727 Olive Ave, Long Beach, CA 90813
727 Olive Ave, Long Beach, CA 90813
727 Olive Ave, Long Beach, CA 90813
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Ever Banuelos

Ever Banuelos

+1(323) 833-9824
$2,175,000
Est. payment /mo
12 Beds
11 Baths
6,792 SqFt
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UPDATED:

Key Details

Property Type Multi-Family

Sub Type Multi-Family

Listing Status Active

Purchase Type For Sale

Square Footage 6,792 sqft

Price per Sqft $320

MLS Listing ID 26853651

Bedrooms 12

Year Built 1923

Lot Size 7,504 Sqft

Acres 0.1723

Property Sub-Type Multi-Family

Property Description

PRICED TO SELL AT 9.5 GRM AND 6.9% CAP AGAINST IN PLACE RENTS WITH UPSIDE. 11 units in Long Beach NOT subject to rent control, only subject to AB 1482 rent control - maximum annual increase of 5% + CPI (currently 8.7%). Long Beach has undergone major redevelopment with over $8BB of new projects in the past few years. The property is professionally managed and well maintained with onsite laundry. The property features 10 1 bedroom units and 2 bedroom/1 bath house. 8 of 10 units have been heavily updated with new paint, flooring, kitchen cabinets and bathrooms. There are 5 garages in the rear and 2 surface spaces which is an added bonus given how limited parking is in Long Beach. Additionally, a Buyer could convert the 5 rear garages to ADU's if they choose - adding another 2 units - Buyer to verify. The property features updated electrical (Buyer to verify) and plumbing has been updated as interior updates have been made. All windows are updated as well. This property is perfect for an investor looking for a building with most of the heavy lifting done. Yet there is still some upside left to a 9.1 GRM and 7.3% CAP. Anduril Industries, a cutting-edge defense technology company specializing in AI applications announced that it is commencing a $1 billion redevelopment of land adjacent to the LB Airport. The project is planned to be completed in mid-2027 and is expected to create 5,500 new direct jobs at the site plus thousands of indirect construction and supply-chain service jobs. Additionally, Long Beach Airport is going through a $37MM overhaul in preparation for the 2028 Olympics.

Location

State CA

County Los Angeles

Area Downtown Area, Alamitos Beach

Zoning LBR4R

Rooms

Other Rooms None

Interior

Heating Wall

Cooling None

Equipment None

Exterior

Parking Features Assigned

Garage Spaces 7.0

Building

Story 2

Level or Stories Two

Others

Special Listing Condition Standard

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TheMLS (CLAW)
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The information provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All properties are subject to prior sale or withdrawal. All information provided is deemed reliable but is not guaranteed accurate, and should be independently verified.

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Ever Banuelos
Ever Banuelos

Team Leader | License ID: 01945384

+1(323) 833-9824 | ever.banuelos@gmail.com

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