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Listed by Robert Stepp, DRE #01456379 • Keller Williams Realty Downey
$ 5,400,000
Est. payment /mo
Active
1060 Olive Long Beach, CA 90813
0.3 Acres Lot
UPDATED:
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
MLS Listing ID CRPW26120925
Year Built 1985
Lot Size 0.300 Acres
Source California Regional MLS
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 on
Location
State CA
County Los Angeles
Area 4 - Downtown Area, Alamitos Beach
Interior
Laundry Community Facility
Exterior
Garage Spaces 24.0
Pool None
Building
Water District - Public
Others
Tax ID 7274011030
Special Listing Condition Not Applicable
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