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936 Olive Avenue
Long Beach, CA 90813
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.
PROPERTY INFORMATION
| MLS # | SB24215096 | Lot Size | 6,289 Sq. Ft. |
| HOA Fees | $0/Monthly | Property Type | Apartment |
| Price | $ 2,080,000
Price Per SqFt: $ 365 |
DOM | 204 Days |
| Address | 936 Olive Avenue | Type | Residential Income |
| City | Long Beach | Sq.Ft. | 5,699 Sq. Ft. |
| Postal Code | 90813 | Garage | N/A |
| County | Los Angeles | Year Built | 1922 |
| Bed / Bath | 4 / 0 | Parking | N/A |
| Built In | 1922 | Status | Active |
INTERIOR FEATURES
| Has Laundry | Yes |
| Laundry Information | Community |
| Has Fireplace | No |
| Fireplace Information | None |
| Has Heating | Yes |
| Heating Information | Wall Furnace |
| Has Cooling | Yes |
| Cooling Information | Whole House Fan |
| Flooring Information | Vinyl |
| EntryLocation | door |
| Entry Level | 1 |
| Has Spa | No |
| SpaDescription | None |
EXTERIOR FEATURES
| Has Pool | No |
| Pool | None |
WALKSCORE
MAP
MORTGAGE CALCULATOR
- Principal & Interest:
- Property Tax: $2,219
- Home Insurance:$119
- HOA Fees:$0
- Mortgage Insurance:
PRICE HISTORY
| Date | Event | Price |
| 10/16/2024 | Listed | $2,080,000 |
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Listing provided courtesy of Nina Le, Buckingham Investments, Inc. Based on information from California Regional Multiple Listing Service, Inc. as of #Date#. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.
