Long Beach, CA 90813 936 Olive Avenue
$1,850,000
7 more
Presented By: Nina Le with Buckingham Investments, Inc; 818-415-9362
Beds • 4
Baths • 10
SQFT • 5,699
Year Built • 1922
Home Details
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 9.47 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)
Presented By: Nina Le with Buckingham Investments, Inc; 818-415-9362
Interior Features for 936 Olive Avenue
Bathrooms
Total Baths
Other Interior Features
Air Conditioning Y/NYes
Basement (Y/N)No
Common WallsNoCommonWalls
Fireplace FeaturesNone
Fireplace Y/NNo
FlooringVinyl
Heating Y/NYes
Laundry FeaturesCommonArea
Total Stories2
Other Rooms
Entry Level1
General for 936 Olive Avenue
Additional Parcels Y/NNo
Attached Garage No
Building Area UnitsSquareFeet
Cap Rate6.2
Carport Spaces0.0
Carport Y/NNo
CityLong Beach
Community FeaturesSidewalks
CoolingWholeHouseFan
CountyLos Angeles
Directionsnear 10th St. and Martin Luther King Ave.
Electric Expense18000.0
Electric On Property Y/NNo
Entry Locationdoor
Expected Active Date 2025-06-12
Fuel Expense0.0
Garage Spaces0.0
Garage Y/NNo
Gross Income0.0
HOANo
HOA Fee$0.0
HeatingWallFurnace
Home Warranty Y/NNo
Insurance Expense11500.0
Land Lease Y/NNo
Lease Considered Y/NNo
Lease Renewal Y/NNo
LevelsTwo
Listing TermsCash, CashToExistingLoan, CashToNewLoan, Conventional, Exchange1031
Lot Size Square Feet6289.0
Lot Size UnitsSquareFeet
MLS Area4 - Downtown Area, Alamitos Beach
MaintenanceExpense10000.0
MobileHomeRemainsYNNo
Net Operating Income114712.0
New ConstructionNo
Number Of Units Total10
Number of Units Leased10
Operating Expense71406.0
Pool FeaturesNone
PossessionCloseOfEscrow
Property Attached Y/NNo
Property Sub Type AdditionalApartment
Property SubtypeApartment
Property TypeResidentialIncome
Rent Control Y/NNo
Senior Community Y/NNo
SewerPublicSewer
Spa FeaturesNone
Special Listing ConditionsStandard
Standard StatusActive
StatusActive
Stories2
Tax Lot8
Taxes$22,600
Tenant PaysElectricity, Gas
Total Actual Rent15404.0
Trash Expense0.0
UtilitiesElectricityAvailable, NaturalGasAvailable
ViewNone
Water Sewer Expense0.0
Year Built1922
Year Built SourceAssessor
ZoningLBR4R
Exterior for 936 Olive Avenue
Building Area Total5699.0
Crops Included Y/NNo
Horse Y/NNo
Irrigation Water Rights Y/NNo
Lot FeaturesSixToTenUnitsAcre
Lot Size Acres0.1444
Lot Size Area6289.0
Lot Size SourceAssessor
Number of Buildings10
Number of Separate Electric Meters1
Number of Separate Gas Meters1
Number of Separate Water Meters1
Open Parking Y/NNo
Parking FeaturesNone
Private PoolNo
SpaNo
Total Parking0.0
Water SourcePublic
Waterfront Y/NNo
Additional Details
Price History
Justin Hughey
Price
$1,850,000
MLS#SB25126631
List Date
06/11/2025
Property Type
Multi-Family
Phone
(562) 818-1655
