Long Beach, CA 90813 1127 Olive Avenue
$2,200,000
0 more
Presented By: Justin White with Justin White; [email protected]
Home Details
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.
Presented By: Justin White with Justin White; [email protected]
Interior Features for 1127 Olive Avenue
Other Interior Features
Air Conditioning Y/NNo
Basement (Y/N)No
Common WallsItem2CommonWalls
Electric On Property Y/NNo
Fireplace Y/NNo
Heating Y/NNo
Laundry FeaturesCommonArea
Street SuffixAvenue
Total Stories1
Other Rooms
Entry Level1
General for 1127 Olive Avenue
Additional Parcels Y/NNo
Attached Garage No
Building Area UnitsSquareFeet
Carport Y/NNo
CityLong Beach
Community FeaturesCurbs, Sidewalks, Urban
CountyLos Angeles
Days on Market159
DirectionsWest on Anaheim St, Left on Olive Avenue
Electric Expense0.0
Entry Location1
Fuel Expense0.0
Garage Spaces0.0
Garage Y/NNo
Gross Income122172.0
HOA0.0
HOA / Comm AssnNo
Home Warranty Y/NNo
Insurance Expense1.0
Land Lease Y/NNo
Lease Considered Y/NNo
Lease Renewal Y/NNo
LevelsTwo
Listing TermsConventional
Lot Size Square Feet16941.0
MLS Area699 - Not Defined
MobileHomeRemainsYNNo
Net Operating Income58927.0
New ConstructionNo
Operating Expense59580.0
Pool FeaturesNone
Private PoolNo
Property Attached Y/NYes
Property Sub Type AdditionalMixedUse
Property SubTypeMixedUse
Property TypeResidentialIncome
Rent Control Y/NNo
Senior Community Y/NNo
SewerPublicSewer
Special Listing ConditionsStandard
Standard StatusActive
StatusActive
Stories2
Street NameOlive
Tax Lot-
Total Units9
Trash Expense1.0
View Y/NNo
Water Sewer Expense0.0
Waterfront Y/NNo
Year Built1921
Year Built SourcePublicRecords
Exterior for 1127 Olive Avenue
Building Area Total6308.0
Crops Included Y/NNo
Horse Y/NNo
Irrigation Water Rights Y/NNo
Lot FeaturesItem610UnitsAcre
Lot Size Acres0.3889
Lot Size Area16941.0
Lot Size SourcePublicRecords
Lot Size UnitsSquareFeet
Number of Buildings3
Number of Separate Electric Meters0
Number of Separate Gas Meters0
Number of Separate Water Meters0
Open Parking Y/NNo
Parking FeaturesOneSpace, SharedDriveway, Uncovered
SpaNo
Total Parking0.0
Water SourcePublic
Additional Details
Price History
Stephen Pliaconis
Pliaconis Realty Group REALTOR® DRE 02015480