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Diego Magdaleno

diego@1visionproperties.com +1(714) 376-8652

$977,500

Est. payment - /mo

6 Beds

2 Baths

2,016 SqFt

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UPDATED:

Key Details

Property Type Single Family Home

Listing Status Active

Purchase Type For Sale

Square Footage 2,016 sqft

Price per Sqft $484

MLS Listing ID 26665805

Bedrooms 6

HOA Y/N No

Year Built 1929

Lot Size 4,151 Sqft

Property Description

The Best Priced Duplex in Long Beach. 2 units in Long Beach NOT subject to local rent control, only subject to AB 1482 rent control - maximum annual increase of 5% + CPI (currently 8.0%). Located by the Wrigley Area a short drive from Down Town where over $8BB of redevelopment is occurring. On a beautiful, quiet, tree lined street. Excellent Owner User opportunity as well - live in one unit and offset your mortgage with the rent from the other. The property features two 3 bed/1 bath units with a private courtyard and a 3 car garage in the rear (separate structure). Both units are currently rented ($2900 and $3200). The remodeled unit is planning to vacate by the end of July meaning a new owner could potentially owner occupy the unit. The garages are rented for an additonal $300/month. One of the units has been heavily updated. There is the potential to convert the garages to an ADU - Buyer to verify. This could add a 3rd unit and generate significant rental income. The property is well maintained and has been updated as follows: All new Pex water supply lines in both units - done in 2022. All new ABS drain/sewer lines in both units - done in 2022. All new gas lines in Unit 1950 - done in 2022. Completely remodeled Unit 1950 - new flooring, paint, fixtures, countertops, vanity, tub, tile, new stove, microwave, dishwasher, fridge, and all new double-pane vinyl windows - done in 2024. A new owner could owner occupy one of the units within a few months of the close of escrow. Anduril Industries, a cutting-edge defense technology company specializing in AI applications announced that it is commencing a $1 billion redevelopment of land adjacent to the LB Airport. The project is planned to be completed in mid-2027 and is expected to create 5,500 new direct jobs at the site plus thousands of indirect construction and supply-chain service jobs.

Location

State CA

County Los Angeles

Area 5 - Wrigley Area

Zoning LBR2N

Interior

Heating Wall Furnace

Cooling None

Fireplace No

Exterior

Parking Features Assigned

Total Parking Spaces 3

Building

Entry Level One

Level or Stories One

New Construction No

Others

Senior Community No

Tax ID 7209032012

Special Listing Condition Standard

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Listed by Jonathan Swire The Agency #01336277

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1950 Magnolia AVE Long Beach, CA 90806