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Justin White
Justin White
714-231-2537
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.
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Unit No | Unit Key | Total Bath | Total Bed | Full Bath | Half Bath |
---|---|---|---|---|---|
1 | 1048556971 | 0 | 1 | 0 | 0 |
2 | 1048556971 | 0 | 1 | 0 | 0 |
3 | 1048556971 | 0 | 1 | 0 | 0 |
4 | 1048556971 | 0 | 1 | 0 | 0 |
5 | 1048556971 | 0 | 2 | 0 | 0 |
6 | 1048556971 | 0 | 2 | 0 | 0 |
7 | 1048556971 | 0 | 2 | 0 | 0 |
8 | 1048556971 | 0 | 2 | 0 | 0 |
9 | 1048556971 | 0 | 2 | 0 | 0 |
Water Source : Public
Sewer : Public Sewer
Year Built: 1921
Building Area Total: 6,308
None
Common Area
Lot Dimensions Source: Vendor Enhanced
Lot Size Acres: 0.3889
Lot Size Source: Public Records
Lot Size Square Feet: 16941
Original List Price: 2,200,000
Listing Contract Date: 2023-11-06
Listing Agreement: Exclusive Right To Sell
Garage Description: One Space,Shared Driveway,Uncovered
Lease Term: Negotiable
Source Listing Status: Active
Source Neighborhood: 699 - Not Defined
Directions: West on Anaheim St, Left on Olive Avenue
Source Property Type: Residential Income
Area: 699 - Not Defined
Property SubType: Mixed Use
Property Age: 103
Common Walls: 2+ Common Walls
Structure Type: Mixed Use
Year Built Source: Public Records
Entry Level: 1
Entry Location: 1
Property Attached: Yes
Levels or Stories: Two
Building Total Stories: 2
Address | Estimate | Bed | Bath | Sq. Ft | Lot Size |
---|---|---|---|---|---|
650 E 15th Street #A-D, Long Beach, CA,90813 | $1,950,000 | -- | -- | 4,158 | 6790 Sqft |
923 Long Beach Boulevard, Long Beach, CA,90813 | $3,300,000 | -- | -- | -- | 16500 Sqft |
1367 Alamitos Avenue, Long Beach, CA,90813 | $1,090,000 | 4 | 2 | 1,890 | 7218 Sqft |
1830 1838 E 7th Street, Long Beach, CA,90813 | $2,650,000 | -- | -- | 6,044 | 11668 Sqft |
1044 Cedar Avenue, Long Beach, CA,90813 | $1,275,000 | 12 | 7 | 4,766 | 7451 Sqft |
1151 Daisy Avenue, Long Beach, CA,90813 | $2,800,000 | -- | -- | 4,604 | 7440 Sqft |
914 N Loma Vista Drive, Long Beach, CA,90813 | $2,200,000 | -- | -- | 4,502 | 8623 Sqft |
1526 Cedar Avenue, Long Beach, CA,90813 | $1,650,000 | -- | -- | 4,464 | 7735 Sqft |
1135 Linden Avenue, Long Beach, CA,90813 | $1,450,000 | -- | -- | 4,146 | 7519 Sqft |
1380 Cherry Avenue, Long Beach, CA,90813 | $1,075,000 | -- | -- | 2,752 | 5850 Sqft |
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ByOwner last updated this listing 05/21/2024 @ 07:14
MLS: PW23215566
LISTED BY: Justin White, Justin White
SOURCE: CRMLS
Buyer Agency Compensation: 3%
Buyer Agency Description: The listing broker's offer of compensation is made only to participants of the MLS where the listing is filed and if applicable, to participants of reciprocating MLS's as set forth in Association/MLS reciprocal agreements.