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1080 Hoffman Ave Long Beach, CA 90813

$2,048,000 Sold Price as of 04/16/2020

9 Beds
9 Baths
-- Sq.Ft.

Sold

$2,048,000 Sold Price as of 04/16/2020 Refinance Your Mortgage

Map preview of 1080 Hoffman Ave, Long Beach, CA 90813

Property Overview: 1080 Hoffman Ave Long Beach, CA has 9 bedrooms, 9 bathrooms, -- living square feet and 6,977 square feet lot size. Call an Ardent Real Estate Group agent with any questions you may have.

Agent Remarks: Priced to sell! 9 Unit, 100% occupied, turnkey, gated apartment building, with Instant Passive Income! Located in a growing, progressive area of Long Beach, 10 blocks from the ocean, walking distance to restaurants, coffee shops, libraries, schools and parks. Current cap rate is 5.5%, annual rent increases 5%, plus the cost of living percentage or 10%, whichever is lower. Park your money here and enjoy! All large 1 bdrm, 1 bath units, all new copper plumbing (15 year warranty), new water heater, (5 year warranty), all new electric panels and breakers, separately metered for gas and electric, new paint, gutters, tile and laminate flooring throughout. Mos. current rental income $12,397.50 + 6 parking (3 spaces & 3 garages), is $450 per month, and/or storage, for a total monthly income of $12,847.50, with on site laundry room (currently not in use), for extra income. Minutes away from major freeways for quick access to Los Angeles and Orange County.

Listed by Marilee Haley | BRE #01721710 | Power Brokers International

Last checked: 15 minutes ago | Last updated: March 22nd, 2022 | Source CRMLS | DOM: 50

Home details

Lot Sq. Ft: 6,977
HOA Dues: $0/mo
Year built: 1956
Garage: 3 Car
Property Type:: Multi Family

Status: Sold
MLS#: 19509100
City: Long Beach
County: Los Angeles
Time on Site: 1521 days

Multi-Family Unit Breakdown

Unit Mix Summary

Total # of Units: 9
Total # of Buildings: 1
# of Leased Units: 9
# of Electric Meters: 9
# of Gas Meters: 9

Unit Breakdown 1

# of Units: 1
# of Beds: 1
# of Baths: 1
Furnishing: Unfurnished
Actual Rent: $1,300
Total Rent: $1,300
Pro Forma/Market Rent: $1,513

Unit Breakdown 2

# of Units: 1
# of Beds: 1
# of Baths: 1
Furnishing: Unfurnished
Actual Rent: $1,325
Total Rent: $1,325
Pro Forma/Market Rent: $1,513

Unit Breakdown 3

# of Units: 1
# of Beds: 1
# of Baths: 1
Furnishing: Unfurnished
Actual Rent: $1,474
Total Rent: $1,474
Pro Forma/Market Rent: $1,513

Unit Breakdown 4

# of Units: 1
# of Beds: 1
# of Baths: 1
Furnishing: Unfurnished
Actual Rent: $1,300
Total Rent: $1,300
Pro Forma/Market Rent: $1,513

Unit Breakdown 5

# of Units: 1
# of Beds: 1
# of Baths: 1
Furnishing: Unfurnished
Actual Rent: $1,500
Total Rent: $1,500
Pro Forma/Market Rent: $1,513

Unit Breakdown 6

# of Units: 1
# of Beds: 1
# of Baths: 1
Furnishing: Unfurnished
Actual Rent: $1,398
Total Rent: $1,398
Pro Forma/Market Rent: $1,513

Unit Breakdown 7

# of Units: 1
# of Beds: 1
# of Baths: 1
Furnishing: Unfurnished
Actual Rent: $1,300
Total Rent: $1,300
Pro Forma/Market Rent: $1,513

Unit Breakdown 8

# of Units: 1
# of Beds: 1
# of Baths: 1
Furnishing: Unfurnished
Actual Rent: $1,350
Total Rent: $1,350
Pro Forma/Market Rent: $1,513

Unit Breakdown 9

# of Units: 1
# of Beds: 1
# of Baths: 1
Furnishing: Unfurnished
Actual Rent: $1,450
Total Rent: $1,450
Pro Forma/Market Rent: $1,513

Multi-Family Income/Expense Information

Property Income and Analysis

Gross Rent Multiplier: 13
Gross Scheduled Income: $113,087
Net Operating Income: $113,087
Gross Operating Income: $149,707
# of Rented Garages: 3
Garage Rental Rate: $100
Garage Rental Income: $5,400

Annual Expense Breakdown

Total Operating Expense: --
New Taxes: $24,000
Insurance: $1,960
Maintenance: $4,860
Professional Management: $3,600
Water/Sewer: $2,200

Property Details for 1080 Hoffman Ave

Interior Features

Kitchen Information

Has Appliances
Disposal, Gas Cooktop

Lot Details / Garage and Parking

Parking/Garage Information

# of Garage Spaces: 3
# of Parking Spaces: 6
Has Parking
Parking Features: Garage - Three Door

Property Information

Total # of Units: 9
Parcel Number: 7267009003

Location / Neighborhood

Location Information

Directions: E Anaheim and Hoffman Avenue between 10th and 11th Street in Long Beach, CA 90813

View more facts & features

Local Long Beach Agent

Sale History for 1080 Hoffman Ave

Last sold for $2,048,000 on April 16th, 2020

April, 2020
Apr 16, 2020

Date

Sold (Public Records)

Public Records

$2,048,000

Price
April, 2020
Apr 15, 2020

Date

Sold

CRMLS: 19509100

$2,048,000

Price
Feb 13, 2020

Date

Pending

CRMLS: 19509100

$2,048,000

Price
Jan 29, 2020

Date

Price Change

CRMLS: 19509100

$2,048,000

Price
Oct 15, 2019

Date

Withdrawn

CRMLS: 19509100

$2,000,000

Price
Sep 10, 2019

Date

Active

CRMLS: 19509100

$2,000,000

Price
May, 2015
May 8, 2015

Date

Sold (Public Records)

Public Records

$1,075,000

Price

Tax History for 1080 Hoffman Ave

Assessed Value (2020): $1,183,155

Year	Land Value	Improved Value	Assessed Value
2020	$824,201	$358,954	$1,183,155

Home Value Compared to the Market

This property vs the competition

1080 Hoffman Ave sold on April 16, 2020 for 150.06% higher than the current median sold price for the city of Long Beach which is $819,000.

About 1080 Hoffman Ave

Detailed summary of property

1080 Hoffman Ave is a multi family that recently sold in Long Beach, CA 90813. This multi family property offered 9 bedrooms, 9 bathrooms, roughly -- living square feet, and sits on an approximately 6,977 square foot lot. 1080 Hoffman Ave was first listed on ArdentRealEstateGroup.com on July 21, 2020. The homeowner sold the property for $2,048,000. Home in Long Beach are selling for a median price of $819,000 and a median price per square foot of $628. Based on Ardent Real Estate Group's Long Beach Market Data, this home is sold 150.06% higher than the current median priced home. Local homes that are currently for sale include 1700 Pacific Ave, 435 W 11th St and 1409 Magnolia Ave. While the average home in Long Beach, CA is selling in 62 days, 1080 Hoffman Ave has a days on market of 50 days. There are currently 778 homes for sale in the Long Beach real estate market and 416 of them are single family homes while 337 of them are condos and 23 are townhomes. For more information on this home for sale at 1080 Hoffman Ave Long Beach, CA 90813 contact Ardent Real Estate Group and we will put you in touch with one of our Long Beach agents.

Public Facts for 1080 Hoffman Ave

Public county record property details

Beds: 9
Baths: 9
Year built: 1956
Sq. Ft.: 5,610
Lot Size: 6,976
Stories: --

Type: Apartment House (5+ Units)
Pool: No
Spa: No
County: Los Angeles
Lot#: 4,5
APN: 7267-009-003

The source for these homes facts are from public records.

90813 Real Estate Sale History (Last 30 days)

Last 30 days of sale history and trends

Median List Price

$560,000

Median List Price/Sq.Ft.

$553

Median Sold Price

$495,000

Median Sold Price/Sq.Ft.

$587

Total Inventory

Median Sale to List Price %

99.02%

Avg Days on Market

Loan Type

Conventional (100%), FHA (0%), VA (0%), Cash (0%), Other (0%)

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Based on information from California Regional Multiple Listing Service, Inc. as of 2019. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.