736-742 Olive

Address: 736-744 Olive Avenue, Long Beach, California, US

+ Apartments

Created date: November 10, 2023

Date last updated: November 10, 2023

Attractive Unit Mix Comprised of (1) 5BD/2BA, (9) 3BD/1BA, and (2) Studios

8 Garages and 8 Surface Parking Spaces

Large Partially Remodeled Units

Priced at a 6.07% CAP and 11.43 GRM

Well-Located near Downtown Long Beach and Alamitos Beach – 91 Walk Score

Property Description

736-742 Olive is a 12-unit apartment building located in Long Beach, CA. The property is priced at a 6.07% cap rate and an 11.43 GRM on current rents. Built in 1927, the property includes (2) studios, (1) 5BD/2BA unit, and (9) 3BD/1BA units. Parking is available on-site with eight (8) garages and eight (8) surface spaces. The majority of the units have been updated with new flooring, paint and countertops. New ownership can generate additional upside by converting garages to ADUs, without losing surface parking in the interior courtyards. With a 91 Walk Score, the asset is well located near vibrant Downtown Long Beach and Alamitos Beach.

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Key Property Information

Listing Status:	Available
Listing Type:	Highest & best offer
Price:	$3,695,000
No. of Units:	12
Cap Rate:	6.07%
GRM /GIM:	11.43
Year Built:	1927
Building Size:	9,679 Sq ft
Lot Size:	12,509.00 Sq ft
Opportunity Zone:	No
Price per unit:	$307,917