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1409 Magnolia Ave Long Beach, CA 90813

$1,700,000

14 Beds
6 Baths
3,992 Sq.Ft.

For Sale

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Map preview of 1409 Magnolia Ave, Long Beach, CA 90813

Property Overview: 1409 Magnolia Ave Long Beach, CA has 14 bedrooms, 6 bathrooms, 3,992 living square feet and 4,592 square feet lot size. Call an Ardent Real Estate Group agent to verify current availability of this home or with any questions you may have.

Agent Remarks: Great Cash-Flow Deal! Located just outside of booming Downtown Long Beach, 1409 Magnolia Ave is a well-maintained 6 unit building with a high yielding unit mix of (3) 3Bed/1Bath, (2) 2Bed/1Bath, and (1) 1Bed/1Bath units. The property currently grosses $13,516/month and operates at a 6.85% CAP and 10.45 GRM. 1409 Magnolia Ave is the ideal investment for investor looking for day 1 cash-flow with significant upside in rental income. The subject property is located just outside the $6 Billion of development flooding into Downtown LB, including the Long Beach Civic Center, Long Beach Aquarium, OceanAire Project, CSULB Project, CSULB Downtown Village, Broadway Block, the Pacific and Queen Mary Island.

Listed by Cameron Samimi | BRE #02035763 | Lyon Stahl Investment Real Estate, Inc.

Last checked: 54 seconds ago | Last updated: May 6th, 2024 | Source CRMLS | DOM: 13

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Home details

Lot Sq. Ft: 4,592
HOA Dues: $0/mo
Year built: 1925
Garage: 4 Car
Property Type:: Apartment

Status: Active
MLS#: SB24072243
City: Long Beach
County: Los Angeles
Time on Site: 16 days

Multi-Family Unit Breakdown

Unit Mix Summary

Total # of Units: 6
Total # of Buildings: 2
# of Electric Meters: 6
# of Gas Meters: 6
# of Water Meters: 1

Unit Breakdown 1

# of Units: 1
# of Beds: 3
# of Baths: 1
Actual Rent: $2,272
Total Rent: $2,272
Pro Forma/Market Rent: $2,899

Unit Breakdown 2

# of Units: 1
# of Beds: 1
# of Baths: 1
Actual Rent: $1,495
Total Rent: $1,495
Pro Forma/Market Rent: $1,650

Unit Breakdown 3

# of Units: 1
# of Beds: 2
# of Baths: 1
Actual Rent: $2,300
Total Rent: $2,300
Pro Forma/Market Rent: $2,300

Unit Breakdown 4

# of Units: 1
# of Beds: 3
# of Baths: 1
Actual Rent: $2,899
Total Rent: $2,899
Pro Forma/Market Rent: $2,899

Unit Breakdown 5

# of Units: 1
# of Beds: 2
# of Baths: 1
Actual Rent: $2,300
Total Rent: $2,300
Pro Forma/Market Rent: $2,300

Unit Breakdown 6

# of Units: 1
# of Beds: 3
# of Baths: 1
Actual Rent: $2,250
Total Rent: $2,250
Pro Forma/Market Rent: $2,899

Multi-Family Income/Expense Information

Property Income and Analysis

Cap Rate: 6.85%
Gross Rent Multiplier: 10.45
Gross Scheduled Income: $162,663
Net Operating Income: $116,450
Gross Operating Income: --

Annual Expense Breakdown

Total Operating Expense: $41,333
Electric: $0
Gas/Fuel: $0
Trash: $0
Insurance: $0
Professional Management: $0
Water/Sewer: $0

Open Houses for 1409 Magnolia Ave

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Property Details for 1409 Magnolia Ave

Interior Features

Laundry Information

No Laundry
None

Exterior Features

No Pool
Pool Features: None

Lot Details / Garage and Parking

Parking/Garage Information

# of Garage Spaces: 4
# of Parking Spaces: 4

Lot Information

Lot Features: 0-1 Unit/Acre
Lot Size Source: Assessor
Common Interest: Community Apartment

Property Information

Common Walls: 2+ Common Walls
Total # of Units: 6
Parcel Number: 7271009010
Year Built Source: Assessor
Entry Level: 1
Property is Attached

Homeowners Association, Utilities, Taxes / Assessments

Utilities Information

Sewer: Public Sewer
Water Source: Public

Location / Neighborhood

Location Information

Directions: Off Magnolia, Off Anaheim

Neighborhood Information

Community Features: Urban

View more facts & features

Local Long Beach Agent

Sale History for 1409 Magnolia Ave

Last sold for $1,420,000 on February 1st, 2021

May, 2024
May 1, 2024

Date

Active

CRMLS: SB24072243

$1,700,000

Price
May, 2023
May 24, 2023

Date

Expired

CRMLS: SB22185731

$1,760,000

Price
Sep 12, 2022

Date

Active

CRMLS: SB22185731

$1,785,000

Price
Listing provided courtesy of CRMLS

Great Cash-Flow Deal! Located just outside of booming Downtown Long Beach, 1409 Magnolia Ave is a well-maintained 6 unit building with a high yielding unit mix of (3) 3Bed/1Bath, (2) 2Bed/1Bath, and (1) 1Bed/1Bath units. The property currently grosses $11,050/month and operates at a 5.15% CAP and 13.12 GRM. 1409 Magnolia Ave is the ideal investment for investor looking for day 1 cash-flow with significant upside in rental income. The subject property is located just outside the $6 Billion of development flooding into Downtown LB, including the Long Beach Civic Center, Long Beach Aquarium, OceanAire Project, CSULB Project, CSULB Downtown Village, Broadway Block, the Pacific and Queen Mary Island.

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February, 2021
Feb 1, 2021

Date

Sold (Public Records)

Public Records

$1,420,000

Price
January, 2016
Jan 22, 2016

Date

Sold (Public Records)

Public Records

$970,000

Price

Tax History for 1409 Magnolia Ave

Assessed Value (2020): $983,928

Year	Land Value	Improved Value	Assessed Value
2020	$368,026	$615,902	$983,928

Home Value Compared to the Market

This property vs the competition

1409 Magnolia Ave is listed 112.77% higher than the median list price for the city of Long Beach which has a median list price of $799,000. The median price per/sqft for Long Beach is $647 and this home is listed at $425.85 per/sqft which puts the price per square foot 34.18% lower than the median price per square foot for the city of Long Beach.

About 1409 Magnolia Ave

Detailed summary of property

1409 Magnolia Ave is a apartment located in Long Beach, CA 90813 and is currently for sale. This apartment offers 14 bedrooms, 6 bathrooms, roughly 3,992 living square feet, and sits on an approximately 4,592 square foot lot. 1409 Magnolia Ave was first listed on ArdentRealEstateGroup.com on April 30, 2024. The homeowner is currently asking $1,700,000. The median priced home in Long Beach is $799,000 with a median price per square foot of $647. Based on Ardent Real Estate Group's Long Beach Market Data, this home is listed 112.77% higher than the median priced home. Local competing homes currently for sale include 1000 E 10th St, 2535 Magnolia Ave and 1120-1124 E Hellman St. While the average home in Long Beach, CA is selling in 51 days, 1409 Magnolia Ave has a days on market of 13 days. There are currently 643 homes for sale in the Long Beach real estate market and 358 of them are single family homes while 270 of them are condos and 15 are townhomes. For more information on this home for sale at 1409 Magnolia Ave Long Beach, CA 90813 contact Ardent Real Estate Group and we will put you in touch with one of our Long Beach agents.

Public Facts for 1409 Magnolia Ave

Public county record property details

Beds: 14
Baths: 6
Year built: 1925
Sq. Ft.: 3,992
Lot Size: 4,605
Stories: --

Type: Apartment House (5+ Units)
Pool: No
Spa: No
County: Los Angeles
Lot#: 6
APN: 7271-009-010

The source for these homes facts are from public records.

90813 Real Estate Sale History (Last 30 days)

Last 30 days of sale history and trends

Median List Price

$570,000

Median List Price/Sq.Ft.

$546

Median Sold Price

$584,000

Median Sold Price/Sq.Ft.

$592

Total Inventory

Median Sale to List Price %

108.35%

Avg Days on Market

Loan Type

Conventional (80%), FHA (10%), VA (10%), Cash (0%), Other (0%)

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Based on information from California Regional Multiple Listing Service, Inc. as of 2019. 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.