429 Magnolia Avenue

    Long Beach, CA 90802
    • $1,225,000
    • STATUS: Active
    • ON SITE: 48 days
    • ID#: PW18239451
    UPDATED: 72 min ago
    $1,225,000
    • 0
      BEDS
    • 0.2
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 4,032
      SQFT
    • $304
      $/SQFT
    Neighborhood:
    Type:
    Multi-Family
    Built:
    1913
    County:

    School Ratings & Info

    Description

    429 Magnolia Avenue, a five-unit multifamily investment opportunity in rapidly redeveloping downtown Long Beach, California. The property is located conveniently near the 710 Freeway and the numerous dining, shopping, and entertainment opportunities downtown offers.The offering comprises three buildings: two rear duplexes with all one-bedroom/one-bath units, and a front house with four bedrooms and two-and-one-half baths, and laundry hookups. The units are separately metered for gas and electricity. The property also features new exterior paint, a single-car garage and six surface parking spaces, and patio areas for tenants+GG enjoyment. Additionally, the duplexes have new copper plumbing, and one one-bedroom unit has been recently renovated with new tile and wood flooring, modern soft-close cabinetry, granite counter tops, a stainless steel appliance package, new windows, can lighting, and more. With great cash flow on current rents and potential upside, 429 Magnolia Avenue presents an excellent opportunity to acquire a strong-performing asset in an area poised for growth.Please request and review a copy of the Offering Memorandum for this property for a detailed explanation and description of this investment and its underwriting.

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    Based on information from California Regional Multiple Listing Service, Inc. as of 2018-11-20T22:30:59.96. 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 deemed reliable but is not guaranteed accurate by the MLS. Licensed in the State of California, USA.
    www.fredsedgroup.com/homes/88145995

    429 Magnolia Avenue Long Beach, CA 90802

    • Price: $1,225,000
    • Status: Active
    • Updated: 72 min ago
    • ID#: PW18239451
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.2
    Acres
    4,032
    SQFT
    $304
    $/SQFT
    1913
    Built
    Neighborhood:
    Downtown (Dt)
    County:
    Los Angeles
    Area:
    4 - Downtown Area, Alamitos Beach
    Property Description
    429 Magnolia Avenue, a five-unit multifamily investment opportunity in rapidly redeveloping downtown Long Beach, California. The property is located conveniently near the 710 Freeway and the numerous dining, shopping, and entertainment opportunities downtown offers.The offering comprises three buildings: two rear duplexes with all one-bedroom/one-bath units, and a front house with four bedrooms and two-and-one-half baths, and laundry hookups. The units are separately metered for gas and electricity. The property also features new exterior paint, a single-car garage and six surface parking spaces, and patio areas for tenants+GG enjoyment. Additionally, the duplexes have new copper plumbing, and one one-bedroom unit has been recently renovated with new tile and wood flooring, modern soft-close cabinetry, granite counter tops, a stainless steel appliance package, new windows, can lighting, and more. With great cash flow on current rents and potential upside, 429 Magnolia Avenue presents an excellent opportunity to acquire a strong-performing asset in an area poised for growth.Please request and review a copy of the Offering Memorandum for this property for a detailed explanation and description of this investment and its underwriting.
    Exterior Features

    Garage Spaces 1.00 Lot Features Front YardLot Shape-Rectangular Lot Size Source Assessor Lot Size Units Square Feet Parking Total 7.00 Pool Features None Pool Private YN No Property Attached YN No

    Interior Features

    Average Studio Area Units Square Feet Average1 Bed Area Units Square Feet Average2 Bed Area Units Square Feet Average3 Bed Area Units Square Feet Common Walls No Common Walls Laundry Features See Remarks

    Property Features

    Additional Parcels YN No Association Fee 0.00 Association YN No Building Area Units Square Feet Cap Rate 4.97 Community Features Urban Country Us Elevation Units Feet Gross Income 93960.00 Gross Scheduled Income 93960.00 Insurance Expense 0.00 Land Lease YN No Laundry YN Yes Net Operating Income 60890.00 New Construction YN No New Taxes Expense 0.00 Number Of Separate Electric Meters 5 Number Of Separate Gas Meters 5 Number Of Separate Water Meters 1 Operating Expense 30251.00 Professional Management Expense 0.00 Rent Control YN No Senior Community YN No Sewer Public Sewer Special Listing Conditions Standard Subdivision Name Other Downtown (Dt) Total Expenses 30251.00 Trash Expense 0.00 Water Sewer Expense 0.00 Water Source Public Year Built Source Appraiser Zoning Lbpd30

    Listing provided courtesy of Steven Bogoyevac of Steven M. Bogoyevac, Broker.


    Based on information from California Regional Multiple Listing Service, Inc. as of 2018-11-20T22:30:59.96. 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 deemed reliable but is not guaranteed accurate by the MLS. Licensed in the State of California, USA.
     
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