NOT LISTED FOR SALE

1148 Hoffman Ave Long Beach, CA 90813

Cambodia Town Neighborhood

Estimated Value: $1,221,000 - $1,850,000

12 Beds
4 Baths
2,996 Sq Ft
$517/Sq Ft Est. Value

Last Sold October 23, 2020

Last sale price $1,275,000 $426 Per Sq Ft

Est. 22% increase in value since last sale

Current estimated payment $9,545/month

13 Days on Market

Highlights

  • 1-Story Property
  • Long Beach Polytechnic High School Rated A
  • 3-minute walk to Douglas Macarthur Park

About This Home

As of October 2020

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 actuals 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. Three of the bungalows were built in the 1920's, fourth unit built in 1980 per public records.

Last Agent to Sell the Property

Anthony Walker

Buckingham Investments, Inc License #01908153 Listed on: 09/02/2020

Last Buyer's Agent

Anthony Walker

Buckingham Investments, Inc License #01908153 Listed on: 09/02/2020

Property Details

Home Type

  • Multi-Family

Year Built

  • Built in 1980

Lot Details

  • 6,254 Sq Ft Lot
  • No Common Walls
  • Density is 2-5 Units/Acre

Parking

  • 5 Car Garage

Interior Spaces

  • 2,996 Sq Ft Home
  • 1-Story Property

Bedrooms and Bathrooms

  • 12 Bedrooms
  • 4 Bathrooms

Location

  • Urban Location

Listing and Financial Details

  • Tax Lot 18
  • Tax Tract Number 4496
  • Assessor Parcel Number 7267001027

Community Details

Overview

  • 4 Buildings
  • 4 Units
  • Poly High Subdivision

Building Details

  • 4 Separate Electric Meters
  • 4 Separate Gas Meters
  • 1 Separate Water Meter
  • Electric Expense $651
  • Fuel Expense $651
  • Gardener Expense $600
  • Insurance Expense $1,600
  • Maintenance Expense $4,962
  • Pest Control $500
  • Professional Management Expense $4,962
  • Trash Expense $651
  • Water Sewer Expense $652
  • New Taxes Expense $16,188
  • Operating Expense $31,979
  • Gross Income $99,237
  • Net Operating Income $67,321

Property Details

Home Type

Multi-Family

Year Built

Built in 1980

Lot Details

0

Parking

5

Listing Details

  • CapRate: 5.20
  • Professional Management Expense: 4962.00
  • Property Attached: No
  • Subdivision Name Other: Poly High (PH)
  • Water Sewer Expenses: 652.00
  • Zoning: LBR2N
  • Property Type: Residential Income
  • Gardener Expense: 600.00
  • Parcel Number: 7267001027
  • Year Built: 1980
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Stories: 1
  • Common Walls: No Common Walls
  • Levels: One
  • Price Per Square Foot: 425.57

Exterior Features

  • Pool Private: No

Garage/Parking

  • Garage Spaces: 5.00
  • Total Parking Spaces: 5.00

Utilities

  • Laundry: No
  • Pest Control Expense: 500.00
  • Sewer: Public Sewer
  • Trash Expense: 651.00
  • Water Source: Public

Condo/Co-op/Association

  • Senior Community: No
  • Community Features: Urban

Lot Info

  • Additional Parcels: No
  • Land Lease: No
  • Lot Features: 2-5 Units/Acre
  • Lot Size Sq Ft: 6254.00
  • Lot Size Acres: 0.1436

Multi Family

  • Electric Expense: 651.00
  • Fuel Expense: 651.00
  • Gross Income: 99237.00
  • Gross Multiplier: 12.40
  • Gross Operating Income: 99237.00
  • Gross Scheduled Income: 104460.00
  • Insurance Expense: 1600.00
  • Lot Size Area: 6254.0000 Square Feet
  • Maintenance Expense: 4962.00
  • Net Operating Income: 67321.00
  • Number Of Separate Electric Meters: 4
  • Number Of Separate Gas Meters: 4
  • Number Of Separate Water Meters: 1
  • Number Of Units Total: 4
  • Operating Expense: 31916.00
  • Operating Expense Percent: 32.00
  • Rent Control: No
  • Total Expenses: 31979.00
  • Vacancy Allowance Rate: 5.00

Tax Info

  • New Taxes Expense: 16188.00
  • Tax Census Tract: 5764.02
  • Tax Lot: 18
  • Tax Tract Number: 4496

Ownership History

Date Name Owned For Owner Type

Purchase Details

Listed on
Sep 2, 2020
Closed on
Nov 7, 2020
Sold by
Frontiera Chad and Frontiera Sarah
Bought by
Frontiera Chad and Frontiera Sarah
Seller's Agent
Anthony Walker
Buckingham Investments, Inc
Buyer's Agent
Anthony Walker
Buckingham Investments, Inc
List Price
$1,295,000
Sold Price
$1,275,000
Premium/Discount to List
-$20,000
-1.54%
Current Estimated Value
$1,549,398

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Estimated Appreciation
$274,398
Avg. Annual Appreciation
3.78%
Original Mortgage
$1,020,000
Outstanding Balance
$901,421
Interest Rate
2.8%
Mortgage Type
New Conventional
Estimated Equity
$647,977

Purchase Details

Listed on
Sep 2, 2020
Closed on
Sep 11, 2020
Sold by
Ford Michael and Mcbride Keith
Bought by
Frontiera Chad and Frontiera Sarah
Seller's Agent
Anthony Walker
Buckingham Investments, Inc
Buyer's Agent
Anthony Walker
Buckingham Investments, Inc
List Price
$1,295,000
Sold Price
$1,275,000
Premium/Discount to List
-$20,000
-1.54%

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$1,020,000
Outstanding Balance
$901,421
Interest Rate
2.8%
Mortgage Type
New Conventional
Estimated Equity
$647,977

Purchase Details

Listed on
Jan 11, 2019
Closed on
Apr 5, 2019
Sold by
Siciliano Eugene L and Marcus Stephen H
Bought by
Ford Michael and Mcbride Keith
Seller's Agent
Ron Werner
Vista Sotheby’s International Realty
Buyer's Agent
Anthony Walker
Buckingham Investments, Inc
List Price
$995,000
Sold Price
$975,000
Premium/Discount to List
-$20,000
-2.01%

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Avg. Annual Appreciation
19.03%
Original Mortgage
$700,000
Interest Rate
4.4%
Mortgage Type
New Conventional

Purchase Details

Listed on
Jun 24, 2014
Closed on
Jan 6, 2015
Sold by
Marcus Carol B
Bought by
Marcus Stephen H
Seller's Agent
Elsa Villaescusa
Centerpointe Real Estate
Buyer's Agent
Ron Werner
Vista Sotheby’s International Realty
List Price
$724,900
Sold Price
$660,000
Premium/Discount to List
-$64,900
-8.95%

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Avg. Annual Appreciation
9.69%
Original Mortgage
$495,000
Interest Rate
3.82%
Mortgage Type
New Conventional

Purchase Details

Listed on
Jun 24, 2014
Closed on
Jan 2, 2015
Sold by
Weydemuller Michael Donald
Bought by
Siciliano Eugene L and Marcus Stephen H
Seller's Agent
Elsa Villaescusa
Centerpointe Real Estate
Buyer's Agent
Ron Werner
Vista Sotheby’s International Realty
List Price
$724,900
Sold Price
$660,000
Premium/Discount to List
-$64,900
-8.95%

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$495,000
Interest Rate
3.82%
Mortgage Type
New Conventional

Purchase Details

Closed on
Nov 17, 2014
Sold by
Weydemuller Michael Donald and Weeks Cindy Marie
Bought by
Weydemuller Michael Donald

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$495,000
Interest Rate
3.82%
Mortgage Type
New Conventional

Purchase Details

Closed on
Jan 16, 2014
Sold by
Weydemuller Michael D
Bought by
Weydemuller Michael Donald and Weeks Cindy Marie

Purchase Details

Closed on
Aug 23, 2010
Sold by
Hoffman Avenue Trust #1148
Bought by
Weydemuller Michael D

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$483,489
Interest Rate
3.75%
Mortgage Type
FHA

Purchase Details

Closed on
Mar 8, 2010
Sold by
Piscitelli Debbie
Bought by
Deutsche Bank National Trust Company

Purchase Details

Closed on
Aug 10, 2009
Sold by
Piscitelli Debbie
Bought by
Hoffman Avenue Trust #1148 and Makaha Properties Llc

Purchase Details

Closed on
Jun 14, 2006
Sold by
Alsman Carol J
Bought by
Piscitelli Debbie

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$594,300
Interest Rate
8.37%
Mortgage Type
Negative Amortization

Purchase Details

Closed on
Jun 28, 2005
Sold by
Prebe Mark A
Bought by
Alsman Carol J

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$630,000
Interest Rate
1.37%
Mortgage Type
New Conventional

Purchase Details

Closed on
Mar 2, 2005
Sold by
Prebe Mary Christan
Bought by
Prebe Mark A

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$640,000
Interest Rate
5.61%
Mortgage Type
Construction

Purchase Details

Closed on
Jan 25, 2005
Sold by
Cerda Jesus S and Cerda Elisa
Bought by
Prebe Mark A

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$640,000
Interest Rate
5.61%
Mortgage Type
Construction

Purchase Details

Closed on
Aug 28, 1998
Sold by
Haley Harold M Testamentary Trust
Bought by
Cerda Jesus Sanchez and Cerda Elisa M

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$261,000
Interest Rate
6.79%
Mortgage Type
Seller Take Back
Source: Public Records

Range of Values:

--
Value Increase
--
Percent Increase
--
Adjusted for Inflation
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List Price
Sold Price
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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Purchase History

Date Buyer Sale Price Title Company
Frontiera Chad -- None Available
Frontiera Chad $1,275,000 Fidelity National Title Co
Ford Michael $975,000 First American Title Ins Co
Marcus Stephen H -- Orange Coast Title Company
Siciliano Eugene L $660,000 Orange Coast Title Company
Weydemuller Michael Donald -- Orange Coast Title Company
Weydemuller Michael Donald -- None Available
Weydemuller Michael D $490,000 First American Title Company
Deutsche Bank National Trust Company $391,500 Landsafe Title
Hoffman Avenue Trust #1148 $329,000 First American Title Company
Piscitelli Debbie $849,000 None Available
Alsman Carol J $900,000 First American Title Co
Prebe Mark A -- Ticor Title Co Fullerton
Prebe Mark A $549,000 Ticor Title Co Fullerton
Cerda Jesus Sanchez $290,000 American Title
Source: Public Records

Mortgage History

Date Status Borrower Loan Amount
Open Frontiera Chad $1,020,000
Previous Owner Ford Michael $700,000
Previous Owner Siciliano Eugene L $495,000
Previous Owner Weydemuller Michael D $483,489
Previous Owner Piscitelli Debbie $594,300
Previous Owner Alsman Carol J $630,000
Previous Owner Prebe Mark A $640,000
Previous Owner Cerda Jesus Sanchez $261,000
Source: Public Records

Property History

Date Event Price List to Sale Price per Sq Ft Prior Sale
10/23/2020 10/23/20 Sold $1,275,000 -1.5% $426 / Sq Ft
09/15/2020 09/15/20 Pending -- -- --
09/02/2020 09/02/20 For Sale $1,295,000 +32.8% $432 / Sq Ft
04/10/2019 04/10/19 Sold $975,000 -2.0% $346 / Sq Ft View Prior Sale
02/16/2019 02/16/19 Pending -- -- --
01/11/2019 01/11/19 For Sale $995,000 +50.8% $353 / Sq Ft
01/19/2015 01/19/15 Sold $660,000 -9.0% $220 / Sq Ft View Prior Sale
01/06/2015 01/06/15 Pending -- -- --
06/24/2014 06/24/14 For Sale $724,900 -- $242 / Sq Ft
Source: California Regional Multiple Listing Service (CRMLS)

Tax History

Year Tax Paid Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. Land Improvement
2025 $17,812 $1,380,099 $898,418 $481,681
2024 $17,812 $1,353,039 $880,802 $472,237
2023 $17,510 $1,326,510 $863,532 $462,978
2022 $16,439 $1,300,500 $846,600 $453,900
2021 $16,111 $1,275,000 $830,000 $445,000
2020 $12,859 $994,500 $693,600 $300,900
2019 $9,516 $711,077 $495,599 $215,478
2018 $9,177 $697,135 $485,882 $211,253
2016 $8,446 $670,065 $467,015 $203,050
2015 $7,027 $522,340 $362,440 $159,900
2014 $6,535 $512,109 $355,341 $156,768
Source: Public Records

Agents Affiliated with this Home

  • Anthony Walker

    Seller's Agent in 2020

    Anthony Walker

    Buckingham Investments, Inc

    (310) 982-7055

    3 in this area

    88 Total Sales

    Anthony Walker
    Section Image
  • Ron Werner

    Seller's Agent in 2019

    Ron Werner

    Vista Sotheby’s International Realty

    (310) 614-4027

    39 Total Sales

    Ron Werner
    Section Image
  • Elsa Villaescusa

    Seller's Agent in 2015

    Elsa Villaescusa

    Centerpointe Real Estate

    (562) 773-7297

    22 Total Sales

    Elsa Villaescusa
    Section Image
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Map

Source: California Regional Multiple Listing Service (CRMLS)

MLS Number: SB20180574

California Regional Multiple Listing Service (CRMLS)

APN: 7267-001-027

California Los Angeles County Long Beach 90813 Cambodia Town

1148 Hoffman Ave, Long Beach, CA

Not Listed for Sale

MultiFamily

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