Riviera Beach Multifamily Investment
For Sale
$735,000
Pending
1172 W 34th St 1, Riviera Beach, FL 33404
Four-unit multifamily property in Riviera Beach, Florida, with value-add potential.
Property Size3,016 SF
Lot Size0.17 Acres
Days on Market116
Property Features for 1172 W 34th St 1
General Information
Standard status
Pending
Size
3,016 SF
Lot size
0.17 Acres
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$11,057
Building Details
Building Size
3,016 SF
Year Built
1960
Stories
1
Units
4
Listing Agency:
Kanga Property Management
(561) 803-7779
Listed By:
Christopher S. Alexander · License #3238402
(561) 803-7779
Source:
Elliman
Added: Apr 24
Changed: Aug 8
Last Checked: Aug 8 at 6:59AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Kanga Property Management
Investment Insights
Based on property information with market context.
This multifamily property is located in the Pleasant Heights subdivision of Riviera Beach, Florida. The property consists of four units: three 2-bedroom, 1-bath units and one 3-bedroom, 1-bath unit. The building has a total area of approximately 3,000 square feet and is situated on a 0.17-acre lot. The units are currently under annual leases. The property is located minutes from Singer Island beaches, shopping, and dining options, with convenient access to I-95 and Blue Heron Blvd. This property presents an excellent value-add opportunity in one of Palm Beach County's more affordable multifamily markets. The bike score is 40, indicating it is somewhat bikeable, and the walk score is 28, indicating car dependence.
Key Highlights
- Income‑producing 4‑unit multifamily property
- Located in Riviera Beach, FL, close to Singer Island beaches
- Features a mix of (3) 2‑bed/1‑bath and (1) 3‑bed/1‑bath units
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$50,009
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.80%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,000,180
$1.0M
Cap Rate 7%
$714,414
$714.4K
Cap Rate 9%
$555,656
$555.7K
Market Conditions
NOI Build-Up for 3,000 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$75.6K $25.20/SF
− Vacancy
−$4.2K −$1.39/SF
EGI
$71.4K $23.81/SF
− OpEx
−$21.4K −$7.14/SF
NOI
$50.0K $16.67/SF
Area
Palm Beach County, FL
Vacancy
5.50%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,000,180
Cap Rate 7%
$714,414
Cap Rate 9%
$555,656
Alternative Uses
Best Use
Multifamily LT 5
$714.4K
$625.1K – $833.5K
NOI $50,009 @ 7.0% cap · market cap 6.80%
Second Best
Apartment 5plus
$659.1K
$576.7K – $769.0K
NOI $46,138 @ 7.0% cap · market cap 6.28%
Theoretical Best
Office A
$2.11M
$1.85M – $2.46M
NOI $147,894 @ 7.0% cap · market cap 20.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
474
Businesses Nearby
Explore this area
Business Placement
Demographics for 33404, FL
31,869
Population
15,990
Households
2
Avg Household Size
42
Median Age
27%
College-Educated
87%
High-School Grad
7.3 sq mi
ZIP Area
4,366
Density / Sq Mi
$60,225
Median Household Income
$35,521
Median Earnings
$1,507
Median Rent
$305,600
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Four-unit multifamily property in Riviera Beach, Florida, with value-add potential.
Where is this quadplex located?
The property is located at 1172 W 34th St 1 Riviera Beach, FL.
What is the asking price?
The asking price for this property is $735,000.
What are key features of this property?
This property features: Income‑producing 4‑unit multifamily property; Located in Riviera Beach, FL, close to Singer Island beaches; Features a mix of (3) 2‑bed/1‑bath and (1) 3‑bed/1‑bath units
