CA > Long Beach
Long Beach, CA 90813,936 Olive Avenue
Long Beach, CA 90813,936 Olive Avenue
Long Beach, CA 90813,936 Olive Avenue
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Kobe Zimmerman

Kobe Zimmerman

+1(858) 753-3353
$2,080,000
Est. payment /mo
1 Bed
4 Baths
6,289 Sqft Lot
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UPDATED:

10/18/2024 11:36 AM

Key Details

Property Type Multi-Family

Sub Type Res Income 2-4 Units

Listing Status Active

Purchase Type For Sale

MLS Listing ID SB24215096

Bedrooms 1

HOA Y/N No

Lot Size 6,289 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.
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 Long Beach (90813)

Zoning Assessor

Interior

Cooling Attic Fan

Building

Lot Description Sidewalks

Story 2

Lot Size Range 4000-7499 SF

Level or Stories 2 Story

Others

Monthly Total Fees $147

Acceptable Financing Cash, Conventional, Exchange

Space Rent $1,745

Listing Terms Cash, Conventional, Exchange

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San Diego Regional MLS (SDMLS)
Listed by Nina Le • Buckingham Investments, Inc

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