July 21, 2023 – Alec Bashein and Travis Jones of Horvath & Tremblay have arranged the sale of the 31st Street Lofts, a twelve (12) unit multi-family property in Riviera Beach, Florida. Horvath & Tremblay represented the seller and procured the buyer to complete the transaction at a sale price of $1,920,000.
The 31st Street Lofts are located at 1409-1433 W 31st Street in Riviera Beach, Florida. The 31st Street Lofts are a multifamily Property consisting of a total of 12-units spread across three contiguous 4-unit apartment buildings. With a total of 8,424 square feet of living area, the Property has spacious apartments averaging over 700 square feet per each. The buildings were constructed of concrete block in 1959 and are situated on a total of .57 acres of land. The Property has an excellent unit mix consisting of all 2-Bedroom/1-Bathroom units and features ample parking. Each of the units feature in-unit washer/dryer hookups and are separately metered for water. The Property is located within a short commute to Singer Island and Riviera Beach’s restaurants and entertainment. Over the past several years, current ownership has infused significant capital upgrading apartments with vinyl wood flooring and has replaced many hot water heaters and AC units. The Property is convenient to parks, area schools, and local amenities. Also, the Property is less than 20-minutes from Palm Beach International Airport. With the current population trends taking place in South Florida, the Property is well positioned to benefit from an increasing shortage of housing and surging demand for rentals in the immediate area.
Horvath and Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in the country. Their advisors specialize in the sale of apartment buildings, mixed-use properties, and development projects. They have experience successfully structuring portfolio sales and 1031 exchanges. They have a dedicated buy side desk that provides real time inventory and market data to each individual client placing capital or fulfilling a 1031 exchange requirement. The firm is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.