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817 Magnolia Ave, Long Beach

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.

Property Details

  • Units: 6
  • Gross Rent Multiplier: 12.45
  • Cap Rate: 5.05
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Price

$1,225,000

Annual Income

$93,412

Annual NOI

$61,885

Annual Expense

$31,527

Rental Cost Details

# OF UNITS# OF BEDROOMS# OF BATHSACTUAL RENTTOTAL RENTPRO FORMATOTAL PRO FORMA
111$1,050$1,050$1,200$1,200
111$990$990$1,275$1,275
111$1,200$1,200$1,275$1,275
111$1,154$1,154$1,275$1,275
111$1,000$1,000$1,275$1,275
142$2,300$2,300$2,500$2,500
TOTAL # OF UNITSTOTAL # OF BEDROOMSTOTAL # OF BATHSGRAND TOTAL RENTGRAND TOTAL PRO FORMA
697$7,694$8,800

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