1034 Magnolia Avenue, Gardena, CA 90247
- $4,300,000
- Sold Price
- $4,300,000
- List Price
- $4,300,000
- Closing Date
- Aug 18, 2023
- Status
- CLOSED
- MLS#
- PW23096325
- Year Built
- 1961
- Lot Size
- 17,337
- Acres
- 0.40
- Lot Location
- Front Yard, Garden, Lawn
- Days on Market
- 40
- Property Type
- Multifamily
- Property Sub Type
- Mixed Use
Property Description
We are pleased to present the Santorini Apartments, a 16 unit apartment community located in Gardena CA. The 16 large units consist of thirteen 2 bed 1 bath units, two studios, and one 1 bed 1 bath unit, 1034 Magnolia Ave has an ideal unit mix. The subject property has 100% copper plumbing, vinyl windows, newer roof, and ownership has filled the pool to create additional parking spaces for the tenants. There are a total of 25 parking spaces, and the property is secured by controlled access and has operational security cameras on site. Additional cash flow is produced by the seller-owned laundry facility, as well as ample on-site parking options. The Santorini Apartments are priced at an attractive cap rate of 5.32% and 12.11 GRM, with significant upside in rents to a 7.45% cap rate, and 9.42 GRM. In addition to having strong cash flow and attractive upside, 1034 Magnolia has been extremely well maintained, and is a unique opportunity for a savvy investor.
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Additional Information
- Pool Description
- None
- Garage Spaces Total
- 14
- Sewer
- Public Sewer
- Water
- Public
- Attached Structure
- Attached
- Number Of Units Total
- 16
- Gross Scheduled Income
- $354,937
- Operating Expense
- 119226
Listing courtesy of Listing Agent: Shane Young (Shane@YoungLewin.com) from Listing Office: Younglewin Advisors, Inc..
Listing sold by Matthew Mahowald from Buckingham Investments, Inc
Mortgage Calculator
Based on information from California Regional Multiple Listing Service, Inc. as of . This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.