1160 Magnolia Ave, Long Beach, CA, 90813

1160 Magnolia Ave Long Beach, CA 90813

FOR SALE
Property Type:
MultiFamily Apartments
Amount:
$950,000
Last Verified:
May 28, 2019

Highlights

  • Recent Renovations - 2 of 4 units completely renovated, two brand new electric water heaters, brand new exterior woodwork and paint, and newly installed turf.
  • Willmore Location - Located in a strong rental area in Long Beach. The City of Long Beach continues to progress forward and is currently experiencing major redevelopment. Downtown Long Beach is experiencing a renaissance with many new developments including the Long Beach Civic Center and Deukmejian Courthouse.
  • Value-Add Opportunity - A new investor has the opportunity to capitalize on the strong rental demand in the area and bring the two studio units up to market.
  • Owner Occupied Potential - Potential for a new owner to live in the two bedroom, one bathroom with den unit and use the rent from the other three tenants to pay off the mortgage. The current tenant is in a MTM contract.

Description

Michael Jacobs from the NAI Capital Multifamily Services Group, is pleased to present 1160 Magnolia Avenue, a four unit apartment building located in the city of Long Beach, California. Built in 1920, the property is situated on 2,478 square foot lot zoned LBPD10 near the intersection of Magnolia Avenue and N Loma Vista Drive. The property consists of one two bedroom, one bathroom unit with a den, one one bedroom, one bathroom unit and two studio units. With access to the property from Magnolia Avenue and Loma Vista Drive, the property boasts a driveway capable of tandem parking three cars. All the units are individually metered for electricity and gas. Located in the historic Willmore area of town, this property boasts convenient access to the 710 freeway and all of downtown Long Beach. City dollars have been flowing into the Willmore area creating soccer, basketball and skateboarding recreation zones. Located in a strong rental market in Long Beach, the city continues to progress forward and is currently experiencing major redevelopment. The Long Beach Port is currently undergoing 4.4 billion is future redevelopments, creating 14,000 new and permanent jobs in Southern California.

Located in an attractive rental area near the major thoroughfares of Anaheim Street and Magnolia Avenue, tenants enjoy immediate access to the 710 freeway, downtown and Long Beach shoreline.

This property is located in the Willmore City neighborhood of Long Beach adjacent to a burgeoning Downtown. The local schools are Edison Elementary and Polytechnic High School.

Boasting a walk score of 82, this property offers tenants easy access to public transportation. The commute to Downtown Long Beach is a three minute drive or a five minute bike ride. Drake Park is a five minute walk. The metro Blue line light rail is within walking distance, linking Downtown Long Beach to Downtown Los Angeles. The metro blue line is the second busiest line in the system with an estimated 28.48 million boarding's per year.


Year Built: 1920
Building Size: 2478.0sq ft
Lot Size: 0.13 acres

Map of 1160 Magnolia Ave, Long Beach, CA, 90813

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What are Real Estate Incentives?

Real Estate incentives range widely and have been overlooked by the Commercial Multiple Listing Services (MLS) for decades. Real estate incentives is a generic term used to group any number of programs, such as tax incentives, that are designated by an agency for a geographic area."

Why are Real Estate Incentives Important and to Whom?

"Incentives" are vital today and in the future because:

  • U.S. Public: Many incentives focus on job creation and Affordable Housing
  • Investors and Commercial Developers use incentives to reduce financial risk, obtain gap financing, etc. Investors and developers look for property listings with incentives available.
  • Commercial Real Estate Brokers, in mass, unfortunately do not know about incentives tied to their listings
  • Entire Supply Chain of Real Estate Development such as small and large companies who will provide goods and services to new and revitalized properties.