1127 Olive Avenue, Long Beach, CA 90813

  • $2,200,000
  • $349
1127 Olive Avenue, Long Beach, CA 90813
  • Residential Income
  • Property Type
  • 0.00
  • Garage
  • 1921
  • Year Built
For Sale

1127 Olive Avenue, Long Beach, CA 90813

1127 Olive Avenue, Long Beach, CA 90813
  • $2,200,000
  • $349

Description

1135 Olive Ave is a 9 unit apartment building located in Long Beach, California. Constructed in 1921, the subject property contains 6,308 rentable square feet that is placed on a 10,414 square foot lot. Also included is the vacant lot next door, 1127 Olive Avenue, containing a 6,527 square foot lot. The existing units consist of (4) 1 Bed + 1 Bath units and (5) 2 Bed + 1 Bath units.

The vacant land is zoned LBR4R, this subject property provides a multitude of possibilities for development. The property offers economically friendly units that are perfect for the working-class individuals that value being centrally located to all business sectors of Downtown Long Beach, Alamitos Beach, and Downtown Los Angeles. Long Beach has provided a historically strong tenant occupancy, which makes filling vacancies effortless. The City of Long Beach attracts a diverse population of tenants due to its strong growing economy, plethora of music festivals, cultural celebrations, and sporting events.

In the case of a multifamily property, having a mix of unit sizes can provide flexibility for the owner. This allows for different rental pricing tiers, accommodating tenants with varying budgets and needs; which makes 1135 Olive such an attractive investment because it provides (4) 1 bedroom + 1 bath units and (5) 2 bedroom + 1 bath units. The subject property is attractive to a wide tenant pool because it contains a strong unit mix. 2-bedroom apartments with 1 bathroom appeal to a broad range of tenants, including small families, couples, and roommates. This versatility increases the chances of finding suitable tenants quickly, reducing vacancies and maximizing rental income.

1127 & 1135 Olive Avenue is an exceptional investment opportunity for those looking to acquire a quality multi-family property along with a vacant lot of land for development purposes in Long Beach. With its attractive design, convenient location, and functional units, this apartment building is sure to be a desirable destination for renters and a smart investment for its owner.

  • Address 1127 Olive Avenue
  • City Long Beach
  • State/county CA
  • Zip/Postal Code 90813
  • Area 699 - Not Defined
  • Country United States

Details

Updated on April 29, 2024 at 6:58 pm
  • Property ID: 568087
  • Price: $2,200,000
  • Land Area: 16941.00 Sqft
  • Garage: 0.00
  • Year Built: 1921
  • Property Type: Residential Income
  • Property Status: For Sale
  • Living Area: 6308.00
  • MLS#: PW23215566
  • Office Name: JUSTIN WHITE
  • Agent Name: Justin White
  • MLS Status: Active
  • Living Area Prefix: Sqft
  • Agent State License: 01267826
  • IDX Contact Info: thesbgbp@gmail.com

Additional details

  • Sewer: Public Sewer
  • County: Los Angeles
  • Property SubType: Commercial/Residential
  • Parking: 0.00
  • Water Source: Public

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Copyright © 2019 California Regional MLS. All Rights Reserved. Based on information from California Regional Multiple Listing Service, Inc. as of 2019 and/or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.

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