May 2021 Fourplex of the Month

The Molino Apartments is located at 382 Molino Avenue Long Beach, CA 90814

The Location: Bluff Heights

Bluff Heights is a section of the Alamitos Beach Townsite which was originally planned by John W. Bixby in 1886.  Today, the Bluff Heights Historic District continues to represent a vibrant older residential neighborhood in Long Beach with many Craftsman and Spanish Colonial Revival single-family structures. Although the area is predominantly Craftsman Bungalow, in the early twenties, Spanish Colonial Revival and Prairie Style single-family and multi-family residences began to appear. In the later twenties and thirties Colonial Revival, Tudor Revival, and Art Deco structures were built. 

The Bluff Heights neighborhood was saved, for the most part, by a group of residents who fought for “down zoning,” resulting in stopping further destruction of historic properties. An active homeowner association successfully sought historic designation for the neighborhood, allowing the creation of the Bluff Heights Historic District in July 2004. By doing this, over 600 contributing structures were saved and this will continue to protect its historical integrity. This designation means that new home construction, including remodeling, renovation, and even exterior painting must undergo thorough review.

The Property: The Molino Apartments

The Molino Apartments have a very unique unit mix; with a large 3 bedroom/ 2 bath owners unit in the front, and three 2 bedroom/ 2 bath units in the rear, it is a very attractive unit mix.

This property features key upgrades which will attract residents to the units and encourage them to stay for a longer period of time. Just as this owner did, we recommend that everyone try to find a closet, part of a kitchen, or somewhere you can install interior laundry. Tenants will pay more, stay longer, and will appreciate having this laundry within the units. In fact, on average, a tenant will pay $250 more per month to avoid having to go to the laundromat.  

In the city of long beach parking is scarce, and guess what, tenants will move out if they have to keep circling the neighborhood to look for parking. That’s why a property with plenty of parking is an awesome upgrade that will keep residents happy for as long as they live in the apartment. This property has plenty of parking, between shared parking in the garage and additional parking in the large driveway, residents will have no problem finding parking.

The apartments are in a  very desirable location. At just minutes from CSULB, shops, and restaurants, this property has a huge selling point for any resident. 

Bluff Heights is more expensive than Rose Park to the north, but less pricey than Belmont Heights to the east, with larger homes and better access to the shore.  Currently there are nine fourplexes on the market and five in escrow with the lowest priced at $999,000 and the highest at $4,250,000 in the 90814 zip code.  

Year-to-date, there have been fourteen fourplex sales in the 90814 zip code.  

The average sales price of the fourplexes in this area in 2020 was $1,411,379.  This is a $100,071 (or 7.6%) increase from 2019, where the average sales price was $1,311,308. 

We chose this fourplex because of its beautiful traditional style, its attractive amenities like laundry and parking, and its prime location. We also appreciate property that provides maximum value to its residents, and we wanted to commend the Owners who make it all possible by continually renovating and improving their property.

Related Posts

How I Mastered Wholesale Real Estate

We are joined by Matthew Miller, co-founder of Fair Trade Real Estate, California’s largest wholesaler. Learn how Matthew transitioned from the Army to a thriving