817 Magnolia Ave, Long Beach 90813
Garden-style property sitting on a large lot with four separate buildings consisting of five one-bedroom units, a detached four bedroom house, five garages and a large storage shed. The property offers investors a value-add asset with rental upside located in the Willmore Historic District, in close proximity to the multitude of jobs and amenities in Downtown Long Beach and Pine Square. Please note, the property features copper plumbing, new main and sub electrical panels, and wood floors in the units.
sold
UNITS: 6
GROSS RENT MULTIPLIER: 12.45
CAP RATE: 5.05
PRICE
$1,225,000
ANNUAL INCOME
$93,412
ANNUAL NOI
$61,885
ANNUAL EXPENSE
$31,527
Rental Cost Details
| # OF UNITS | # OF BEDROOMS | # OF BATHS | ACTUAL RENT | TOTAL RENT | PRO FORMA | TOTAL PRO FORMA |
| 1 | 1 | 1 | $1,050 | $1,050 | $1,200 | $1,200 |
| 1 | 1 | 1 | $990 | $990 | $1,275 | $1,275 |
| 1 | 1 | 1 | $1,200 | $1,200 | $1,275 | $1,275 |
| 1 | 1 | 1 | $1,154 | $1,154 | $1,275 | $1,275 |
| 1 | 1 | 1 | $1,000 | $1,000 | $1,275 | $1,275 |
| 1 | 4 | 2 | $2,300 | $2,300 | $2,500 | $2,500 |
| TOTAL # OF UNITS | TOTAL # OF BEDROOMS | TOTAL # OF BATHS | GRAND TOTAL RENT | GRAND TOTAL PRO FORMA | ||
| 6 | 9 | 7 | $7,694 | $8,800 |
