1901 Magnolia Avenue, Long Beach, CA 90806
Property · 2 recorded sales since 2018
Sold September 2019
Listing Agent: William Smith (DRE #01431853) · Listing Office: Bryant Drive Properties, Inc. · Contact: 562-607-8580 · Bought with: Marilyn Martinez · Century 21 Allstars · MLS #PW19070074 · Source: CRMLS
About this property
This renovated tri-plex in the Wrigley Area is a great investment, with over $125,000 in verifiable capital improvements. The property consists of a front house (2 bedrooms, 1 bath, front and rear yard (with a large patio cover) and a detached 2-car garage. The rear duplex consists of two 1 bedroom, 1 bath units, each with a private, enclosed backyard, with washer / dryer hookups, and two 1-car garages. The duplex has been 100% renovated - new roof, new windows, new electrical service, new kitchens, new baths, new flooring, light fixtures, ceiling fans, and low maintenance landscaping and irrigation. The front house renovations include: new roof, new electrical service, new windows, new exterior paint, new back patio cover, and new low maintenance landscaping and irrigation. The duplex tenants are both on 1 year leases (one expires in Sept '19 and the other in November '19), while the front house tenant is month-to-month. A solid performing rental property for investment buyers or for owner-occupant to live in the front house and collect strong rents from the duplex to lower your overall payment (with a 10% down your share of the mortgage would be less than $1,175 per month for a 2 bedroom house!). Stop renting and own your own property! For investors, the property produces a 4.2% cap rate on actual rents and 5.5% on proforma rents. Added bonus - the new Long Beach tenant relocation ordinance doesn't apply to this building since it is less than 4 units!
Listing description from the September 2019 sale, as reported to CRMLS.
Sale history
