32
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$2,175,000
Est. payment /mo
12 Beds
11 Baths
6,792 SqFt
New
727 Olive AVE Long Beach, CA 90813
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Key Details
Property Type Single Family Home
Listing Status Active
Purchase Type For Sale
Square Footage 6,792 sqft
Price per Sqft $320
MLS Listing ID 26853651
Bedrooms 12
HOA Y/N No
Year Built 1923
Lot Size 7,505 Sqft
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 4 - Downtown Area, Alamitos Beach
Zoning LBR4R
Interior
Heating Wall Furnace
Cooling None
Fireplace No
Exterior
Parking Features Assigned
Total Parking Spaces 7
Building
Story 2
Entry Level Two
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 7274020012
Special Listing Condition Standard
Listed by Jonathan Swire The Agency #01336277
NEARBY SCHOOL & BUSINESS
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