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1024 Hoffman Avenue

Long Beach, CA 90813
  • $1,695,000
  • STATUS: Active
  • ON SITE: 10 Days
  • ID#: SB21225992
UPDATED: 66 min ago
$1,695,000
  • 0
    BEDS
  • 0.19
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Multi-Family
Built:
1948
County:

School Ratings & Info

Description

Rare opportunity to purchase a stabilized property at 13.6X gross on actuals plus a 15% upside in rents. Actual in-place cap rate of 4.6% with a super strong rate of 5.5% at market rents. 4 out of 5 units were built in the 1980s allowing a low maintenance asset. Attractive unit mix with (2) four bedroom units and (3) three bedroom units. Two parking spaces per unit for a total of 10 spaces in an extremely parking impacted area. 4 out of 5 units extensively renovated with updated kitchens, quartz counters, vinyl plank flooring, and remodeled bathrooms. Clean, professionally managed building with no deferred maintenance. High actual income allows for great leverage.

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Based on information from California Regional Multiple Listing Service, Inc. as of 2021-10-23T00:28:10.14. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or The Parsons Team | Keller Williams Realty. Licensed in the State of California, USA.
www.theparsonsrealestateteam.com/homes/122302048
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1024 Hoffman Avenue Long Beach, CA 90813

  • Price: $1,695,000
  • Status: Active
  • Updated: 66 min ago
  • ID#: SB21225992
0
Beds
0
Baths
0
½ Baths
0.19
Acres
1948
Built
Neighborhood:
Alamitos Beach (Ab)
County:
Los Angeles
Area:
4 - Downtown Area, Alamitos Beach
Property Description
Rare opportunity to purchase a stabilized property at 13.6X gross on actuals plus a 15% upside in rents. Actual in-place cap rate of 4.6% with a super strong rate of 5.5% at market rents. 4 out of 5 units were built in the 1980s allowing a low maintenance asset. Attractive unit mix with (2) four bedroom units and (3) three bedroom units. Two parking spaces per unit for a total of 10 spaces in an extremely parking impacted area. 4 out of 5 units extensively renovated with updated kitchens, quartz counters, vinyl plank flooring, and remodeled bathrooms. Clean, professionally managed building with no deferred maintenance. High actual income allows for great leverage.
Exterior Features

Carport Spaces 10 Carport YN Yes Lot Features 0-1 Unit/Acre Number Of Separate Electric Meters 5 Parking Total 10 Pool Features None Pool Private YN No Property Attached YN Yes

Interior Features

Common Walls 2+ Common Walls

Property Features

Additional Parcels YN No Cap Rate 4.6 Common Interest None Community Features Urban Electric Expense 492 Fuel Expense 492 Garage YN No Gross Income 0 Gross Scheduled Income 124788 Insurance Expense 2268 Land Lease YN No Laundry Features None Levels Two Listing Agreement Exclusive Right To Sell Listing Service Full Service Listing Terms CashCash To New LoanConventional Net Operating Income 77207 New Construction YN No New Taxes Expense 21188 Number Of Separate Gas Meters 5 Number Of Separate Water Meters 1 Operating Expense 41342 Pest Control Expense 675 Rent Control YN Yes Senior Community YN No Sewer Public Sewer Special Listing Conditions Standard Total Actual Rent 10399 Trash Expense 492 Water Sewer Expense 492 Water Source Public Zoning Lbr2n

Listing provided courtesy of Anthony Walker of Buckingham Investments, Inc


Based on information from California Regional Multiple Listing Service, Inc. as of 2021-10-23T00:28:10.14. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or The Parsons Team | Keller Williams Realty. Licensed in the State of California, USA.
 
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The Parsons Team | Keller Williams Realty
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