Multifamily

727 Olive Ave

727 Olive Ave, Long Beach, CA 90813

Listing Price: $2,279,000

Cap Rate
5.23%
Number of Units
11
Price/Unit
$207,182
Price/Gross SF
$335.54
Gross SF
6,792

Investment Overview

Marcus & Millichap is pleased to present to market 727 Olive Avenue, an 11-unit apartment building in Long Beach, California. This offering presents an excellent opportunity for an investor to acquire an extensively renovated asset that is generating a strong current return and also capture 17 percent rental upside. 727 Olive Avenue was built in 1923 on a 7,502-square foot lot and consists of a two-bedroom/one-bath house and two two-story apartment buildings that contain 10 one-bedroom/one-bath units. All units are separately metered for gas and electricity. The property has controlled access and offers on-site laundry, five single-car garages, and two surface parking spots that generate additional income. The property boasts a long list of substantial recent capital expenditures that range from new electrical and a new electrical panel to a new surveillance system, a newer roof, new plumbing in most units, interior upgrades, and much more. Nine of the units have been renovated with new kitchens, modern cabinetry, upgraded flooring, stainless steel appliance packages, tile showers, ceiling fans, and more. The property is located near the intersection of 7th Street and Alamitos Avenue, proximate to Downtown Long Beach, which has seen major redevelopment in recent years, conveniently near the Metro Blue Line and the 710 Freeway, and less than one mile from the beach.

Investment Highlights

  • Extensively Renovated Multifamily Asset Consisting of Three Buildings and 11 Units
  • Offered at a Strong 5.23 Percent Current Cap Rate With 17 Percent Potential Upside in Rents
  • On-Site Laundry and Garage and Surface Parking Generate Additional Income
  • Upgrades Include a Newer Roof, Electrical, Plumbing, a New Surveillance System, New Windows, Interior Upgrades, and More

Exclusively Listed By

Listing Price: $2,279,000

Cap Rate
5.23%
Number of Units
11
Price/Unit
$207,182
Price/Gross SF
$335.54
Gross SF
6,792

Investment Highlights

  • Extensively Renovated Multifamily Asset Consisting of Three Buildings and 11 Units
  • Offered at a Strong 5.23 Percent Current Cap Rate With 17 Percent Potential Upside in Rents
  • On-Site Laundry and Garage and Surface Parking Generate Additional Income
  • Upgrades Include a Newer Roof, Electrical, Plumbing, a New Surveillance System, New Windows, Interior Upgrades, and More

Investment Overview

Marcus & Millichap is pleased to present to market 727 Olive Avenue, an 11-unit apartment building in Long Beach, California. This offering presents an excellent opportunity for an investor to acquire an extensively renovated asset that is generating a strong current return and also capture 17 percent rental upside. 727 Olive Avenue was built in 1923 on a 7,502-square foot lot and consists of a two-bedroom/one-bath house and two two-story apartment buildings that contain 10 one-bedroom/one-bath units. All units are separately metered for gas and electricity. The property has controlled access and offers on-site laundry, five single-car garages, and two surface parking spots that generate additional income. The property boasts a long list of substantial recent capital expenditures that range from new electrical and a new electrical panel to a new surveillance system, a newer roof, new plumbing in most units, interior upgrades, and much more. Nine of the units have been renovated with new kitchens, modern cabinetry, upgraded flooring, stainless steel appliance packages, tile showers, ceiling fans, and more. The property is located near the intersection of 7th Street and Alamitos Avenue, proximate to Downtown Long Beach, which has seen major redevelopment in recent years, conveniently near the Metro Blue Line and the 710 Freeway, and less than one mile from the beach.

Exclusively Listed By

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