Sq.Ft. Lot3,993
Year1940
The Oriana Shea Group
(562) 270-1775
Status:
Sold
Property Type:Residential Income (Multi-Family)
MLS #:OC22205957
Date Sold:11/2/2023
Lot Size:3,993 Sq. Ft.
County:Los Angeles
Listing Agent/Office
Agent:Martie Etheridge
Office:RE/MAX Select One
With east freeway access and less than 2 miles to the golden sand of the BEACH and the fun and shops of Rainbow Harbor, these 6 units plus 3 rare garages will keep these units in high demand in perpetuity! Last time these were available, Carter was president! So now is your chance to own the kind of investment the legacy investors rarely divest! Get off the stock market roller coaster and enjoy a yield every single month from your nest egg!
Detailed Maps
Price Change History
| Date | Old Price | New Price | Percent Change |
| 5/27/2023 | $1,400,000 | $1,299,000 | -7.2% |
| 5/27/2023 | $1,400,000 | $1,299,000 | -7.2% |
| 10/4/2023 | $1,299,000 | $1,199,000 | -7.7% |
| 11/4/2023 | $1,199,000 | $1,000,000 | -16.6% |
Community Information
Address:1486 Magnolia Ave, Long Beach, CA 90813
Area:4 - Downtown Area/ Alamitos Beach
County:Los Angeles
City:Long Beach
Subdivision:None
Zip Code:90813
Architecture
Year Built:1940
Stories:2
Building Area: 3027.0
Number of Buildings: 2
Total Units: 6
Stories Total: 2
Unit 1: 1 Unit • 1 Bed • 1 Bath • Unfurnished • $980 actual rent • $980 total rent • $1,200 pro forma
Unit 2: 1 Unit • 1 Bed • 1 Bath • Unfurnished • $715 actual rent • $715 total rent • $1,200 pro forma
Unit 3: 1 Unit • 1 Bed • 1 Bath • Unfurnished • $650 actual rent • $650 total rent • $1,200 pro forma
Unit 4: 1 Unit • 1 Bed • 1 Bath • Unfurnished • $605 actual rent • $605 total rent • $1,200 pro forma
Unit 5: 1 Unit • 1 Bath • Unfurnished • $815 actual rent • $815 total rent • $950 pro forma
Unit 6: 1 Unit • 1 Bath • Unfurnished • $950 pro forma
Garage Spaces: 4.0
Features / Amenities
Appliances: Dryer, Washer
Laundry: Common Area, Washer Hookup, Laundry Room
Common Walls: No Common Walls
Parking Features: Garage
Parking Total: 4.0
Property Features
Lot Size:
0.09 Acres / 3,993 Sq. Ft.
Lot Features: Corner Lot, NoLandscaping, Rectangular Lot, Walkstreet
Sewer: Public Sewer
Water: Public
Zoning:LBR4N
Directions:on Magnolia between PCH and W Anaheim, on the east side of the street right on the corner with 15th. One of the units has a house number toward 15th St.
Tax and Financial Info
Buyer Financing: Cash
Contingency: Seller 1031 exchange
Gross Income: $55,176
Gross Scheduled Income: $55,176
Net Operating Income: $36,374
Electric Expense: $1,790
Insurance Expense: $2,684
New Taxes Expense: $2,827
Trash Expense: $2,100
Water/Sewer Expense: $2,222
Terms: Cash
Schools
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Based on information from California Regional Multiple Listing Service, Inc. as of December 9, 2023. 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 usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent. IDX provided by Sierra Interactive.
