1024 HOFFMAN AVENUE, LONG BEACH, CA 90813

  • 3,904 sqft
  • Lot Size: 8,398 sqft
  • Built in 1948
  • MLS #SB21225992
For Sale $1,695,000

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.

FACTS / FEATURES

  • Built in 1948
  • Lot Size: 8,398 sqft
  • Parking: 10 spaces total

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Listing Provided by Anthony Walker, Buckingham Investments, Inc
Based on information from California Regional Multiple Listing Service, Inc. as of November 29, 2021. 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 usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.