1600 Magnolia Ave Long Beach, CA 90813
Pending
$1,195,000
18%
4 Units
8 Beds
5 Baths
3,366 Area(sq.ft.)
3,651 Lot Size(sq.ft.)
| Type | # of Units | Bedroom | Bath | Furnished | Rent | Actual Rent | Projected Rent |
|---|---|---|---|---|---|---|---|
| Unit 1 | 1 | 3 | 2 | No | $ 2,541 | $ 2,541 | $ 3,263 |
| Unit 2 | 1 | 1 | 1 | No | n/a | n/a | $ 2,006 |
| Unit 3 | 1 | 1 | 1 | No | n/a | n/a | $ 2,006 |
| Unit 4 | 1 | 3 | 1 | No | $ 2,150 | $ 2,150 | $ 3,263 |
| 4 | 4 | 8 | 5 | $ 4,692 | $ 4,692 | $ 10,538 |
| MLS #: | 24-439935 |
| Days On Market: | 173 |
| County: | Los Angeles |
| Property Type: | Residential Income |
| Price per ft2: | $ 355 |
| Price per unit: | $ 298,750 |
| Year Built: | 1955 |
Property Details
Proforma 7.4 Cap! Excellent opportunity to acquire a stable 4-unit building in the Alamitos Beach area of Long Beach at current 6.23 Cap rate. This building is only 16-17 blocks to Shoreline Village, Long Beach Convention Center, Aquarium of the Pacific, and everything else fantastic about the Pike area of the Long Beach Shoreline. The immediate few block radius has been going through a renaissance with new construction evident all around. Fancy up this building to have a strong long term hold asset to take full advantage of Long Beach's strong future. This property was formally converted from a 5-unit building to a 4-unit building. Enjoy 30 year fixed residential financing! There is a laundry room that was not used by the current owners which can provide additional income and increase the cap rate. Each unit has a 1-car garage. Downstairs unit is 3 beds and 2 baths. Upstairs there are two 1-bed and 1 bath units and one 3-bed 1 bath unit.Interested in this Listing?
Miami Residence will connect you with an agent in a short time.
Income Details
| Rent Control: | Yes |
| Vacancy Rate: | 3125% |
| Gross Operating Income: | $ 106,581 |
| Total Annual Expense: | $ 37,739 |
| Net Operating Income: | $ 68,843 |
| Gross Annual Income: | $ 2,400 |
| Cap Rate: | 6.23% |
| Gross Rent Multiplier: | 12.08 |
| Actual Gross Rent: | $ 115,457 |
| Actual Gross Income: | $ 106,582 |
| Actual Rent Total: | $ 115,457 |
Structure
| Type of Units: | Residential |
| Buildings: | 1 |
| Levels: | Two |
| Sewer: | In Street Paid |
| View Description: | None |
| Water: | District |
Land & Parking
| Zoning: | LBR4N |
| Parking Garage: | Garage - 4+ Car |
Interior
| AC/Cooling: | None |
| Equipment: | Garbage Disposal |
| Heating: | Wall |
| Fireplace Rooms: | None |
| Interior Features: | Common Walls |
| Laundry: | Other |
| Laundry Income: | 2400.00 |
| Patio Features: | None |
Exterior
| Exterior Construction: | Stone, Wood Siding |
| Pool: | No |
| Roof: | Shingle |
| Spa: | No |
Detailed Map
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