NOT LISTED FOR SALE

1024 Hoffman Ave Long Beach, CA 90813

Hellman Neighborhood
17 Beds
5 Baths
3,904 Sq Ft
8,398 Sq Ft Lot

Last Sold February 08, 2022

Last sale price $1,750,000 $448 Per Sq Ft

17 Days on Market

Highlights

  • 0.19 Acre Lot
  • Long Beach Polytechnic High School Rated A
  • 1-Story Property

About This Home

As of February 2022

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.

Last Agent to Sell the Property

Anthony Walker

Buckingham Investments, Inc License #01908153 Listed on: 10/12/2021

Last Buyer's Agent

Cody Charnell

Sage Real Estate Group, Inc. License #01950585

Property Details

Home Type

  • Multi-Family

Year Built

  • Built in 1948

Lot Details

  • 8,398 Sq Ft Lot
  • Two or More Common Walls
  • Density is up to 1 Unit/Acre

Home Design

  • Property Attached

Interior Spaces

  • 3,904 Sq Ft Home
  • 1-Story Property

Bedrooms and Bathrooms

  • 17 Bedrooms
  • 5 Bathrooms

Parking

  • 10 Parking Spaces
  • 10 Carport Spaces

Location

  • Urban Location

Listing and Financial Details

  • Legal Lot and Block 18 / B
  • Tax Tract Number 576
  • Assessor Parcel Number 7267010010
  • $1,029 per year additional tax assessments

Community Details

Overview

  • 2 Buildings
  • 5 Units
  • Alamitos Beach Subdivision

Building Details

  • Rent Control
  • 5 Separate Electric Meters
  • 5 Separate Gas Meters
  • 1 Separate Water Meter
  • Electric Expense $492
  • Fuel Expense $492
  • Gardener Expense $1,970
  • Insurance Expense $2,268
  • Pest Control $675
  • Professional Management Expense $7,113
  • Trash Expense $492
  • Water Sewer Expense $492
  • New Taxes Expense $21,188
  • Operating Expense $41,342
  • Net Operating Income $77,207

Property Details

Home Type

Multi-Family

Year Built

Built in 1948

Lot Details

0

Listing Details

  • CapRate: 4.60
  • Price Per Unit: 339000
  • Professional Management Expense: 7113.00
  • Property Attached: Yes
  • Subdivision Name Other: Alamitos Beach (AB)
  • Water Sewer Expenses: 492.00
  • Zoning: LBR2N
  • Property Type: Residential Income
  • Gardener Expense: 1970.00
  • Parcel Number: 7267010010
  • Year Built: 1948
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Stories: 1
  • Common Walls: 2+ Common Walls
  • Levels: Two
  • Price Per Square Foot: 448.26

Exterior Features

  • Pool Private: No

Garage/Parking

  • Carport Spaces: 10.00
  • Total Parking Spaces: 10.00

Utilities

  • Laundry: No
  • Pest Control Expense: 675.00
  • Sewer: Public Sewer
  • Trash Expense: 492.00
  • Water Source: Public

Condo/Co-op/Association

  • Senior Community: No
  • Community Features: Urban

Lot Info

  • Additional Parcels: No
  • Land Lease: No
  • Lot Features: 0-1 Unit/Acre
  • Lot Size Sq Ft: 8398.00
  • Lot Size Acres: 0.1928

Multi Family

  • Electric Expense: 492.00
  • Fuel Expense: 492.00
  • Gross Multiplier: 13.58
  • Gross Scheduled Income: 124788.00
  • Insurance Expense: 2268.00
  • Lot Size Area: 8398.0000 Square Feet
  • Maintenance Percent: 5.00
  • Net Operating Income: 77207.00
  • Number Of Separate Electric Meters: 5
  • Number Of Separate Gas Meters: 5
  • Number Of Separate Water Meters: 1
  • Number Of Units Total: 5
  • Operating Expense: 41342.00
  • Rent Control: Yes
  • Total Actual Rent: 10399.00
  • Total Expenses: 41342.00

Tax Info

  • New Taxes Expense: 21188.00
  • Tax Block: B
  • Tax Census Tract: 5764.02
  • Tax Lot: 18
  • Tax Tract Number: 576...
  • TaxOtherAnnualAssessmentAmount: 1029.00

Range of Values:

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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Property History

Date Event Price Change Sq Ft Price
02/08/2022 02/08/22 Sold $1,750,000 +3.2% $448 / Sq Ft
10/29/2021 10/29/21 Pending -- -- --
10/12/2021 10/12/21 For Sale $1,695,000 +29.4% $434 / Sq Ft
07/13/2018 07/13/18 Sold $1,310,000 -1.1% $336 / Sq Ft
04/04/2018 04/04/18 For Sale $1,325,000 -- $339 / Sq Ft
Source: California Regional Multiple Listing Service (CRMLS)

Tax History Compared to Growth

Source: Public Records

Agents Affiliated with this Home

  • Anthony Walker

    Seller's Agent in 2022

    Anthony Walker

    Buckingham Investments, Inc

    (310) 982-7055

    3 in this area

    79 Total Sales

    Anthony Walker
    Section Image
  • Cody Charnell

    Buyer's Agent in 2022

    Cody Charnell

    Sage Real Estate Group, Inc.

    (562) 896-3851

    4 in this area

    52 Total Sales

    Cody Charnell
    Section Image
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Map

Source: California Regional Multiple Listing Service (CRMLS)

MLS Number: SB21225992

California Regional Multiple Listing Service (CRMLS)
California Los Angeles County Long Beach 90813 Hellman

1024 Hoffman Ave, Long Beach, CA

This home is located at 1024 Hoffman Ave, Long Beach, CA 90813 since 12 October 2021. This property was built in 1948. 1024 Hoffman Ave is a home located in Los Angeles County with nearby schools including Lincoln Elementary School, Franklin Middle School, and Long Beach Polytechnic High School.

Disclaimer: Certain information contained herein is derived from information provided by parties other than Homes.com. All information provided is deemed reliable, but is not guaranteed to be accurate and should be independently verified.

California Regional Multiple Listing Service (CRMLS) The multiple listing data appearing on this website, or contained in reports produced therefrom, is owned and copyrighted by California Regional Multiple Listing Service, Inc. ("CRMLS") and is protected by all applicable copyright laws. Information provided is for viewer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties the viewer may be interested in purchasing. All listing data, including but not limited to square footage and lot size is believed to be accurate, but the listing Agent, listing Broker and CRMLS and its affiliates do not warrant or guarantee such accuracy. The viewer should independently verify the listed data prior to making any decisions based on such information by personal inspection and/or contacting a real estate professional.

Based on information from California Regional Multiple Listing Service, Inc. and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information

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