Courtesy of: Steven Bogoyevac | Steven M. Bogoyevac, Broker
Purchase Type: Sale
MLS ID: PW21006378
Days On Market: 48
Year Build: 1923
Lot size: 0.173
Property Type: Residential Income
New Construction: No
Swimming Pool: No
Address: 727 Olive Avenue
County: Los Angeles
City: Long Beach
Neighborhood: 4 - Downtown Area, Alamitos Beach, Other (othr)
Pool Features: None
This offering presents an excellent opportunity for an investor to acquire an extensively renovated asset that is generating a strong current return and also capture 17 percent rental upside.
727 Olive Avenue was built in 1923 on a 7,502-square foot lot and consists of a two-bedroom/one-bath house and two two-story apartment buildings that contain 10 one-bedroom/one-bath units. All units are separately metered for gas and electricity. The property has controlled access and offers on-site laundry, five single-car garages, and two surface parking spots that generate additional income.
The property boasts a long list of substantial recent capital expenditures that range from new electrical and a new electrical panel to a new surveillance system, a newer roof, new plumbing in most units, interior upgrades, and much more. Nine of the units have been renovated with new kitchens, modern cabinetry, upgraded flooring, stainless steel appliance packages, tile showers, ceiling fans, and more.
The property is located near the intersection of 7th Street and Alamitos Avenue, proximate to Downtown Long Beach, which has seen major redevelopment in recent years, conveniently near the Metro Blue Line and the 710 Freeway, and less than one mile from the beach.
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