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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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Price

$1,295,000

Annual Income

$104,460

Annual NOI

$67,321

Annual Expense

$31,916

Rental Cost Details

# OF UNITS# OF BEDROOMS# OF BATHSACTUAL RENTTOTAL RENTPRO FORMATOTAL PRO FORMA
131$2,195$2,195$2,195$2,195
131$2,045$2,045$2,195$2,195
131$2,270$2,270$2,195$2,195
131$2,195$2,195$2,195$2,195
TOTAL # OF UNITSTOTAL # OF BEDROOMSTOTAL # OF BATHSGRAND TOTAL RENTGRAND TOTAL PRO FORMA
4124$8,705$8,780

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