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Listing 8 out of 8
Sold for $2,200,000 Sold

37280 Magnolia
Newark, CA 94560

2 units | Multi Family Home
0.92 acres - MLS# 40799395 Courtesy of Realsmart Properties, Bryan Jacobs
Property Photo

Sold

Sold for $2,200,000 on Jul 25, 2018

Description

This is 1 of 3 parcels being sold together. APN#092-0061-012-02 (15,750sf), 092-0061-012-01 (6,000sf), & 092-0061-011 (18748sf) total of 40,498 sf. Parcels represent a unique opportunity to invest in the path of progress adjacent to Dumbarton Rail Corridor & 400K jobs within ½ hour commute: Facebook (9m), Amazon (1.8 m) and Logitech (2.5 m). Zoned Medium Density Residential, but per City of Newark planning, they want to see single family homes. City is in progress of adopting a revision that would allow 3000 sf lot size SFR with 40' wide lot and 2 car garage. Based on this updated code, 13 PUD or SFR style homes could be put in place. Currently there are 6 structures on the property – 5 occupied by month to month tenants w/monthly income $6450. Property also listed under Lots & Land (MLS 40799391) PLEASE do not disturb tenants or walk on property without appointment. Further details available by request.

Features

  • Property Type: Multi Family Home
  • Sub Type: Lowrise (1-3 Flrs)
  • Listing Status: Sold
  • Listing Price: $2,500,000
  • County/Area: Alameda County
  • Zip Code: 94560
  • Year Built: 1960
  • Age: 58
  • Units: 2 units
  • # of Parking Spaces: 6
  • Lot Size: 0.92 acres
  • Zoning: MD
  • Annual Gross Sched Inc: 77400
  • Annual Rent Inc: 77400
  • Annual Taxes: 30000
  • Apx Lot Sq Ft: 40498
  • Gross Income: $77,400
  • Gross Oper Actual Inc: 77400
  • Heating: Other Heat
  • Lot Description: Level
  • Net Oper Income: $43,800
  • On-Site Parking Desc: Attached Garage, Off Site Parking
  • Roof: Composition Shingles
  • Tenant Pays: Electric, Gas, Trash, Water
  • Tot Ann Oper Exp: 33600
  • Water/Sewer: Sewer System - Public, Water - Public
  • Sold Price: 2200000
  • Sold Date: 2018-07-25 00:00:00
Courtesy of Realsmart Properties, Bryan Jacobs

Thank you for visiting today. If this is your first visit, take your time and look around. I have plenty of information and resources available to you. If you are a return visitor, thank you. I would love to hear from you and tell you how I can serve all your real estate needs.

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