Lily & Michael Herzog Acquire Riviera Beach Multifamily Property For $2.95M

A multi-family property located at 2130 Avenue S in Riviera Beach, Florida has been sold for a price of $2,955,000. The property consists of 20 units, with each unit having an average price per unit (PPU) of $147,750. The total square footage of the property is 13,464, resulting in a price per square foot (PPSF) of $219.

Summary of transaction details

• Property Type: MultiFamily
• Transaction Amount: $2,955,000
• Units: 20
• Price per Unit (PPU): $147,750
• Square Footage: 13,464
• Price per Square Foot (PPSF): $219
• Date: 08/07/2023
• Market: Riviera Beach

The buyers of the property are Lily & Michael Herzog, while the seller is Joanne Scoratow. The transaction was facilitated by brokers Alexis Shapiro of ONE Commercial Real Estate. A note from the broker mentioned that the sale was done off-market. The property, Suncoast Villas, presented an opportunity for rent increases through a light value-add strategy. Additionally, being located in a Qualified Opportunity Zone (QOZ), Riviera Beach is expected to experience significant growth and new development in the future.