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1024 Hoffman Ave, Long Beach
- 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
- Units: 5
- Gross Rent Multiplier: 13.58
- Cap Rate: 4.6%
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Contact Listing AgentPrice
$1,695,000
Annual Income
$124,788
Annual NOI
$77,207
Annual Expense
$41,342
Rental Cost Details
| # OF UNITS | # OF BEDROOMS | # OF BATHS | ACTUAL RENT | TOTAL RENT | PRO FORMA | TOTAL PRO FORMA |
| 1 | 3 | 1 | $2,400 | $2,400 | $2,400 | $2,400 |
| 1 | 4 | 1 | $1,810 | $1,810 | $2,400 | $2,400 |
| 1 | 3 | 1 | $2,099 | $2,099 | $2,400 | $2,400 |
| 1 | 3 | 1 | $1,695 | $1,695 | $2,400 | $2,400 |
| 1 | 4 | 1 | $2,395 | $2,395 | $2,400 | $2,400 |
| TOTAL # OF UNITS | TOTAL # OF BEDROOMS | TOTAL # OF BATHS | GRAND TOTAL RENT | GRAND TOTAL PRO FORMA | ||
| 5 | 17 | 5 | $10,399 | $12,000 |
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