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Listed by Nina Le • Buckingham Investments, Inc
$ 1,850,000
Est. payment /mo
Active
936 Olive Avenue Long Beach, CA 90813
5,699 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 5,699 sqft
Price per Sqft $324
MLS Listing ID CRSB25126631
HOA Y/N No
Year Built 1922
Lot Size 6,289 Sqft
Property Sub-Type Other
Source Datashare California Regional
Property Description
Turnkey 10-Unit Property in Prime North East Village – Priced to Sell! 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 9.67Gross Rent Multiplier (GRM) and a 6.1% cap rate based on current rents. At market rent levels, the GRM improves to 8.77, and the cap rate increases to 7.0%. 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
Interior
Heating Wall Furnace
Cooling Whole House Fan
Flooring Vinyl
Fireplace No
Laundry Common Area
Exterior
View None
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