$2,080,000
936 Olive Ave, Long Beach, CA 90813
- 4Beds
- 10Baths
- 5699SqFt
- 4Beds
- 10Baths
- 5699SqFt
- Property TypeCondo
- Year Built1922
- Price per Sqft$365
- On highrises39 Days
Property Details
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 Features
Bedrooms
- Bedrooms: 4
Property History
Neighborhood
Environmental Risk
Nearby Home Values
- Presented by:
- Nina Le
- state license#02126566
- Brokered by:
- Buckingham Investments, Inc
- (310) 982-7055