1368 Molino Avenue
1368 Molino Avenue
Closed 10/12/22
Closed 10/12/22
Description
1368 Molino Ave is featuring very large all two-bedroom units, built in 1987. It offers secured parking spaces for all tenants for added income. There is an on site laundry too that is leased for only $34.00 per month generating $300 per month as additional income. All tenants are on month to month and rents have not...pleased to present the opportunity to acquire 1368 Molino Ave, 8-unit multifamily investment property located in Long Beach, one of the premier housing markets in Southern California.
1368 Molino Ave is featuring very large all two-bedroom units, built in 1987. It offers secured parking spaces for all tenants for added income. There is an on site laundry too that is leased for only $34.00 per month generating $300 per month as additional income. All tenants are on month to month and rents have not been increased since 2018. They all pay on time with no delays and delinquencies.
1368 Molino Ave is located in one of highly sought-after East Side neighborhoods and is just steps away from Traffic Circle, Belmont Shore, and most popular beaches. Great location that is close to downtown Long Beach, freeway access, beach, dining, shopping centers, amenities, Signal Hill area of Long Beach, California State University of Long Beach, Long Beach City College, and Veterans Hospital. It is also within short driving distance to great attractions that offer numerous shopping, dining, and entertainment options providing residents with easy access to a plethora of numerous destinations
Historically known for its status as the preeminent harbor city on the West Coast, Long Beach continues to gain notoriety as an exciting and vibrant waterfront destination. Long Beach’s world-class port, prestigious university, unique business market, and unmatched local attractions have made it one of Southern California’s most desirable markets. With some TLC this income producing property can be a great value. Potential addition of ADUs subject to state and local laws.
- Listed by Alec Kara • DRE #02030808 • Brokerage DRE #01917184 • Keller Williams Pacific Estate
Property Details for 1368 Molino Avenue
Location
Sold By Buckingham Investments, Inc, Johnny Chacon, DRE #01966177
Property Details for 1368 Molino Avenue
| Status | Closed |
|---|---|
| MLS # | PW22118656 |
| Days on Market | 13 |
| Taxes | - |
| HOA Fees | - |
| Condo/Co-op Fees | - |
| Compass Type | Multi Family |
| MLS Type | Residential Income |
| Year Built | 1987 |
| Lot Size | 0.14 AC / 6,212 SF |
| County | Los Angeles County |
Location
Sold By Buckingham Investments, Inc, Johnny Chacon, DRE #01966177
Building Information for 1368 Molino Avenue
Payment Calculator
$16,702 per month
30 year fixed, 7.25% Interest
$13,916
$2,786
$0
Property Information for 1368 Molino Avenue
- Tenant Pays: Electricity
- Gross Income: $146,544
- Gross Scheduled Income: $146,544
- Net Operating Income: $97,985
- Gross Multiplier: 17.74
- Cap Rate: 3.49
- Operating Expense: $44,163
- Fuel Expense: $0
- Electric Expense: $599
- Insurance Expense: $2,459
- Professional Management Expense: $7,327
- Other Expense: $3,677
- Other Expense Description: repairs
- Trash Expense: $450
- Water Sewer Expense: $2,490
- Total Expenses: $17,002
- Tax Tract Number: 0
- Tax Census Tract: 5751.02
- CFD/Mello-Roos Fee: $0
- Tax Lot: 3
- Community Features: Park
- Laundry: Yes
- Laundry Features: Common Area
- Heating Type: Central
- Heating: Central
- Pool Features: None
- Pool Description: None
- Pool: N/K
- Lot Features: Park Nearby
- Number Of Units: 8
- Land Lease: No
- Land Lease Type: Fee
- Water: Other
- Sewer: Other
- Sewer/Septic: Other/Remarks
- Water Source: Other
- Garage Spaces: 14
- Parking Garage Spaces: 14
- Carport Spaces: 0
- Builders Tract Name: Eastside
- Builders Tract Code: Eastside (ES)
- Unit Type Units Total: 1
- Unit Type Beds Total: 2
- Unit Type Baths Total: 2
- Unit Type Garage Spaces: 2
- Unit Type Garage Attached: Yes
- Unit Type Actual Rent: $1,550
- Unit Type Total Rent: $1,550
- Unit Type Pro Forma: 2350
- Unit Type Type: 1
- Unit Type Units Total: 1
- Unit Type Beds Total: 2
- Unit Type Baths Total: 2
- Unit Type Garage Spaces: 2
- Unit Type Garage Attached: Yes
- Unit Type Actual Rent: $1,600
- Unit Type Total Rent: $1,600
- Unit Type Pro Forma: 2350
- Unit Type Type: 2
- Unit Type Units Total: 1
- Unit Type Beds Total: 2
- Unit Type Baths Total: 2
- Unit Type Garage Spaces: 2
- Unit Type Garage Attached: Yes
- Unit Type Actual Rent: $1,335
- Unit Type Total Rent: $1,335
- Unit Type Pro Forma: 2350
- Unit Type Type: 3
- Unit Type Units Total: 1
- Unit Type Beds Total: 2
- Unit Type Baths Total: 2
- Unit Type Garage Spaces: 2
- Unit Type Garage Attached: Yes
- Unit Type Actual Rent: $1,595
- Unit Type Total Rent: $1,595
- Unit Type Pro Forma: 2350
- Unit Type Type: 4
- Unit Type Units Total: 1
- Unit Type Beds Total: 2
- Unit Type Baths Total: 2
- Unit Type Garage Spaces: 2
- Unit Type Garage Attached: Yes
- Unit Type Actual Rent: $1,550
- Unit Type Total Rent: $1,550
- Unit Type Pro Forma: 2350
- Unit Type Type: 5
- Unit Type Units Total: 1
- Unit Type Beds Total: 2
- Unit Type Baths Total: 2
- Unit Type Garage Spaces: 2
- Unit Type Garage Attached: Yes
- Unit Type Actual Rent: $1,280
- Unit Type Total Rent: $1,280
- Unit Type Pro Forma: 2350
- Unit Type Type: 6
- Unit Type Units Total: 1
- Unit Type Beds Total: 2
- Unit Type Baths Total: 2
- Unit Type Garage Spaces: 2
- Unit Type Garage Attached: Yes
- Unit Type Actual Rent: $1,675
- Unit Type Total Rent: $1,675
- Unit Type Pro Forma: 2350
- Unit Type Type: 7
- Unit Type Units Total: 1
- Unit Type Beds Total: 2
- Unit Type Baths Total: 2
- Unit Type Garage Spaces: 2
- Unit Type Garage Attached: Yes
- Unit Type Actual Rent: $1,335
- Unit Type Total Rent: $1,335
- Unit Type Pro Forma: 2350
- Unit Type Type: 8
- Number Of Units Leased: 8
- Rent Controlled: Yes
- Number Of Buildings: 1
- Number Of Separate Electric Meters: 8
- Number Of Separate Gas Meters: 1
- Number Of Separate Water Meters: 1
Property History for 1368 Molino Avenue
| Date | Event & Source | Price | Appreciation |
|---|
| Date | Event & Source | Price |
|---|
For completeness, Compass often displays two records for one sale: the MLS record and the public record.
Public Records for 1368 Molino Avenue
Schools near 1368 Molino Avenue
Rating | School | Type | Grades | Distance |
|---|---|---|---|---|
| Public - | K to 5 | |||
| Public - | 6 to 8 | |||
| Public - | 9 to 12 | |||
| Public - | 9 to 12 |
Rating | School | Distance |
|---|---|---|
Lee Elementary School PublicK to 5 | ||
Jefferson Leadership Academies School Public6 to 8 | ||
Wilson High School Public9 to 12 | ||
Richard D. Browning High Public9 to 12 |
School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.
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Listing Courtesy of Keller Williams Pacific Estate, Alec Kara, DRE #02030808
Based on information from one of the following Multiple Listing Services: CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.