936 Olive Avenue, Long Beach, CA 90813
-
Listed Price :
$2,080,000
-
Beds :
N/A
-
Baths :
N/A
-
Property Size :
N/A sqft
-
Year Built :
1922
Property Description
10-Unit Property in the Densely Populated North East Village Neighborhood
This 10-unit property is located in the highly desirable North East Village neighborhood. Priced at $208K per unit, it is fully stabilized, operating with a 10.60 gross rent multiplier (GRM) and a 6% capitalization rate based on current rental income. The unit mix consists of 7 studios, 2 one-bedroom units, and 1 two-bedroom unit. At market rental income, the GRM improves to 9.79, and the cap rate rises to 6.5%.
All units have been remodeled, and both the roof and electrical panel were updated in 2024. The building is master-metered with a RUBS (Ratio Utility Billing System) in place, currently covering 60% of utility expenses. Additionally, an onsite coin-operated laundry room provides extra income and convenience for tenants.
Centrally located near St. Mary Medical Center, downtown Long Beach, the beach, and major freeways, this property offers excellent accessibility. It is a rare opportunity to acquire a turn-key asset at an attractive value.
Interior Features
| Laundry Information |
| Location(s) |
Common Area |
| Bedroom Information |
| Bedrooms |
N/A |
| Bathroom Information |
| Bathrooms |
N/A |
| Flooring Information |
| Material |
Vinyl |
| Interior Information |
| Cooling Type |
Whole House Fan |
Listing Information
| Address |
936 Olive Avenue |
| City |
Long Beach |
| State |
CA |
| Zip |
90813 |
| County |
Los Angeles |
| Listing Agent |
Nina Le DRE #02126566 |
| Courtesy Of |
Buckingham Investments, Inc |
| List Price |
$2,080,000 |
| Status |
Active |
| Type |
Residential Income |
| Subtype |
Apartment |
| Structure Size |
N/A |
| Lot Size |
6,289 |
| Year Built |
1922 |
Listing information courtesy of: Nina Le, Buckingham Investments, Inc. *Based on information from the Association of REALTORS/Multiple Listing as of Oct 17th, 2024 at 5:57 PM and/or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
