936 Olive Avenue

Long Beach, CA 90813

$2,080,000

List Price

N/A

bed Beds

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shower Baths

N/A sqft

straighten / sqft

1922

calendar_month Built

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.

Listing Information

List Price $2,080,000
Status Active
MLS SB24215096
Type Residential Income
Subtype Apartment
Year Built 1922
Lot Size 6,289
Structure Size N/A
DOM 53
Courtesy Of Buckingham Investments, Inc
Listing Agent Nina Le DRE#02126566

Interior Features

Laundry Information
Location(s) Common Area
Total Bedroom
Bedrooms N/A
Total Bathroom
Bathrooms N/A
Flooring Information
Material Vinyl
Fireplace Information
Features None
Cooling Type
Cooling Type Whole House Fan

Exterior Information

Maps

Listing information courtesy of: Nina Le, Buckingham Investments, Inc . *Based on information from the Association of REALTORS/Multiple Listing as of Dec 10th, 2024 at 10:24 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.