SOLD
$1,750,000
Date 02/08/2022

1024 Hoffman Avenue
Long Beach, CA 90813

Other
Residence
3,904
Sqft
0.1928
Lot Size
Listing Agent: Anthony Walker CalDRE: 01908153 - Buckingham Investments, Inc

Description for 1024 Hoffman Avenue Long Beach, CA 90813

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

SB21225992
Other, 2 Story
Los Angeles
1948
0.1928 Acres
Public
2
Public Sewer
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Listing Agent: Anthony Walker CalDRE: 01908153 - Buckingham Investments, Inc
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