Seller's Agent in 2022
Alec Kara
Keller Williams Pacific Estate
(562) 513-7800
1 in this area
14 Total Sales
1368 Molino Ave Long Beach, CA 90804
Zaferia Neighborhood
16
Beds
16
Baths
7,678
Sq Ft
6,212
Sq Ft Lot
Highlights
- Property is near a park
- Park
- Central Heating
- Woodrow Wilson High School Rated A
- Laundry Room
About This Home
As of October 2022pleased to present the opportunity to acquire 1368 Molino Ave, 8-unit multifamily investment property located in Long Beach, one of the premier housing markets in Southern California.
1368 Molino Ave is featuring very large all two-bedroom units, built in 1987.
It offers secured parking spaces for all tenants for added income. There is an on site laundry too that is leased for only $34.00 per month generating $300 per month as additional income. All tenants are on month to month and rents have not been increased since 2018. They all pay on time with no delays and delinquencies.
1368 Molino Ave is located in one of highly sought-after East Side neighborhoods and is just steps away from Traffic Circle, Belmont Shore, and most popular beaches. Great location that is close to downtown Long Beach, freeway access, beach, dining, shopping centers, amenities, Signal Hill area of Long Beach, California State University of Long Beach, Long Beach City College, and Veterans Hospital.
It is also within short driving distance to great attractions that offer numerous shopping, dining, and entertainment options providing residents with easy access to a plethora of numerous destinations
Historically known for its status as the preeminent harbor city on the West Coast, Long Beach continues to gain notoriety as an exciting and vibrant waterfront destination.
Long Beach’s world-class port, prestigious university, unique business market, and unmatched local attractions have made it one of Southern California’s most desirable markets.
With some TLC this income producing property can be a great value. Potential addition of ADUs subject to state and local laws.
Property Details
Home Type
- Multi-Family
Year Built
- Built in 1987
Lot Details
- 6,212 Sq Ft Lot
- Two or More Common Walls
Parking
- 14 Car Garage
Home Design
- 7,678 Sq Ft Home
- Property Attached
Bedrooms and Bathrooms
- 16 Bedrooms
- 16 Bathrooms
Additional Features
- Laundry Room
- Property is near a park
- Central Heating
Listing and Financial Details
- Tenant pays for electricity
- Tax Lot 3
- Assessor Parcel Number 7260025031
Community Details
Overview
- 8 Units
- Eastside Subdivision
Amenities
- Laundry Facilities
Recreation
- Park
Building Details
- 8 Leased Units
- Rent Control
- 8 Separate Electric Meters
- 1 Separate Gas Meter
- 1 Separate Water Meter
- Electric Expense $599
- Insurance Expense $2,459
- Other Expense $3,677
- Professional Management Expense $7,327
- Trash Expense $450
- Water Sewer Expense $2,490
- Operating Expense $17,002
- Gross Income $146,544
- Net Operating Income $97,985
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Home Values in the Area
Average Home Value in this Area
Property History
| Date | Event | Price | Change | Sq Ft Price |
|---|---|---|---|---|
| 10/12/2022 10/12/22 | Sold | $2,550,000 | 0.0% | $332 / Sq Ft |
| 07/02/2022 07/02/22 | Off Market | $2,550,000 | -- | -- |
| 06/02/2022 06/02/22 | For Sale | $2,600,000 | -- | $339 / Sq Ft |
Source: California Regional Multiple Listing Service (CRMLS)
Tax History Compared to Growth
Agents Affiliated with this Home
-
Alec Kara
-
Johnny Chacon
Buyer's Agent in 2022
Johnny Chacon
Buckingham Investments, Inc
(310) 982-7055
1 in this area
10 Total Sales
Map
Source: California Regional Multiple Listing Service (CRMLS)
MLS Number: PW22118656
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