936 Olive Avenue
Long Beach, CA 90813
0.14 acres | #SB24215096
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.
Property Details
- Lot DescriptionSixToTenUnitsAcre
- Stories2
Measurements
- Acres0.1444
Construction Details
- Property TypeMulti-Family
Condition
- Year Built1922
Utilities / Energy Details
- Utility FeaturesElectricityAvailable, NaturalGasAvailable
- Sewer InformationPublicSewer
- Utility SourcePublic
Community and Neighborhood Details
- CountyLos Angeles
Financial Details
- Original List Price$2,080,000
Other
- MLS #SB24215096
Location
Legal
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Based on information from California Regional Multiple Listing Service, Inc. as of the most recent time synced and /or other sources. 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
Last Updated: . Source: CRMLS
Listing Courtesy
Listing Agent: Nina Le (#SBLENINA)
Listing Office: Buckingham Investments, Inc (#SB1301700)
Note: The results shown are estimates only and do not include all factors. Speak with a licensed agent or loan provider for exact details. This tool is sourced from CloseHack.
