1228 N Loma Vista Dr, Long Beach, CA 90813

Property Description

Come see this Investment Opportunity in the Drake Park/Willmore City Historic District. The main home, which has the address of 1166 Magnolia Ave, is a Craftsman Home, is detached and has 2 bedrooms downstairs and 2 upstairs. The home has been updated with new paint inside and out, floors, kitchen and bathrooms. Behind the home there is a private back yard. There is a fence that separates the front and back and a 2 car detached garage in between. The back units have also been updated and are accessed via a back driveway that is shared with the neighbors, via Loma Vista Drive. The downstairs is a 2 bedroom unit and there are 2 one bedroom units upstairs. This property is great for investment by renting it all out or living in the front house and renting the back 3 units. For the investor, note that the renovation involved significant investment in new electrical and plumbing, thereby bringing down your expense ratio. Check the supplements for information on Fair Rents according to the Housing Authority for the City of Long Beach for their Section 8 program. Also, please note: the property is located in an Opportunity Zone that confers tax benefits to the owner, from capital gains tax deferral, to the elimination of capitals gains tax entirely, if held for the appropriate length of time. Along with interest deductibility and depreciation allowance, the cost of ownership is significantly lowered.