Skip To Content
    Return to Previous Page

    727 Olive Avenue

    Long Beach, CA 90813
    • $2,279,000
    • STATUS: Pending
    • ON SITE: 13 days
    • MLS #: PW21006378
    Pending
    UPDATED: 41 min ago
    $2,279,000
    • 0
      BEDS
    • 0.17
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 6,792
      SQFT
    • $336
      $/SQFT
    Neighborhood:
    Type:
    Multi-Family
    Built:
    1923
    County:

    School Ratings & Info

    Description

    This offering presents an excellent opportunity for an investor to acquire an extensively renovated asset that is generating a strong current return and also capture 17 percent rental upside.727 Olive Avenue was built in 1923 on a 7,502-square foot lot and consists of a two-bedroom/one-bath house and two two-story apartment buildings that contain 10 one-bedroom/one-bath units. All units are separately metered for gas and electricity. The property has controlled access and offers on-site laundry, five single-car garages, and two surface parking spots that generate additional income.The property boasts a long list of substantial recent capital expenditures that range from new electrical and a new electrical panel to a new surveillance system, a newer roof, new plumbing in most units, interior upgrades, and much more. Nine of the units have been renovated with new kitchens, modern cabinetry, upgraded flooring, stainless steel appliance packages, tile showers, ceiling fans, and more.The property is located near the intersection of 7th Street and Alamitos Avenue, proximate to Downtown Long Beach, which has seen major redevelopment in recent years, conveniently near the Metro Blue Line and the 710 Freeway, and less than one mile from the beach.

    Monthly Payment Calculator



    Based on information from California Regional Multiple Listing Service, Inc. as of 2021-01-25T16:30:06.007. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Desert Area Homes For Sale | Premier Properties. Licensed in the State of California, USA.

    www.desertareahomesforsale.com/homes/113190924
    Print Image

    727 Olive Avenue Long Beach, CA 90813

    • Price: $2,279,000
    • Status: Pending
    • Updated: 41 min ago
    • MLS #: PW21006378
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.17
    Acres
    6,792
    SQFT
    $336
    $/SQFT
    1923
    Built
    Neighborhood:
    Other (Othr)
    County:
    Los Angeles
    Area:
    4 - Downtown Area, Alamitos Beach
    Property Description
    This offering presents an excellent opportunity for an investor to acquire an extensively renovated asset that is generating a strong current return and also capture 17 percent rental upside.727 Olive Avenue was built in 1923 on a 7,502-square foot lot and consists of a two-bedroom/one-bath house and two two-story apartment buildings that contain 10 one-bedroom/one-bath units. All units are separately metered for gas and electricity. The property has controlled access and offers on-site laundry, five single-car garages, and two surface parking spots that generate additional income.The property boasts a long list of substantial recent capital expenditures that range from new electrical and a new electrical panel to a new surveillance system, a newer roof, new plumbing in most units, interior upgrades, and much more. Nine of the units have been renovated with new kitchens, modern cabinetry, upgraded flooring, stainless steel appliance packages, tile showers, ceiling fans, and more.The property is located near the intersection of 7th Street and Alamitos Avenue, proximate to Downtown Long Beach, which has seen major redevelopment in recent years, conveniently near the Metro Blue Line and the 710 Freeway, and less than one mile from the beach.
    Exterior Features

    Garage Spaces 5.00 Lot Features Rectangular Lot Lot Size Source Assessor Lot Size Units Square Feet Parking Total 7.00 Pool Features None Pool Private YN No Property Attached YN No Uncovered Spaces 2.00

    Interior Features

    Average Studio Area Units Square Feet Average1 Bed Area Units Square Feet Average2 Bed Area Units Square Feet Average3 Bed Area Units Square Feet Common Walls No Common Walls Laundry Features Community

    Property Features

    Additional Parcels YN No Building Area Units Square Feet Cap Rate 5.23 Community Features Suburban Country Us Electric Expense 0.00 Elevation Units Feet Fuel Expense 0.00 Garage Income 6855.00 Gross Income 181980.00 Gross Multiplier 13.10 Gross Scheduled Income 174031.00 Insurance Expense 0.00 Land Lease YN No Laundry Income 1094.00 Laundry YN Yes Net Operating Income 119217.00 New Construction YN No New Taxes Expense 0.00 Number Of Separate Electric Meters 11 Number Of Separate Gas Meters 11 Number Of Separate Water Meters 0 Operating Expense 57543.00 Professional Management Expense 0.00 Rent Control YN No Senior Community YN No Sewer Public Sewer Special Listing Conditions Standard Subdivision Name Other N/A Total Expenses 57543.00 Trash Expense 0.00 Water Sewer Expense 0.00 Water Source Public Year Built Source Assessor Zoning Lbr4r

    Listing provided courtesy of Steven Bogoyevac of Steven M. Bogoyevac, Broker


    Based on information from California Regional Multiple Listing Service, Inc. as of 2021-01-25T16:30:06.007. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Desert Area Homes For Sale | Premier Properties. Licensed in the State of California, USA.

     
    Logo
    Desert Area Homes For Sale | Premier Properties
    78115 Calle Estado #104
    La Quinta CA, 92253