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1024 Hoffman AVE Long Beach, CA 90813
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Key Details
Sold Price $1,750,000
Property Type Multi-Family
Listing Status Sold
Purchase Type For Sale
Subdivision Alamitos Beach (Ab)
MLS Listing ID SB21225992
Sold Date 02/08/22
HOA Y/N No
Year Built 1948
Lot Size 8,398 Sqft
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.
Location
State CA
County Los Angeles
Area 4 - Downtown Area, Alamitos Beach
Zoning LBR2N
Rooms
Ensuite Laundry None
Interior
Laundry Location None
Fireplace No
Laundry None
Exterior
Carport Spaces 10
Pool None
Community Features Urban
Total Parking Spaces 10
Private Pool No
Building
Lot Description Item01UnitAcre
Story 1
Entry Level Two
Sewer PublicSewer
Water Public
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 7267010010
Energy Description 492.0
Acceptable Financing Cash, CashtoNewLoan, Conventional
Listing Terms Cash, CashtoNewLoan, Conventional
Financing CashtoLoan
Special Listing Condition Standard
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Bought with Cody Charnell • Buckingham Investments
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