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429 Magnolia Ave Long Beach, CA 90802

$1,300,000 Sold Price as of 11/27/2020

8 Beds
6 Baths
4,032 Sq.Ft.

Sold

$1,300,000 Sold Price as of 11/27/2020 Refinance Your Mortgage

Map preview of 429 Magnolia Ave, Long Beach, CA 90802

Property Overview: 429 Magnolia Ave Long Beach, CA has 8 bedrooms, 6 bathrooms, 4,032 living square feet and 8,710 square feet lot size. Call an Ardent Real Estate Group agent with any questions you may have.

Agent Remarks: 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.

Listed by Kevin King | BRE #01158184 | Marcus & Millichap
Co-listed by Ryan Gonzalez | BRE #01874815 | Marcus & Millichap

Last checked: 14 minutes ago | Last updated: March 22nd, 2022 | Source CRMLS | DOM: 252

Home details

Lot Sq. Ft: 8,710
HOA Dues: $0/mo
Year built: 1913
Garage: --
Property Type:: Multi Family

Status: Sold
MLS#: PW19271304
City: Long Beach
County: Los Angeles
Time on Site: 1407 days

Multi-Family Unit Breakdown

Unit Mix Summary

Total # of Units: 5
Total # of Buildings: 3
# of Electric Meters: 5
# of Gas Meters: 5
# of Water Meters: 1

Unit Breakdown 1

# of Units: 4
# of Beds: 1
# of Baths: 1
Garage Spaces: 0
Garaged Attached? No
Furnishing: Unfurnished
Actual Rent: $1,276
Total Rent: $5,103
Pro Forma/Market Rent: $1,500

Unit Breakdown 2

# of Units: 1
# of Beds: 4
# of Baths: 2
Garage Spaces: 0
Garaged Attached? No
Furnishing: Unfurnished
Actual Rent: $3,500
Total Rent: $3,500
Pro Forma/Market Rent: $3,695

Multi-Family Income/Expense Information

Property Income and Analysis

Cap Rate: 4.75%
Gross Rent Multiplier: 13.51
Gross Scheduled Income: $103,236
Net Operating Income: $66,309
Gross Operating Income: --
Garage Rental Income: $2,400

Annual Expense Breakdown

Total Operating Expense: $36,230
Electric: $1,250
New Taxes: $16,875
Trash: $1,250
Gardener: $600
Insurance: $3,919
Maintenance: $3,500
Professional Management: $4,099
Water/Sewer: $1,250
Other Expenses: $1,900
Other Expense Description: Adv./Mis

Property Details for 429 Magnolia Ave

Interior Features

Laundry Information

No Laundry
None

Exterior Features

No Pool
Pool Features: None

Lot Details / Garage and Parking

Lot Information

Lot Features: 2-5 Units/Acre
Lot Size Source: Assessor
Common Interest: None

Property Information

Common Walls: 1 Common Wall
Total # of Units: 5
Parcel Number: 7278026013
Year Built Source: Assessor
Property is Attached

Homeowners Association, Utilities, Taxes / Assessments

Utilities Information

Sewer: Public Sewer, Septic Type Unknown
Water Source: Public

Location / Neighborhood

Location Information

Subdivision Name: Downtown (DT)
Directions: 4th Street & Magnolia

Neighborhood Information

Community Features: Curbs, Sidewalks

View more facts & features

Local Long Beach Agent

Sale History for 429 Magnolia Ave

Last sold for $1,300,000 on November 27th, 2020

November, 2020
Nov 30, 2020

Date

Sold

CRMLS: PW19271304

$1,300,000

Price
Sep 1, 2020

Date

Pending

CRMLS: PW19271304

$1,350,000

Price
Jun 1, 2020

Date

Price Change

CRMLS: PW19271304

$1,350,000

Price
May 5, 2020

Date

Active

CRMLS: PW19271304

$1,395,000

Price
Apr 6, 2020

Date

Hold

CRMLS: PW19271304

$1,395,000

Price
Apr 3, 2020

Date

Price Change

CRMLS: PW19271304

$1,395,000

Price
Jan 13, 2020

Date

Price Change

CRMLS: PW19271304

$1,425,000

Price
Nov 25, 2019

Date

Active

CRMLS: PW19271304

$1,490,000

Price
November, 2020
Nov 25, 2020

Date

Sold (Public Records)

Public Records

$1,300,000

Price
December, 2018
Dec 6, 2018

Date

Sold

CRMLS: PW18239451

$1,225,000

Price
Oct 2, 2018

Date

Active

CRMLS: PW18239451

$1,225,000

Price
Listing provided courtesy of CRMLS

429 Magnolia Avenue, a five-unit multifamily investment opportunity in rapidly redeveloping downtown Long Beach, California. The property is located conveniently near the 710 Freeway and the numerous dining, shopping, and entertainment opportunities downtown offers. The offering comprises three buildings: two rear duplexes with all one-bedroom/one-bath units, and a front house with four bedrooms and two-and-one-half baths, and laundry hookups. The units are separately metered for gas and electricity. The property also features new exterior paint, a single-car garage and six surface parking spaces, and patio areas for tenants’ enjoyment. Additionally, the duplexes have new copper plumbing, and one one-bedroom unit has been recently renovated with new tile and wood flooring, modern soft-close cabinetry, granite counter tops, a stainless steel appliance package, new windows, can lighting, and more. With great cash flow on current rents and potential upside, 429 Magnolia Avenue presents an excellent opportunity to acquire a strong-performing asset in an area poised for growth. Please request and review a copy of the Offering Memorandum for this property for a detailed explanation and description of this investment and its underwriting.

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November, 2018
Nov 13, 2018

Date

Sold (Public Records)

Public Records

$1,225,000

Price

Tax History for 429 Magnolia Ave

Assessed Value (2020): $1,249,500

Year	Land Value	Improved Value	Assessed Value
2020	$877,200	$372,300	$1,249,500

Home Value Compared to the Market

This property vs the competition

429 Magnolia Ave sold on November 27, 2020 for 68.75% higher than the current median sold price for the city of Long Beach which is $800,000. The median sold price per/sqft for Long Beach is $632 and this home is sold at $334.82 per/sqft which puts the price per square foot 47.02% lower than the current median sale per square foot for the city of Long Beach.

About 429 Magnolia Ave

Detailed summary of property

429 Magnolia Ave is a multi family that recently sold in Long Beach, CA 90802. This multi family property offered 8 bedrooms, 6 bathrooms, roughly 4,032 living square feet, and sits on an approximately 8,710 square foot lot. 429 Magnolia Ave was first listed on ArdentRealEstateGroup.com on July 11, 2020. The homeowner sold the property for $1,300,000. Home in Long Beach are selling for a median price of $800,000 and a median price per square foot of $632. Based on Ardent Real Estate Group's Long Beach Market Data, this home is sold 68.75% higher than the current median priced home. Local homes that are currently for sale include 1825 Cherry Ave, 1120 Stanley Ave and 2123 W Columbia St. While the average home in Long Beach, CA is selling in 51 days, 429 Magnolia Ave has a days on market of 252 days. There are currently 639 homes for sale in the Long Beach real estate market and 366 of them are single family homes while 259 of them are condos and 14 are townhomes. For more information on this home for sale at 429 Magnolia Ave Long Beach, CA 90802 contact Ardent Real Estate Group and we will put you in touch with one of our Long Beach agents.

Public Facts for 429 Magnolia Ave

Public county record property details

Beds: 9
Baths: 5
Year built: 1913
Sq. Ft.: 4,032
Lot Size: 8,709
Stories: --

Type: Apartment House (5+ Units)
Pool: No
Spa: No
County: Los Angeles
Lot#: 13,15
APN: 7278-026-013

The source for these homes facts are from public records.

90802 Real Estate Sale History (Last 30 days)

Last 30 days of sale history and trends

Median List Price

$530,000

Median List Price/Sq.Ft.

$630

Median Sold Price

$540,000

Median Sold Price/Sq.Ft.

$627

Total Inventory

130

Median Sale to List Price %

102.86%

Avg Days on Market

Loan Type

Conventional (51.52%), FHA (3.03%), VA (3.03%), Cash (24.24%), Other (15.15%)

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(714) 706-1823

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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.