936 Olive AVE Long Beach, CA 90813
UPDATED:
Key Details
Property Type Condo
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
MLS Listing ID SB25126631
HOA Y/N No
Year Built 1922
Lot Size 6,290 Sqft
Property Sub-Type Apartment
Property Description
Located in the vibrant and densely populated North East Village neighborhood, this fully stabilized 10-unit property is an exceptional investment opportunity. Priced at just $185K per unit, it is currently operating at a 9.47 Gross Rent Multiplier (GRM) and a 6.2% cap rate based on current rents. At market rent levels, the GRM improves to 8.90, and the cap rate increases to 6.8%.
The unit mix includes 7 studios, 2 one-bedrooms, and 1 two-bedroom unit. All units have been remodeled, and major upgrades—including a new roof and updated electrical panel—were completed in 2024.
The building is master-metered with a RUBS (Ratio Utility Billing System) in place, currently recapturing 60% of utility expenses. An on-site coin-operated laundry room adds convenience for tenants and generates additional income. The exterior has been freshly painted, enhancing curb appeal.
Ideally situated near St. Mary Medical Center, downtown Long Beach, the beach, and major freeways, this property offers excellent accessibility and strong rental demand. Don't miss this rare opportunity to acquire a turnkey asset at an attractive price. (Virtual Staging)
Location
State CA
County Los Angeles
Area 4 - Downtown Area, Alamitos Beach
Zoning LBR4R
Interior
Heating Wall Furnace
Cooling Whole House Fan
Flooring Vinyl
Fireplaces Type None
Fireplace No
Laundry Common Area
Exterior
Parking Features None
Pool None
Community Features Sidewalks
Utilities Available Electricity Available, Natural Gas Available
View Y/N No
View None
Private Pool No
Building
Lot Description 6-10 Units/Acre
Story 2
Entry Level Two
Sewer Public Sewer
Water Public
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 7274022018
Acceptable Financing Cash, Cash to Existing Loan, Cash to New Loan, Conventional, 1031 Exchange
Listing Terms Cash, Cash to Existing Loan, Cash to New Loan, Conventional, 1031 Exchange
Special Listing Condition Standard
