Long Beach, CA 90813,1600 Magnolia Ave
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Long Beach, CA 90813,1600 Magnolia Ave
Long Beach, CA 90813,1600 Magnolia Ave
Long Beach, CA 90813,1600 Magnolia Ave
Long Beach, CA 90813,1600 Magnolia Ave
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$ 1,395,000
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Price Dropped by $55K

1600 Magnolia Ave Long Beach, CA 90813

8 Beds

5 Baths

3,366 SqFt


UPDATED:

11/10/2024 05:33 PM

Key Details

Property Type Multi-Family

Sub Type Multi-Family

Listing Status Active

Purchase Type For Sale

Square Footage 3,366 sqft

Price per Sqft $414

MLS Listing ID 24-439935

Bedrooms 8

Year Built 1955

Lot Size 3,651 Sqft

Acres 0.0838

Property Description

Proforma 6.4 Cap! Excellent opportunity to acquire a stable 4-unit building in the Alamitos Beach area of Long Beach at current 5.23 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

Interior Features Common Walls

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

Level or Stories Two

Structure Type Stone, Wood Siding

Schools

School District Long Beach Unified

Others

Special Listing Condition Standard


TheMLS (CLAW)
Listed by Elite Representation Real Estate

Pure Luxury Realty

Broker

+1(562) 392-0668

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1600 Magnolia Ave