New Listing – Charming Duplex in Downtown Long Beach
Cameron Samimi of Lyon | Stahl is proud to present 848-850 Magnolia Ave, a charming duplex for sale in Long Beach!
This property is listed for $669,000
Offering a 4.24% Cap Rate on current rents, 848-850 Magnolia Ave. is a charming duplex made up of (1) 3-bed/1-bath and (1) 2-bed/1-bath in Downtown Long Beach.
The property was completely gutted in 2001 with all new copper plumbing, gas & sewer lines, electrical, electrical panels, heaters, and flooring. There are (5) total parking spaces in the backyard, which has been recently repaved. Each unit has their own washer/dryer and is receiving strong rents.
This is the perfect opportunity for any buyer or owner/user looking to own a piece of one of Southern California’s last affordable beach communities.
Long Beach is a city on the Pacific Coast in the Greater Los Angeles area and is the third largest city in Southern California behind Los Angeles and San Diego with a population of 462,257. The Port of Long Beach is the second busiest container port in the United States and is among the world’s largest. Long Beach real estate values have gone up 6.7% over the past year and the median home value is $559,600.
The Long Beach Unified School District serves most of Long Beach along with ABC Unified School District, Paramount Unified School District, and LAUSD. Long Beach City College is a 2-year community college and California State University Long Beach ranks #38 of 484 best colleges for criminal justice in America.