Description

1224 Olive Avenue is a turnkey 6-unit asset located in Long Beach, California, offered at 5.62% cap rate and 12.32 GRM on actuals.

The property is comprised of (4) 2BD/2BA units, (1) 2BD/1BA unit, and (1) 1BD/1BA unit on a 6,501-square-foot lot with six (6) surface parking spaces.

Over $600,000 in CAPEX has been invested in a full gut renovation of the entire property, including (but not limited to) new roof, upgraded electrical panel, upgraded main line plumbing, and new windows throughout.

All units were meticulously renovated with recessed lighting, new flooring, new kitchen countertops, cabinetry, and stainless steel appliance, new bathroom vanities, tiling, and modern fixtures and features throughout. All units offer in-unit washers and dryers as well as private patios.  Two (2) of the units are newly-built ADUs and feature a sizable shared roof deck.

The property is conveniently located close to many amenities, and has a Walk Score of 91.