1060 OLIVE Avenue, Long Beach, CA 90813

About this property

A seamless investment opportunity - an 'easy' acquisition for a novice investor or a painless addition to a seasoned investor's portfolio. The subject property has been extensively and elegantly rehabbed with $400,000 of capital expenditure. The attractive, mid-century modern aesthetic attracts a discerning renter. 10 of the 16 units have been gutted and redone. The owners, admittedly, overspent and it shows. All new surfaces, flooring, fixtures. You name it, it's new. In addition to the interior rehab, the rehabbed units have had A/C installed. On the exterior, the entire façade has been re-imaged. Also, new windows and extensive drought-tolerant landscaping, in front and along both sides of the building. The 1985-built, all 2 Bedroom asset, is 25 years newer than the 'average' Long Beach apartment property; IMMEDIATE UPSIDE TO A 6% CAP WITH JUST MODEST INCREASES TO THE REMAINING 6 UNITS.

Listing description from the August 2019 sale, as reported to CRMLS.

Sale history

$4,995,000

Sold August 2019 · listed $5,095,000, on market May 2019 · MLS #19464906 · Source: CRMLS

Listing Agent: Brice Head · Listing Office: Marcus & Millichap · Contact: 424-405-3900 · Bought with: Brice Head · Marcus & Millichap

$2,220,000

Sold October 2014 · listed $1,899,000, on market August 2014 · MLS #14788485 · Source: CRMLS

Listing Agent: Suminda Sellahewa · Listing Office: L and M Estates, Inc. · Contact: 310-621-1563 · Bought with: Suminda Sellahewa · L and M Estates, Inc.

Explore Long Beach