On September 23, 2024, Magnolia Properties acquired 4858 Snowden, a desirable corner-lot property in Lakewood, CA. After purchasing this renovated home, we quickly rented it out and are now securing permits for two backyard Accessory Dwelling Units (“ADUs”). Each ADU is designed as a 1,200 SF, three-bedroom, two-bath unit, stacked in the backyard. We expect to obtain permits by the end of 2024 and complete construction by September 2025.

Our plan is to lease all units, then either sell the property or refinance and hold it for long-term cash flow.