936 Olive AVE new Save Request In-Person Tour Request Virtual Tour
Long Beach,CA 90813
Key Details
Property Type Condo
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Square Footage 5,699 sqft
Price per Sqft $364
MLS Listing ID SB24215096
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
Rooms
Ensuite Laundry Common Area
Interior
Laundry Location Common Area
Heating Wall Furnace
Cooling Whole House Fan
Flooring Vinyl
Fireplaces Type None
Laundry Common Area
Exterior
Garage None
Pool None
Community Features Sidewalks
Utilities Available Electricity Available,Natural Gas Available
View Y/N No
View None
Building
Lot Description 6-10 Units/Acre
Story 2
Sewer Public Sewer
Water Public
New Construction No
Others
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