Sold
Property Details

Sold
Description

1846 Olive Ave., Long Beach, CA

House Sold -

1846 Olive Ave., Long Beach, CA

Great proximity to Downtown Long Beach, only a few blocks from Long Beach City College.
Clean, well-managed building, shows true pride of ownership.
Many units for the price with 4 studio units, and 6 one bedroom units.
Select studio units have received deluxe remodels, including relocating kitchens to the main living area, creating a small bedroom, quartz countertops, new cabinets, new laminate flooring, and remodeled bathrooms.
Owner will continue upgrades in same style at new buyer’s request.
Four garages plus a laundry room for additional income.
Leased solar panels provide clean power generation for this master metered building, buyer to assume solar lease.
10% upside in rents plus an opportunity to cut expenses by adding additional solar panels.
Dense rental market with low vacancy rate and strong income.
Please drive by only. Do not contact occupants.
Unit Mix: 4 – Studio, 1BA
6 – 1BD/1BA
Monthly GSI: $11,700

SOLD

UNITS: 10

VACANCY RATE: 5%

ANNUAL INCOME

$139,380

ANNUAL NOI

$84,313

PRICE ANNUAL EXPENSE
$1,700,000 $55,067

Rental Cost Details

# OF UNITS # OF BEDROOMS # OF BATHS UNITS FURNISHED GARAGE ACTUAL RENT TOTAL RENT PRO FORMA
4 1 1 $6000 $7200
6 0 1 $4000 $4200
Roof Storage $300 $300
$10,300 $11,700

Property Features
  • House