727 Olive Avenue,Long Beach, CA 90813
Long Beach, CA 90813
Description
PRICED REDUCED TO SELL AT 9.4 GRM AND 7.0% CAP AGAINST IN PLACE RENTS WITH UPSIDE. Earn over an 8% cash on cash return against in place rents. 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 bed house.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 GRM and 7.5% 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.
Details
| MLS # | 26853651 |
|---|---|
| Listing Type | For Sale |
| Sub-Type | Resale |
| Status | Active |
| Year | 1923 |
| Days On Site | 94 |
| Listing Provided By | The Agency | Jonathan Swire |
Features
| Bed(s) | 12 |
|---|---|
| Bath(s) | 11 |
| SQ Feet | 6,792 |
| Story(s) | 2 |
| Units | 11 |
| Building(s) | 2 |
| Zoning | LBR4R |
| Acreage | 0.17 |
Interior
| Cooling | None |
|---|---|
| Heating | Wall Furnace |
| Heating Yes / No | Yes |
| Cooling Yes / No | No |
Parking
| Parking Features | Assigned |
|---|
Area Information
| State | CA |
|---|---|
| County | Los Angeles |
| City | Long Beach |
| Zip Code | 90813 |
| Area | 4 Downtown Area | Alamitos Beach |
| Listing VS Median (in 90813) | |
Price: $2,155,000 low | high Med: $1,599,000 sqft: 6,792 low | high Med: 3,442 $ / sqft: $317 low | high Med: $465 On site: 94 low | high Med: 18.5 | |
Market Activity 90813
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Learn More About This Property
| State | CA |
|---|---|
| County | Los Angeles |
| City | Long Beach |
| Zip Code | 90813 |
| Area | 4 Downtown Area | Alamitos Beach |
| Listing VS Median (in 90813) | |
Price: $2,155,000 low | high Med: $1,599,000 sqft: 6,792 low | high Med: 3,442 $ / sqft: $317 low | high Med: $465 On site: 94 low | high Med: 18.5 | |
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