E X C L U S I V E M U L T I - F A M I L Y O F F E R I N G

11 A PARTMENT U NITS
34 TH S TREET A PARTMENTS
1540-1556 W. 34th Street
Riviera Beach, FL 33404

OFFERING SUMMARY
Price $231,000
INVESTMENT HIGHLIGHTS Down Payment (100%) $231,000

Being Offered For Sale by Lender Units 11
Price Per Unit $21,000

Great Northern Palm Beach County
Rentable SF 4,576
Location
Price Per SF $50.48

Less Than One-Half Mile from Year Built 1964
Intracoastal Waterway Lot Size .51 Acres

Easy Access to Interstate 95 and the Cap Rate - Current 8.15%
Florida Turnpike Cap Rate - Pro Forma 15.07%

Three One-Story Buildings on Over One- GRM - Current 3.45 Presented by:
Half Acre Parcel GRM - Pro Forma 3.50
Total Return - Current 8.15% WILLIAM BERTHIAUME

Fully Gated Community with Large
Total Return - Pro Forma 15.07% Associate
Central Courtyard
National Multi Housing Group

Residents Pay All Utilities Including Tel: (954) 245-3507
Water and Sewer Fax: (954) 245-3410

Added Value Opportunity with Hands-On License: FL SL 3097618
Management William.Berthiaume@marcusmillichap.com

Offices Nationwide Listing Office: 5900 North Andrews Av enue, Suite 100 www.marcusmillichap.com
F t . L au d er d al e, F L 33309 • T el : ( 954) 245- 3400 F ax: ( 954) 245- 3410

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must
verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Florida © 2009 Marcus & Millichap
(Activity ID: Q0240144 Property ID: 1651249)
 1540-1556 W. 34T H STREET • RIVIER A BEAC H, FL 33404

UNIT MIX
No. of Unit Approx. Current Rents Average Monthly Pro Forma Average Monthly
Units Type Square Feet Rent/SF Income Rents Rent/SF Income

11 1Bdr 1Bath 416 $500-$575 $1.29 $5,575 $500 $1.20 $5,500

11 Total 4,576 $5,575 $5,500

OPERATING DATA
INVESTMENT OVERVIEW INCOME CURRENT PRO FORMA
34th Street Apartments is an 11-unit apartment complex Gross Potential Rent $66,900 $66,000
located in the city of Riviera Beach, Florida which is in Palm Other Income 500 500
Gross Potential Income $67,400 $66,500
Beach County.
Less: Vacancy/Deductions (GPR) (26.9%) 18,000 (10.0%) 6,600
Effective Gross Income $49,400 $59,900
Riviera Beach in the northern portion of Palm Beach County Less: Expenses 30,566 25,083
and is considered part of the W est Palm Beach metropolitan Net Operating Income $18,834 $34,817
statistical area. The city spans over eight square miles and Total Return 8.2% $18,834 15.1% $34,817
sits between the cities of Lake Park to the north and W est
Palm Beach to the west and south. It is bordered to the
east by the Intracoastal W aterway. Riviera Beach is critical
to Palm Beach County because it is home to the Port of
Palm Beach and the United States Coast Guard station,
both of which are major employment centers. Downtown
W est Palm Beach including CityPlace and Clematis Street
EXPENSES
are only a few miles away and downtown Fort Lauderdale is
Real Estate Taxes $10,302 $4,189
approximately a 30 minute drive. Presented by:
Insurance 6,600 6,600
Utilities 250 250 WILLIAM BERTHIAUME
The population of Riviera Beach as of July 2008 was 36,430 Landscaping/Clean-Up 1,200 1,200 Associate
and has grown over 22 percent in the past decade. Due to Repairs & Maintenance 5,500 5,500 National Multi Housing Group
its rapid growth there has been demand for community Management Fee 2,964 3,594 Tel: (954) 245-3507
General & Administrative 1,000 1,000 Fax: (954) 245-3410
services. There are three major hospitals within 12 miles, License: FL SL 3097618
Reserves & Replacements 2,750 2,750
seven colleges and universities within less than 50 miles, Total Expenses $30,566 $25,083 William.Berthiaume@marcusmillichap.com
eight public high schools, seven public middle and Expenses per Unit $2,779 $2,280
elementary schools. Expenses per SF $6.68 $5.48
% of EGI 61.9% 41.9%

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must
verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Florida © 2009 Marcus & Millichap
(Activity ID: Q0240144 Property ID: 1651249)