove the cupcakes from the pan and allow to completely cool on a wire rack before frosting.
Prepare the frosting:
Using a large bowl with a handheld mixer or a stand mixer fitted with the paddle attachment, beat together cream cheese and butter on medium speed until smooth.
Pour in the lime juice, vanilla extract, and salt. Beat on low speed until fully incorporated.
Adding 1⁄2 cup of powdered sugar at a time, mix on low speed until the frosting is smooth and creamy, with no dry bits of powdered sugar remaining.
After adding all of the powdered sugar, beat on high speed for 2-3 minutes until the frosting becomes light and fluffy. Taste the frosting and add additional lime juice if desired.
Frost the cooled cupcakes. You can pipe the frosting on using Wilton 1M or 2D piping tip or simply spread it using a small spatula or butter knife.
Optionally, decorate with coconut, lime zest, and lime slices.
Store in an airtight container at room temperature for up to 24 hours or in the fridge for up to 4 days.
A note about the frosting. If you want a large pile of frosting on each cupcake, double the frosting recipe. As written, it will be enough to put just a light layer on each cupcake.Refer to the article above for more tips and tricks.The calories shown are based on the recipe making 24 cupcakes, with 1 serving being 1 frosted cupcake. Since different brands of ingredients have different nutritional information, the calories shown are just an estimate. **We are not dietitians and recommend you seek a nutritionist for exact nutritional information. The information in the nutrition box are calculated through a program and there is room for error. If you need an accurate count, I recommend running the ingredients through your favorite nutrition calculator.**