Courtesy of Buckingham Investments, Inc, Anthony Walker. IDX Contact: 310-982-7055

1024 Hoffman Avenue Long Beach, CA 90813
$1,695,000
beds
0 baths
sq ft

Contact Us to Learn More

David Oronoz

David Oronoz

Principal | Multifamily Investments

DRE# 01838862

Bobby Aschtiani

Bobby Aschtiani

Principal | Multifamily Investments

DRE# 02048373

Chris Pettit

Chris Pettit

Founder

DRE# 01983950

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 1980’s 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.

Property Details & Features

Property Type

  • Residential Income

Year Built

  • 1948

House

  • 1 total stories
  • Built in 1948
  • Stories: 2
  • 3904 total building sqft
  • 2+ Common Walls
  • Two

Community

  • Urban

Expenses

  • Electric Expense: $492
  • Fuel Expense: $492
  • Insurance Expense: $2,268
  • Operating Expense: $41,342
  • Pest Control Expense: $675
  • Water Sewer Expense: $492

Income

  • Gross Income: 0
  • Gross Scheduled Income: 124788
  • Net Operating Income: 77207

Listing

  • Listed on 2021-10-12
  • Rent controlled

Location

  • County: Los Angeles
  • Subdivision: Alamitos Beach (AB)

Lot

  • 8398 sqft
  • 0.19 acres
  • Area: 8398
  • 0-1 Unit/Acre

Parking

  • Carport
  • 10 carport spaces
  • 10 total parking spaces

Property

  • 2 buildings
  • 5 units
  • Property attached

Sewer

  • Public Sewer

Taxes

  • New Taxes: $21,188

Utilities

  • 5 separate electric meters
  • 5 separate gas meters

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