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1600 Magnolia Ave Long Beach, CA 90813
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Key Details
Sold Price $1,150,000
Property Type Multi-Family
Sub Type Multi-Family
Listing Status Sold
Purchase Type For Sale
Square Footage 3,366 sqft
Price per Sqft $341
MLS Listing ID 24-439935
Bedrooms 8
Year Built 1955
Lot Size 3,651 Sqft
Property Sub-Type Multi-Family
Property Description
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.
Location
State CA
County Los Angeles
Area Downtown Area, Alamitos Beach
Zoning LBR4N
Rooms
Other Rooms None
Interior
Heating Wall
Cooling None
Flooring Mixed
Fireplaces Type None
Equipment Garbage Disposal
Laundry Other
Exterior
Parking Features Garage - 4+ Car
Garage Spaces 4.0
Pool None
Waterfront Description None
View Y/N No
View None
Roof Type Shingle
Building
Story 2
Foundation Raised
Sewer In Street Paid
Water District
Structure Type Stone, Wood Siding
Schools
School District Long Beach Unified
Others
Special Listing Condition Standard
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Bought with Buckingham Investments, Inc