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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
current

Download Offering Memorandum

UNITS: 5

GROSS RENT MULTIPLIER: 13.58

CAP RATE: 4.6%

AGENT: anthonywalker

PRICE

$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
131$2,400$2,400$2,400$2,400
141$1,810$1,810$2,400$2,400
131$2,099$2,099$2,400$2,400
131$1,695$1,695$2,400$2,400
141$2,395$2,395$2,400$2,400
TOTAL # OF UNITS TOTAL # OF BEDROOMS TOTAL # OF BATHS GRAND TOTAL RENT GRAND TOTAL PRO FORMA
5175 $10,399 $12,000