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1148 Hoffman Ave, Long Beach
- Beautifully updated cash-flowing bungalow complex just North of Alamitos Beach
- Four free-standing 3 Bed/1 Bath houses on a lot with 4 garages plus storage and laundry
- All 4 units have been totally remodeled within the last year including vinyl plank floors, kitchens with granite counters, bathrooms with new tub surrounds and vanities, and two-tone paint
- Just completed exterior refresh including designer paint, fresh landscaping, and lighting
- Central courtyard creates a secure community feel for residents
- High-yield asset at 12.4X gross rents on actual and a true 5.2% cap rate including vacancy reserve and professional management
- Strong rental location just outside of Downtown Long Beach, close to billions in new development
- Only 1.2 miles to the beach
Property Details
- Units: 4
- Gross Rent Multiplier: 12.40
- Cap Rate: 5.2%
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$1,295,000
Annual Income
$104,460
Annual NOI
$67,321
Annual Expense
$31,916
Rental Cost Details
| # OF UNITS | # OF BEDROOMS | # OF BATHS | ACTUAL RENT | TOTAL RENT | PRO FORMA | TOTAL PRO FORMA |
| 1 | 3 | 1 | $2,195 | $2,195 | $2,195 | $2,195 |
| 1 | 3 | 1 | $2,045 | $2,045 | $2,195 | $2,195 |
| 1 | 3 | 1 | $2,270 | $2,270 | $2,195 | $2,195 |
| 1 | 3 | 1 | $2,195 | $2,195 | $2,195 | $2,195 |
| TOTAL # OF UNITS | TOTAL # OF BEDROOMS | TOTAL # OF BATHS | GRAND TOTAL RENT | GRAND TOTAL PRO FORMA | ||
| 4 | 12 | 4 | $8,705 | $8,780 |
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