Marcus & Millichap is pleased to present Magnolia Arms Apartments, an 8 unit apartment building located minutes from Downtown Long Beach. Located at 1604 Magnolia Avenue, this investment presents a stable, low expense, turn-key opportunity with a 9.15% total return on the current income.
The subject property consists of seven studio units and one 1 bedroom/ 1 bathroom unit. The building was recently extensively renovated and upgraded. Some of the upgrades include but are not limited to; new paint, new exterior stairways, new garage doors, new water heater, new appliances, new floors, and updated bathrooms and kitchens. There is also a new on-site laundry room for tenant' s convenience and separate meters for gas and electricity.
The city of Long Beach continues to progress forward ad 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. Long beach sustains its ability to attract renter due to its strong economy and quality of life. This is a rare opportunity to acquire in a prime location with true rental upside and stable return.
