Property Details
About this Property
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.
MLS Listing Information
MLS #
CRSB24215096
MLS Source
California Regional MLS
Days on Site
34
Interior Features
Laundry
Community Facility
Cooling
Whole House Fan
Heating
Wall Furnace
Parking, School, and Other Information
Garage/Parking
No Parking, Garage: 0 Car(s)
Unit Information
| # Buildings | # Leased Units | # Total Units |
|---|---|---|
| 10 | 10 | – |
Neighborhood: Around This Home
Neighborhood: Local Demographics
Nearby Homes for Sale
936 Olive Ave is a Residential Income in Long Beach, CA 90813. This – square foot property sits on a – Sq Ft Lot and features – bedrooms & – full bathrooms. It is currently priced at $2,080,000 and was built in 1922. This address can also be written as 936 Olive Ave, Long Beach, CA 90813.
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This listing information is up-to-date as of October 17, 2024. For the most current information, please contact Nina Le
