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736-744 Olive Avenue

736 Olive Avenue,Long Beach, CA 90813

12

Unit

$3,695,000

Price

Property Details

Price Per Unit

$307,917

Price per SF

$382

Current Cap Rate

5.90%

Market Cap Rate

6.97%

Current GRM

11.56

Market GRM

10.20

736-744 Olive Avenue

736 Olive Avenue,Long Beach, CA 90813

$3,695,000

Price

Property Details

Price per SF

$382

Price Per Unit

$307,917

Price per SF

$382

Current Cap Rate

5.90%

Market Cap Rate

6.97%

Unit

12

Current GRM

11.56

Market GRM

10.20

Description

736-742 Olive is a 12-unit apartment building located in Long Beach, CA. The property is priced at a 5.90% cap rate and an 11.56 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.

Highlights

  • 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 5.90% CAP and 11.56 GRM
  • Well-Located near Downtown Long Beach and Alamitos Beach – 91 Walk Score

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