1127 Olive Avenue
Long Beach, CA, 90813 $ 2,200,000
Bedrooms14 Baths9.0 Sq 6,308 Monthly Estimate*
$ 15,368
for $2,200,000 with 14 bedrooms and 9 full baths. This 6,308 square foot home was built in 1921 on a lot size of 0.3889.
1135 Olive Ave is a 9 unit apartment building located in Long Beach, California. Constructed in 1921, the subject property contains 6,308 rentable square feet that is placed on a 10,414 square foot lot. Also included is the vacant lot next door, 1127 Olive Avenue, containing a 6,527 square foot lot. The existing units consist of (4) 1 Bed + 1 Bath units and (5) 2 Bed + 1 Bath units. The vacant land is zoned LBR4R, this subject property provides a multitude of possibilities for development. The property offers economically friendly units that are perfect for the working-class individuals that value being centrally located to all business sectors of Downtown Long Beach, Alamitos Beach, and Downtown Los Angeles. Long Beach has provided a historically strong tenant occupancy, which makes filling vacancies effortless. The City of Long Beach attracts a diverse population of tenants due to its strong growing economy, plethora of music festivals, cultural celebrations, and sporting events. In the case of a multifamily property, having a mix of unit sizes can provide flexibility for the owner. This allows for different rental pricing tiers, accommodating tenants with varying budgets and needs; which makes 1135 Olive such an attractive investment because it provides (4) 1 bedroom + 1 bath units and (5) 2 bedroom + 1 bath units. The subject property is attractive to a wide tenant pool because it contains a strong unit mix. 2-bedroom apartments with 1 bathroom appeal to a broad range of tenants, including small families, couples, and roommates. This versatility increases the chances of finding suitable tenants quickly, reducing vacancies and maximizing rental income. 1127 & 1135 Olive Avenue is an exceptional investment opportunity for those looking to acquire a quality multi-family property along with a vacant lot of land for development purposes in Long Beach. With its attractive design, convenient location, and functional units, this apartment building is sure to be a desirable destination for renters and a smart investment for its owner.
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FeaturesGeneralSewer PublicSewer
HOA 0.0
Garage Spaces 0.0
Pool Features None
Year Built 1921
Stories 2
Levels Two
Property SubType MixedUse
Gross Income 122172.0
Community Features Curbs Sidewalks Urban
County Los Angeles
Net Operating Income 58927.0
Operating Expense 59580.0
Insurance Expense 1.0
New Construction N
Property Type ResidentialIncome
HOA / Comm Assn N
Attached Garage N
Garage Y/N N
Special Listing Conditions Standard
Status Active
Directions West on Anaheim St Left on Olive Avenue
City Long Beach
Entry Location 1
View Y/N N
Senior Community Y/N N
Total Units 9
MLS Area 699 - Not Defined
Lot Size Square Feet 16941.0
Private Pool N
Waterfront Y/N N
Carport Y/N N
Street Name Olive
Listing Terms Conventional
Property Attached Y/N Y
Land Lease Y/N N
Electric Expense 0.0
Home Warranty Y/N N
Fuel Expense 0.0
Trash Expense 1.0
Water Sewer Expense 0.0
Lease Renewal Y/N N
Additional Parcels Y/N N
Lease Considered Y/N N
Rent Control Y/N N
Days on Market 159
Building Area Units SquareFeet
Standard Status Active
Year Built Source PublicRecords
Tax Lot -
Property Sub Type Additional MixedUse
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ExteriorParking Features OneSpace SharedDriveway Uncovered
Lot Features Item610UnitsAcre
Water Source Public
Total Parking 0.0
Lot Size Area 16941.0
Number of Buildings 3
Spa N
Building Area Total 6308.0
Lot Size Acres 0.3889
Lot Size Units SquareFeet
Lot Size Source PublicRecords
Number of Separate Water Meters 0
Number of Separate Gas Meters 0
Number of Separate Electric Meters 0
Crops Included Y/N N
Open Parking Y/N N
Horse Y/N N
Irrigation Water Rights Y/N N
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InteriorTotal Stories 1
Common Walls Item2CommonWalls
Basement (Y/N) N
Air Conditioning Y/N N
Heating Y/N N
Fireplace Y/N N
Street Suffix Avenue
Laundry Features CommonArea
Entry Level 1
Electric On Property Y/N N
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* Excluded FeaturesAffordability Calculator
- Monthly Principal & Interest
- $15,368
- Monthly Property Taxes
- --
- Monthly Home Insurance
- --
Default based on a 30-year fixed rate of 7.49% with 20% down. The estimated payment is offered for convenience and is not an offer of credit. Due to market fluctuations, interest rates are subject to change at any time and without notice. Your individual rate may vary. Rates may differ for FHA, VA or jumbo loans.
Learn more about how to save NearbyMulti-family listings in Long Beach, CA
Average List Price $2,090,646
Percent of Sale Price 5%
About Long Beach, CA 470,090 Population
2% Since 2002
$ 57,916 Median Income
35.78 Median Age
30% Households with Children
Trends Information provided by ATTOM Data Solutions.
273443 Elementary School
272636 Middle School
Unknown High School High School
Pricing History| Date | Price | Price Change | Description |
|---|
| 11/23/2023 | $2,200,000 | | Listed Price |