$899,000 - 1901 Magnolia Avenue, Long Beach

  • 0Beds
  • Baths
  • 2,180SQ. Feet
  • 0.18Acres

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!

Sales Agent

Sam SmithBeach Cities Real EstatePhone: 562-355-8228 Cell: 562-355-8228 Contact Agent Now

Essential Information

  • MLS® #:PW19070074
  • Price:$899,000
  • Bathrooms:0.00
  • Square Footage:2,180
  • Acres:0.18
  • Year Built:1938
  • Type:Residential Income
  • Style:Traditional
  • Status:Active

Community Information

  • Address:1901 Magnolia Avenue
  • Area:Wrigley Area (5)
  • Subdivision:Wrigley Area (WR)
  • City:Long Beach
  • County:Los Angeles
  • State:CA
  • Zip Code:90806

Amenities

  • Parking Spaces:4
  • # of Garages:4

Interior

  • Heating:Wall Heater
  • # of Stories:1
  • Stories:One Level

Exterior

  • Lot Description:0-1 Unit/Acre
  • Roof:Asphalt

Additional Information

  • Date Listed:April 1st, 2019
  • Days on Market:83
  • Zoning:LBR2N

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Wrigley Area (wr)

  • City:
    Long Beach
  • Price Range:
    $699,000 - $2,050,000
  • Current Listings:
    8
  • HOA Dues:
    $
  • Average Price per Square Foot:
    $304
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Provided By: William Smith(01431853), Bryant Drive Properties, Inc..

Based on information from California Regional Multiple Listing Service, Inc. as of June 24th, 2019 at 12:37pm CDT. 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.