1060 Olive, Long Beach, CA 90813
1060 Olive, Long Beach, CA 90813
1060 Olive, Long Beach, CA 90813
1060 Olive, Long Beach, CA 90813
1060 Olive, Long Beach, CA 90813
1060 Olive, Long Beach, CA 90813
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Peter Lorimer

Peter Lorimer

+1(310) 666-7383
$ 5,400,000
Est. payment | /mo

0.3 Acres Lot

Save
$ 5,400,000
Est. payment | /mo
Save

0.3 Acres Lot

Key Details

Property Type Single Family Home, Multi-Family

Sub Type Mixed Use

Listing Status Active

Purchase Type For Sale

Subdivision Cambodia Town

MLS Listing ID PW26120925

HOA Y/N No

Year Built 1985

Lot Size 0.300 Acres

Property Sub-Type Mixed Use

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 one parking space per unit. The property may offer an opportunity to increase parking income without requiring additional capital investment. STABLE IN-PLACE CASH FLOW WITH UPSIDE. With substantial capital improvements completed, strong curb appeal, and additional operational upside remaining, Ten60 Olive Avenue presents a well-balanced multifamily investment opportunity in the heart of Long Beach. The property combines stable in-place cash flow with meaningful long-term growth potential through rental increases, RUBS implementation, and ancillary income opportunities.

Location

State CA

County Los Angeles

Area 4 - Downtown Area, Alamitos Beach

Interior

Fireplace No

Laundry Common Area

Exterior

Carport Spaces 24

Pool None

Community Features Urban

Total Parking Spaces 24

Private Pool No

Building

Lot Description 16-20 Units/Acre

Story 2

Sewer Public Sewer

Water Public

New Construction No

Others

Senior Community No

Tax ID 7274011030

Energy Description 5378.5

Acceptable Financing Cash, Cash to New Loan, 1031 Exchange

Listing Terms Cash, Cash to New Loan, 1031 Exchange

Special Listing Condition Standard

CRMLS Full IDX Feed (MAIN Website Search)
Listed by Robert Stepp Keller Williams Realty Downey 310-463-2916, DRE #01456379
Nearby Locations
Peter Lorimer

Making real estate fast, fun, and stress-free!

+1(310) 666-7383

peter@plgestatesinc.com

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1060 Olive