727 Olive Avenue, Long Beach, CA 90813

$2,279,000
6,792
SqFt
List Price
$2,279,000
Status
PENDING
MLS#
PW21006378
Year Built
1923
Living Sq. Ft
6,792
Lot Size
7,502
Acres
0.1722
Lot Location
Rectangular Lot
Days on Market
11
Property Type
Multifamily
Builders Tract Code
N/A
Neighborhood
Other (Othr)

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.

Additional Information

Tract Number
N/A
Lot Description
Suburban
Pool Description
None
Garage Spaces Total
5
Sewer
Public Sewer
Water
Public
Attached Structure
Detached
Number Of Units Total
11
Gross Scheduled Income
$174,031
Operating Expense
57543
Unit One Total Units
10
Unit One Beds
1
Unit One Baths
1
Unit One Actual Rent
1266.00
Unit One Total Rent
12658.00
Unit One Pro Forma
1550
Unit One Furnished
Unfurnished
Unit Two Total Units
1
Unit Two Beds
2
Unit Two Baths
1
Unit Two Actual Rent
1845.00
Unit Two Total Rent
1845.00
Unit Two Pro Forma
1995
Unit Two Furnished
Unfurnished

Mortgage Calculator

Amount of Loan
Annual Interest Rate
%
Term of Loan
Years

Does not include any taxes or fees.
Please consult a financial professional.
Calculator source: Real Geeks

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

Based on information from California Regional Multiple Listing Service, Inc. as of . 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 usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.