CA > Long Beach
Long Beach, CA 90813,936 Olive AVE
Long Beach, CA 90813,936 Olive AVE
Long Beach, CA 90813,936 Olive AVE
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Diego Magdaleno

Diego Magdaleno

1Vision Real Estate

+1(714) 681-1222
$2,080,000
Est. payment /mo
6,290 Sqft Lot
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UPDATED:

10/17/2024 05:57 PM

Key Details

Property Type Condo

Sub Type Apartment

Listing Status Active

Purchase Type For Sale

MLS Listing ID SB24215096

HOA Y/N No

Year Built 1922

Lot Size 6,290 Sqft

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.

Location

State CA

County Los Angeles

Area 4 - Downtown Area, Alamitos Beach

Zoning LBR4R

Interior

Heating Wall Furnace

Cooling Whole House Fan

Flooring Vinyl

Fireplaces Type None

Fireplace No

Laundry Common Area

Exterior

Parking Features None

Pool None

Community Features Sidewalks

Utilities Available Electricity Available, Natural Gas Available

View Y/N No

View None

Private Pool No

Building

Lot Description 6-10 Units/Acre

Story 2

Entry Level Two

Sewer Public Sewer

Water Public

Level or Stories Two

New Construction No

Others

Senior Community No

Tax ID 7274022018

Acceptable Financing Cash, Cash to Existing Loan, Cash to New Loan, Conventional, 1031 Exchange

Listing Terms Cash, Cash to Existing Loan, Cash to New Loan, Conventional, 1031 Exchange

Special Listing Condition Standard

Read Less Info
California Regional MLS (CRMLS)
Listed by Nina Le • Buckingham Investments, Inc • 818-415-9362
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