$1,175,000
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1916 Magnolia AVE Long Beach, CA 90806
4,356 Sqft Lot
Key Details
Property Type Multi-Family
Sub Type Mixed Use
Listing Status Sold
Purchase Type For Sale
Subdivision Wrigley Area (Wr)
MLS Listing ID CV20185698
Year Built 1916
Annual Tax Amount $7,779
Lot Size 4,356 Sqft
Property Description
CALLING ALL INVESTORS! INVESTMENT NEEDING SOME TLC. Opportunity to own a 4-Plex that has operated as a sober living facility for 9 years, income has historically been approximately $9,000 to $10,000 a month. Buyers to perform their own financial analysis due to the potential for conversion back to 4-plex or based on the income of sober living facility. Traditional style quadruplex. Kitchens have formica counters, flooring is laminate and tile throughout, baths have tile flooring. There are 4 units (2 beds, 1 bath; 3 beds, 2 baths; 4 beds, 2 baths; 3 beds, 2 baths) that have been converted to fit a sober living facility. This is a great opportunity for passive income either as a continued sober living facility or conversion back to 4-Plex. There are 5 one-car garages in back. Water heaters and electrical outlets are almost new. Built in 1916, the gross building area is appx. 3342 square feet on a 4149 square foot lot. With $6B in development flowing into the City of Long Beach, this is a top beach community and a perfect opportunity for any buyer looking to own a cash flowing asset with upside. Bring Offers! PLEASE FOLLOW ALL COVID-19 GUIDELINES FOR SHOWING.
Location
State CA
County Los Angeles
Area 5 - Wrigley Area
Zoning LBR2N
Interior
Heating Wall Furnace
Cooling None
Flooring Laminate, Tile
Fireplaces Type None
Laundry Common Area
Exterior
Garage Garage Faces Rear
Garage Spaces 5.0
Garage Description 5.0
Fence Average Condition
Pool None
Community Features Biking, Street Lights, Suburban, Sidewalks
Utilities Available Cable Available, Electricity Available
View Y/N No
View None
Building
Lot Description Street Level
Story 2
Sewer Public Sewer
Water Public
New Construction No
Others
Acceptable Financing Cash, Cash to New Loan, Conventional
Listing Terms Cash, Cash to New Loan, Conventional
Special Listing Condition Probate Listing
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Bought with ARMANDO MENDOZA • CLASS A REALTY