429 Magnolia Avenue

Long Beach, CA 90802

$1,300,000
Last Sold Price
5
Beds
6
Baths
4,032 Sq. Ft.
$322 / Sq. Ft.
4,032
Sq. Ft.
$322
per Sq. Ft.

Description

We are pleased to present a 5 unit apartment building located in Long Beach, California. Built in 1913, the subject property consists of 4,032 rentable square feet spread throughout a 8,709 square foot lot. The building consists of 4 units with 1-Bedroom / 1-Bathroom and 1 unit with 4-Bedrooms / 2.5-Bathrooms. This building is located two blocks away from the Long Beach Courthouse and walking distance to Downtown Long Beach. Tenants have convenient access to freeways as well as many shops and restaurants....We are pleased to present a 5 unit apartment building located in Long Beach, California. Built in 1913, the subject property consists of 4,032 rentable square feet spread throughout a 8,709 square foot lot. The building consists of 4 units with 1-Bedroom / 1-Bathroom and 1 unit with 4-Bedrooms / 2.5-Bathrooms. This building is located two blocks away from the Long Beach Courthouse and walking distance to Downtown Long Beach. Tenants have convenient access to freeways as well as many shops and restaurants. Owners enjoy the high demand for rentals in a coastal city of Southern California. The city of Long Beach continues to progress forward and is currently experiencing major redevelopment. The Long Beach port is undergoing $4.4 billion in future redevelopment that will create 14,000 new and permanent jobs in Southern California. The $495 million Long Beach Courthouse was recently completed and opened in September 2018. Long Beach sustains its ability to attract renters due to its strong economy and quality of life. This is an excellent opportunity to acquire a quality asset in a great location with true rental upside and stable return.
  1. Listed by Kevin King • DRE #01158184 • Brokerage DRE #00530854 • Marcus & Millichap
  2. Listed by Ryan Gonzalez • DRE #01874815 • Brokerage DRE #00530854 • Marcus & Millichap

Property Details for 429 Magnolia Avenue

Parking Spaces Total
0
Private Pool
No
Total Units
5.0
Building Type
Attached
Lot Size Source
Assessor
Living Area
4032
Assessor Parcel Number
7278-026-013
Property Attached YN
true

Location

Listing Courtesy of Marcus & Millichap, Kevin King, DRE #01158184; Marcus & Millichap, Ryan Gonzalez, DRE #01874815

Sold By NONMEMBER MRML, General NONMEMBER, DRE #00000001

Add your commute
LISTING UPDATED: 11/30/2020 01:34 AM

Property Details for 429 Magnolia Avenue

StatusClosed
MLS #PW19271304
Days on Market252
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built1913
Lot Size0.20 AC / 8,710 SF
CountyLos Angeles County

Location

Listing Courtesy of Marcus & Millichap, Kevin King, DRE #01158184; Marcus & Millichap, Ryan Gonzalez, DRE #01874815

Sold By NONMEMBER MRML, General NONMEMBER, DRE #00000001

Add your commute

Building Information for 429 Magnolia Avenue

Stories-Residences-Year Built1913Building Size-Lot Size0.20 AC / 8,710 SF

Payment Calculator

$8,593 per month

30 year fixed, 7.25% Interest

Principal and Interest

$7,095

Property Taxes

$1,498

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Property Information for 429 Magnolia Avenue

Income / Expense / Tax Details
Income Details
  • Gross Income: $102,539
  • Gross Scheduled Income: $103,236
  • Net Operating Income: $66,309
  • Garage Income: $2,400
  • Gross Multiplier: 13.51
  • Cap Rate: 4.75
  • Financing: Cash To New Loan
Expense Details
  • Operating Expense: $36,230
  • New Taxes Expense: $16,875
  • Gardener Expense: $600
  • Electric Expense: $1,250
  • Insurance Expense: $3,919
  • Maintenance Expense: $3,500
  • Professional Management Expense: $4,099
  • Other Expense: $1,900
  • Other Expense Description: Adv./Mis
  • Trash Expense: $1,250
  • Water Sewer Expense: $1,250
  • Total Expenses: $34,643
Tax / Assessment Info
  • Tax Block: 139
  • Tax Tract Number: 575901
  • Tax Census Tract: 5759.01
  • Tax Lot: 15
Community / Development
Community / Development
  • Community Features: Curbs, Sidewalks
Property / Structure Info
Interior Features
  • Laundry: No
  • Laundry Features: None
Exterior Features
  • Pool Features: None
  • Pool Description: None
  • Pool: N/K
Land/Lot Info
  • Lot Features: 2-5 Units/Acre
  • Number Of Units: 5
  • Land Lease: No
  • Land Lease Type: Fee
  • Sewer: Public Sewer, Septic Type Unknown
  • Water Source: Public
Parking Info
  • Garage Spaces: 0
  • Parking Garage Spaces: 0
  • Carport Spaces: 0
Property / Structure Info
  • Builders Tract Name: Downtown
  • Builders Tract Code: Downtown (DT)
Unit Information
Unit 1
  • Unit Type Units Total: 4
  • Unit Type Beds Total: 1
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 0
  • Unit Type Garage Attached: No
  • Unit Type Actual Rent: $1,276
  • Unit Type Total Rent: $5,103
  • Unit Type Pro Forma: 1500
  • Unit Type Type: 1
Unit 2
  • Unit Type Units Total: 1
  • Unit Type Beds Total: 4
  • Unit Type Baths Total: 2
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 0
  • Unit Type Garage Attached: No
  • Unit Type Actual Rent: $3,500
  • Unit Type Total Rent: $3,500
  • Unit Type Pro Forma: 3695
  • Unit Type Type: 2
Unit Information
  • Rent Controlled: No
  • Number Of Buildings: 3
  • Number Of Separate Electric Meters: 5
  • Number Of Separate Gas Meters: 5
  • Number Of Separate Water Meters: 1

Property History for 429 Magnolia Avenue

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for 429 Magnolia Avenue

Taxable ValueLand$879,138Additions$473,382Total$1,352,520
Tax Record2023$17,971 ($1,498 / month)
Home Facts
Total Finished SqFt4,032 SqFtAbove Grade Finished SqFt4,032 SqFtLot Size8,710 SqFtStyleMulti-Family Res (5+ Units)Year Built1913ZoningLBPD30CountyLOS ANGELESAPN7278-026-013

Schools near 429 Magnolia Avenue

This home is within Long Beach Unified School District.
Rating
School
Type
Grades
Distance
Public - K to 5
Public - 6 to 8
Public - 9 to 12
Public - 9 to 12
Rating
School
Distance
Chavez Elementary School
PublicK to 5

Washington Middle School
Public6 to 8

Cabrillo High School
Public9 to 12

Renaissance High School For The Arts
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.

Similar Homes

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Similar Sold Homes

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No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Marcus & Millichap, Kevin King, DRE #01158184; Marcus & Millichap, Ryan Gonzalez, DRE #01874815

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.