NOT LISTED FOR SALE

1060 Olive Ave Long Beach, CA 90813

Saint Mary's Neighborhood
10 Beds
5 Baths
12,270 Sq Ft
0.3 Acres

Last Sold August 21, 2019

Last sale price $4,995,000 $407 Per Sq Ft

35 Days on Market

Highlights

  • 13,048 Sq Ft lot
  • Long Beach Polytechnic High School Rated A
  • Subterranean Parking

About This Home

As of August 2019

A seamless investment opportunity - an 'easy' acquisition for a novice investor or a painless addition to a seasoned investor's portfolio. The subject property has been extensively and elegantly rehabbed with $400,000 of capital expenditure. The attractive, mid-century modern aesthetic attracts a discerning renter. 10 of the 16 units have been gutted and redone. The owners, admittedly, overspent and it shows. All new surfaces, flooring, fixtures. You name it, it's new. In addition to the interior rehab, the rehabbed units have had A/C installed. On the exterior, the entire faade has been re-imaged. Also, new windows and extensive drought-tolerant landscaping, in front and along both sides of the building. The 1985-built, all 2 Bedroom asset, is 25 years newer than the 'average' Long Beach apartment property; IMMEDIATE UPSIDE TO A 6% CAP WITH JUST MODEST INCREASES TO THE REMAINING 6 UNITS.

Last Agent to Sell the Property

Brice W. Head, MBA

CBRE, Inc. License #01330706 Listed on: 05/10/2019

Last Buyer's Agent

Brice W. Head, MBA

CBRE, Inc. License #01330706 Listed on: 05/10/2019

Property Details

Home Type

  • Multi-Family

Year Built

  • Built in 1985

Lot Details

  • 0.3 Acre Lot

Interior Spaces

  • 12,270 Sq Ft Home
  • 2-Story Property
  • Oven or Range

Parking

  • 22 Parking Spaces
  • Subterranean Parking

Utilities

  • Cooling System Mounted In Outer Wall Opening
  • Heating System Mounted To A Wall or Window

Community Details

  • 16 Units

Listing and Financial Details

  • Assessor Parcel Number 7274-011-030

Property Details

Home Type

Multi-Family

Year Built

Built in 1985

Lot Details

0

Listing Details

  • Property Type: Residential Income
  • Street Number Display: Yes
  • Living Area: 12270
  • Stories: 2
  • Year Built: 1985
  • State Abbrv: CA
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Equipment: Range/Oven
  • Price Per S Q F T: 415.24

Exterior Features

  • Tennis Court Y/N: No
  • Pool: No

Garage/Parking

  • Parking Garage: Subterranean
  • Total Parking: 22

Utilities

  • Cooling: Wall Unit(s)
  • Electric Expense: 8500.00
  • Heating: Wall

Fee Information

  • Insurance Expense: 5076.00
  • Maintenance Expense: 8800.00
  • Management Expense: 20400.00
  • Trash Expense: 4200.00

Lot Info

  • Assessor Parcel Number: 7274-011-030
  • Geocode Override: No
  • Lot Size Area: 13048

Multi Family

  • Unit Type: 2106, 2107, 2108, 2109, 2110, 2111, 2112, 2113, 2114
  • Gross Rent Multiplier: 13.81
  • Number Of Units: 16
  • Type Of Units: 2 Bed/1 Bath

Tax Info

  • Tax Expense: 61140.00

Range of Values:

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Value Increase
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Percent Increase
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Adjusted for Inflation
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Average Value
Not Available
List Price
Sold Price
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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Property History

Date Event Price List to Sale Price per Sq Ft Prior Sale
08/21/2019 08/21/19 Sold $4,995,000 -2.0% $407 / Sq Ft
06/14/2019 06/14/19 Pending -- -- --
05/10/2019 05/10/19 For Sale $5,095,000 +129.5% $415 / Sq Ft
10/16/2014 10/16/14 Sold $2,220,000 +16.9% $181 / Sq Ft View Prior Sale
09/02/2014 09/02/14 Pending -- -- --
08/22/2014 08/22/14 For Sale $1,899,000 -- $155 / Sq Ft
Source: The MLS

Tax History Compared to Growth

Source: Public Records

Agents Affiliated with this Home

  • Brice W. Head, MBA

    Seller's Agent in 2019

    Brice W. Head, MBA

    CBRE, Inc.

    (310) 569-3071

    21 Total Sales

    Brice W. Head, MBA
    Section Image

  • S

    Seller's Agent in 2014

    Suminda Sellahewa

    Avarnka Real Estate, Inc.

    (310) 621-1563

    33 Total Sales

    Suminda Sellahewa
    Section Image
See All Agents

Map

Source: The MLS

MLS Number: 19-464906

The MLS
California Los Angeles County Long Beach 90813 Saint Mary's

1060 Olive Ave, Long Beach, CA

Not Listed for Sale

MultiFamily

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