32
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$5,400,000
Est. payment /mo
0.3 Acres Lot
New
1060 Olive Long Beach, CA 90813
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Key Details
Property Type Single Family Home, Multi-Family
Sub Type Mixed Use
Listing Status Active
Purchase Type For Sale
Subdivision Cambodia Town
MLS Listing ID PW26120925
HOA Y/N No
Year Built 1985
Lot Size 0.300 Acres
Property Sub-Type Mixed Use
Property Description
PROPERTY OVERVIEW - 1980'S CONSTRUCTION. Built in 1985, Ten60 Olive Avenue is a well-maintained 16-unit multifamily asset with strong curb appeal, located in Long Beach, California. The property features all 2-bedroom / 1-bath units with ample natural light. Amenities include on-site laundry facilities and secured underground parking with 24 parking spaces. $650K IN CAPITAL IMPROVEMENTS. Ownership has invested approximately $650K in recent capital improvements, significantly reducing near-term capital requirements and enhancing overall asset stability. Improvements include: high-end interior renovations on 11 of the 16 units, double-pane windows installed throughout all units, new railings and exterior enhancements, controlled access gates, building-wide security camera system, newly sealed roof in 2024, and upgraded fire panel system. ADDITIONAL INCOME & VALUE-ADD POTENTIAL. The property offers both in-place supplemental income and identifiable opportunities to further increase revenue; Laundry Income: On-site laundry facilities provide consistent ancillary income. Potential Utility Reimbursement (RUBS): Units are individually metered for gas and electricity positioning the asset for implementation of a RUBS program for additional income. Parking Income: Current rents include one parking space per unit. The property may offer an opportunity to increase parking income without requiring additional capital investment. STABLE IN-PLACE CASH FLOW WITH UPSIDE. With substantial capital improvements completed, strong curb appeal, and additional operational upside remaining, Ten60 Olive Avenue presents a well-balanced multifamily investment opportunity in the heart of Long Beach. The property combines stable in-place cash flow with meaningful long-term growth potential through rental increases, RUBS implementation, and ancillary income opportunities.
Location
State CA
County Los Angeles
Area 4 - Downtown Area, Alamitos Beach
Interior
Fireplace No
Laundry Common Area
Exterior
Carport Spaces 24
Pool None
Community Features Urban
Total Parking Spaces 24
Private Pool No
Building
Lot Description 16-20 Units/Acre
Story 2
Sewer Public Sewer
Water Public
New Construction No
Others
Senior Community No
Tax ID 7274011030
Energy Description 5378.5
Acceptable Financing Cash, Cash to New Loan, 1031 Exchange
Listing Terms Cash, Cash to New Loan, 1031 Exchange
Special Listing Condition Standard
Listed by Robert Stepp Keller Williams Realty Downey 310-463-2916, DRE #01456379
NEARBY SCHOOL & BUSINESS
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