936 Olive Ave
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936 Olive Ave
10 Unit Apartment Building $2,080,000 ($208,000/Unit) 5.99% Cap Rate Long Beach, CA 90813
Investment Highlights
- Fully stabilized
- Near Long Beach downtown, St. Mary Medical Center, public transportation
- Roof and Electrical panel were updated in 2024
Executive Summary
10-Unit Property in the Densely Populated North East Village Neighborhood
This 10-unit property is located in the highly desirable North East Village neighborhood. Priced at $208K per unit, it is fully stabilized, operating with a 10.60 gross rent multiplier (GRM) and a 6% capitalization rate based on current rental income. The unit mix consists of 7 studios, 2 one-bedroom units, and 1 two-bedroom unit. At market rental income, the GRM improves to 9.79, and the cap rate rises to 6.5%.
All units have been remodeled, and both the roof and electrical panel were updated in 2024. The building is master-metered with a RUBS (Ratio Utility Billing System) in place, currently covering 60% of utility expenses. Additionally, an onsite coin-operated laundry room provides extra income and convenience for tenants.
Centrally located near St. Mary Medical Center, downtown Long Beach, the beach, and major freeways, this property offers excellent accessibility. It is a rare opportunity to acquire a turn-key asset at an attractive value.
This 10-unit property is located in the highly desirable North East Village neighborhood. Priced at $208K per unit, it is fully stabilized, operating with a 10.60 gross rent multiplier (GRM) and a 6% capitalization rate based on current rental income. The unit mix consists of 7 studios, 2 one-bedroom units, and 1 two-bedroom unit. At market rental income, the GRM improves to 9.79, and the cap rate rises to 6.5%.
All units have been remodeled, and both the roof and electrical panel were updated in 2024. The building is master-metered with a RUBS (Ratio Utility Billing System) in place, currently covering 60% of utility expenses. Additionally, an onsite coin-operated laundry room provides extra income and convenience for tenants.
Centrally located near St. Mary Medical Center, downtown Long Beach, the beach, and major freeways, this property offers excellent accessibility. It is a rare opportunity to acquire a turn-key asset at an attractive value.
Data Room Click Here to Access
- Offering Memorandum
Financial Summary (Actual - 2023) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2023) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $2,080,000 | Property Subtype | Apartment |
| Price Per Unit | $208,000 | Apartment Style | Low Rise |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 5.99% | Lot Size | 0.14 AC |
| Sale Conditions | 1031 Exchange | Building Size | 5,699 SF |
| Gross Rent Multiplier | 10.6 | Average Occupancy | 100% |
| No. Units | 10 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1922 |
| Price | $2,080,000 |
| Price Per Unit | $208,000 |
| Sale Type | Investment |
| Cap Rate | 5.99% |
| Sale Conditions | 1031 Exchange |
| Gross Rent Multiplier | 10.6 |
| No. Units | 10 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.14 AC |
| Building Size | 5,699 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1922 |
Site Amenities
- Public Transportation
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 2 | $1,670 | 653 |
| Studios | 7 | $1,442 | 520 |
| 2+1 | 1 | $1,956 | 753 |
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Walk Score ®
Walker's Paradise (90)
Bike Score ®
Very Bikeable (77)
PROPERTY TAXES
| Parcel Number | 7274-022-018 | Total Assessment | $1,673,274 (2024) |
| Land Assessment | $1,171,293 (2024) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $501,981 (2024) | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
7274-022-018
Land Assessment
$1,171,293 (2024)
Improvements Assessment
$501,981 (2024)
Total Assessment
$1,673,274 (2024)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2023
zoning
| Zoning Code | R4 (Multi-family residential zoning district for higher-density residential buildings) |
| R4 (Multi-family residential zoning district for higher-density residential buildings) |
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