936 Olive Ave, Long Beach
Turnkey 10-Unit Property in Prime North East Village – Priced to Sell!
Located in the vibrant and densely populated North East Village neighborhood, this fully stabilized 10-unit property is an exceptional investment opportunity. Priced at just $185K per unit, it is currently operating at a 9.47 Gross Rent Multiplier (GRM) and a 6.2% cap rate based on in-place rents. At market rent levels, the GRM improves to 8.90, and the cap rate increases to 6.8%.
The unit mix includes 7 studios, 2 one-bedrooms, and 1 two-bedroom unit. All units have been remodeled, and major upgrades—including a new roof and updated electrical panel—were completed in 2024. The building is master-metered with a RUBS (Ratio Utility Billing System) in place, currently recapturing 60% of utility expenses. An on-site coin-operated laundry room adds convenience for tenants and generates additional income. The exterior has been freshly painted, enhancing curb appeal.
Ideally situated near St. Mary Medical Center, downtown Long Beach, the beach, and major freeways, this property offers excellent accessibility and strong rental demand. Don’t miss this rare opportunity to acquire a turnkey asset at an attractive price.
Property Details
- Units: 10
- Gross Rent Multiplier: 9.47
- Cap Rate: 6.2
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$1,850,000
Annual Income
$184,848
Annual NOI
$114,712
Annual Expense
$71,406
Rental Cost Details
| # OF UNITS | # OF BEDROOMS | # OF BATHS | ACTUAL RENT | TOTAL RENT | PRO FORMA | TOTAL PRO FORMA |
| 1 | 1 | 1 | $1,745 | $1,745 | $1,800 | $1,800 |
| 1 | 0 | 1 | $1,450 | $1,450 | $1,500 | $1,500 |
| 1 | 0 | 1 | $1,395 | $1,395 | $1,500 | $1,500 |
| 1 | 0 | 1 | $1,552 | $1,552 | $1,500 | $1,500 |
| 1 | 2 | 1 | $1,956 | $1,956 | $2,000 | $2,000 |
| 1 | 0 | 1 | $1,331 | $1,331 | $1,500 | $1,500 |
| 1 | 0 | 1 | $1,495 | $1,495 | $1,500 | $1,500 |
| 1 | 0 | 1 | $1,450 | $1,450 | $1,500 | $1,500 |
| 1 | 1 | 1 | $1,535 | $1,535 | $1,650 | $1,650 |
| 1 | 0 | 1 | $1,495 | $1,495 | $1,500 | $1,500 |
| TOTAL # OF UNITS | TOTAL # OF BEDROOMS | TOTAL # OF BATHS | GRAND TOTAL RENT | GRAND TOTAL PRO FORMA | ||
| 10 | 4 | 10 | $15,404 | $15,950 |
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