$2,500,000
$2,450,000
2.0%For more information regarding the value of a property, please contact us for a free consultation.
7,840 Sqft Lot
SOLD DATE : 08/06/2021
Key Details
Sold Price $2,500,000
Property Type Multi-Family
Listing Status Sold
Purchase Type For Sale
Subdivision Other (Othr)
MLS Listing ID PW21129380
Sold Date 08/06/21
HOA Y/N No
Year Built 1923
Lot Size 7,840 Sqft
Property Description
Welcome to 1033 Hoffman! This investment property is very well maintained and operates smoothly month-in and out. It has a great mix of units with (1) 3/2, (1) 3/1, (5) 2/1, and (6) 1/1. Finding good tenants for this property is not an issue due to its beautiful curb appeal, many of the units are upgraded and remodeled, and the location is hard to beat. Located less than 1.5 miles to the ocean gives you wonderful breezes for the tenants to enjoy. The property has received over $200,000.00 in upgrades and remodeling over the last six years, including double-paned vinyl windows throughout, kitchen and bathroom remodels in quite a few of the units, and laminate or vinyl plank flooring in a majority of them. The current ownership maintains the property incredibly well, and it shows when you visit the building. Priced at an attractive GRM of 10.96 at market rents and even a 12.77 GRM at current rents, this investment is a great value. Units are individually metered for gas and electricity further increasing the opportunity for cash-flow to the investor. If you're looking for a solid investment well-located in a thriving coastal city, look no further!
Location
State CA
County Los Angeles
Area 9 - Poly High
Zoning LBR2N
Interior
Fireplace No
Laundry Common Area
Exterior
Pool None
Community Features Curbs
Private Pool No
Building
Lot Description Landscaped
Story 2
Entry Level Two
Sewer Public Sewer
Water Public
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 7267008026
Acceptable Financing Cash, Cash to New Loan, 1031 Exchange, Submit
Listing Terms Cash, Cash to New Loan, 1031 Exchange, Submit
Financing Cash to New Loan
Special Listing Condition Standard
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Bought with Jonathan Swire • The Agency
Real Estate Consultant | License ID: 01971542
+1(562) 595-3264 | karen@iwakoshirealtor.com