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$ 1,625,000
Est. payment | /mo
4,591 Sqft Lot
$ 1,625,000
Est. payment | /mo
4,591 Sqft Lot
Key Details
Property Type Condo
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
MLS Listing ID SB24250411
HOA Y/N No
Year Built 1925
Lot Size 4,591 Sqft
Property Description
Great Cash-Flow Deal! Located just outside of
booming Downtown Long Beach, 1409 Magnolia Ave
is a 6 unit building with a high bed count including
(3) 3Bed/1Bath, (2) 2Bed/1Bath,
and (1) 1Bed/1Bath units. The property currently
grosses $13,251/month and operates at a 7%
CAP and 10.25 GRM assuming the current vacant 3 bed rents at market rate.
Opportunity to build 2 ADU's in the 4 attached garages. While still maintaining 5 detached parking spaces bringing the cap rate to 9.24%
The subject property is located just outside the $6
Billion of development flooding into Downtown LB,
including the Long Beach Civic Center, Long Beach
Aquarium, OceanAire Project, CSULB Project, CSULB
Downtown Village, Broadway Block, the Pacific and
Queen Mary Island. OM in the supplements.
booming Downtown Long Beach, 1409 Magnolia Ave
is a 6 unit building with a high bed count including
(3) 3Bed/1Bath, (2) 2Bed/1Bath,
and (1) 1Bed/1Bath units. The property currently
grosses $13,251/month and operates at a 7%
CAP and 10.25 GRM assuming the current vacant 3 bed rents at market rate.
Opportunity to build 2 ADU's in the 4 attached garages. While still maintaining 5 detached parking spaces bringing the cap rate to 9.24%
The subject property is located just outside the $6
Billion of development flooding into Downtown LB,
including the Long Beach Civic Center, Long Beach
Aquarium, OceanAire Project, CSULB Project, CSULB
Downtown Village, Broadway Block, the Pacific and
Queen Mary Island. OM in the supplements.
Location
State CA
County Los Angeles
Area 699 - Not Defined
Zoning LBIL
Interior
Fireplace No
Laundry None
Exterior
Garage Spaces 4.0
Garage Description 4.0
Pool None
Community Features Urban
Total Parking Spaces 4
Private Pool No
Building
Lot Description 0-1 Unit/Acre
Story 2
Sewer Public Sewer
Water Public
New Construction No
Others
Senior Community No
Tax ID 7271009010
Acceptable Financing Cash, Cash to New Loan, Conventional, 1031 Exchange
Listing Terms Cash, Cash to New Loan, Conventional, 1031 Exchange
Special Listing Condition Standard
Listed by Cameron Samimi • Lyon Stahl Investment Real Estate, Inc. • 310-259-7556