936 Olive Ave - Apartments FOR SALE


Long Beach, CA 90813
$2,080,000 USD
310-982-7055
936 Olive Ave, Long Beach, CA for Sale
$2,080,000 USD
Apartments - FOR SALE
1/7
null | 5.99% Cap Rate

936 Olive Ave
Long Beach, CA 90813


HIGHLIGHTS

  • Fully stabilized
  • Roof and Electrical panel were updated in 2024
  • Near Long Beach downtown, St. Mary Medical Center, public transportation

OVERVIEW

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.

FOR SALE DETAILS

PRICE

$2,080,000 USD

PRICE/SF

$365 USD /SF

# OF UNITS

10

PRICE/UNIT

$208,000

CAP RATE

5.99%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1922

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.14 AC

LAND SF

6,290 SF

ZONING

R4

APN/PARCEL ID

7274-022-018

ASK ABOUT THIS PROPERTY

Nina LeBuckingham InvestmentsMore Info
310-982-7055

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Nina LeBuckingham InvestmentsMore Info
310-982-7055

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.