View Photos

1060 Olive Ave Long Beach, CA 90813

$4,995,000 Sold Price as of 08/21/2019

32 Beds
16 Baths
12,270 Sq.Ft.

Sold

$4,995,000 Sold Price as of 08/21/2019 Refinance Your Mortgage

Map preview of 1060 Olive Ave, Long Beach, CA 90813

Property Overview: 1060 Olive Ave Long Beach, CA has 32 bedrooms, 16 bathrooms, 12,270 living square feet and 13,048 square feet lot size. Call an Ardent Real Estate Group agent with any questions you may have.

Agent Remarks: 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 faÃƒÂ§ade 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.

Listed by Brice Head | BRE #01330706 | Marcus & Millichap

Last checked: 27 seconds ago | Last updated: March 22nd, 2022 | Source CRMLS | DOM: 35

Home details

Lot Sq. Ft: 13,048
HOA Dues: $0/mo
Year built: 1985
Garage: --
Property Type:: Multi Family

Status: Sold
MLS#: 19464906
City: Long Beach
County: Los Angeles
Time on Site: 1520 days

Multi-Family Unit Breakdown

Unit Mix Summary

Total # of Units: 16
Total # of Buildings: 1

Unit Breakdown 1

# of Units: 1
# of Beds: 2
# of Baths: 1
Furnishing: Unfurnished
Actual Rent: $1,750
Total Rent: $1,750
Pro Forma/Market Rent: $2,150

Unit Breakdown 2

# of Units: 4
# of Beds: 2
# of Baths: 1
Furnishing: Unfurnished
Actual Rent: $1,600
Total Rent: $1,600
Pro Forma/Market Rent: $2,250

Unit Breakdown 3

# of Units: 1
# of Beds: 2
# of Baths: 1
Furnishing: Unfurnished
Actual Rent: $1,900
Total Rent: $1,900
Pro Forma/Market Rent: $1,900

Unit Breakdown 4

# of Units: 3
# of Beds: 2
# of Baths: 1
Furnishing: Unfurnished
Actual Rent: $2,000
Total Rent: $2,000
Pro Forma/Market Rent: $2,150

Unit Breakdown 5

# of Units: 3
# of Beds: 2
# of Baths: 1
Furnishing: Unfurnished
Actual Rent: $2,000
Total Rent: $2,000
Pro Forma/Market Rent: $2,250

Unit Breakdown 6

# of Units: 1
# of Beds: 2
# of Baths: 1
Furnishing: Unfurnished
Actual Rent: $2,100
Total Rent: $2,100
Pro Forma/Market Rent: $2,250

Unit Breakdown 7

# of Units: 1
# of Beds: 2
# of Baths: 1
Furnishing: Unfurnished
Actual Rent: $2,150
Total Rent: $2,150
Pro Forma/Market Rent: $2,150

Unit Breakdown 8

# of Units: 1
# of Beds: 2
# of Baths: 1
Furnishing: Unfurnished
Actual Rent: $2,195
Total Rent: $2,195
Pro Forma/Market Rent: $2,195

Unit Breakdown 9

# of Units: 1
# of Beds: 2
# of Baths: 1
Furnishing: Unfurnished
Actual Rent: $2,250
Total Rent: $2,250
Pro Forma/Market Rent: $2,250

Multi-Family Income/Expense Information

Property Income and Analysis

Gross Rent Multiplier: 13.81
Gross Scheduled Income: --
Net Operating Income: $245,492
Gross Operating Income: $368,940

Annual Expense Breakdown

Total Operating Expense: $4,000
Electric: $8,500
Trash: $4,200
Insurance: $5,076
Maintenance: $8,800
Professional Management: $20,400

Property Details for 1060 Olive Ave

Lot Details / Garage and Parking

Parking/Garage Information

Has Parking
Parking Features: Subterranean

Lot Information

Lot Features: Sprinklers None
Lot Size Source: Assessor

Property Information

Total # of Units: 16
Parcel Number: 7274011030

Homeowners Association, Utilities, Taxes / Assessments

Assessment Information

No Assessments
Assessments: None

Location / Neighborhood

Location Information

Directions: From 405 take 710 Freeway S, exit on Anaheim and continue to N Olive Avenue

View more facts & features

Local Long Beach Agent

Sale History for 1060 Olive Ave

Last sold for $4,995,000 on August 21st, 2019

August, 2019
Aug 22, 2019

Date

Sold

CRMLS: 19464906

$4,995,000

Price
Jun 14, 2019

Date

Pending

CRMLS: 19464906

$5,095,000

Price
May 10, 2019

Date

Active

CRMLS: 19464906

$5,095,000

Price
August, 2019
Aug 21, 2019

Date

Sold (Public Records)

Public Records

$4,995,000

Price
March, 2018
Mar 1, 2018

Date

Sold (Public Records)

Public Records

$3,609,000

Price

Tax History for 1060 Olive Ave

Assessed Value (2020): $4,995,000

Year	Land Value	Improved Value	Assessed Value
2020	$3,250,000	$1,745,000	$4,995,000

Home Value Compared to the Market

This property vs the competition

1060 Olive Ave sold on August 21, 2019 for 522.1% higher than the current median sold price for the city of Long Beach which is $819,000. The median sold price per/sqft for Long Beach is $628 and this home is sold at $415.24 per/sqft which puts the price per square foot 33.88% lower than the current median sale per square foot for the city of Long Beach.

About 1060 Olive Ave

Detailed summary of property

1060 Olive Ave is a multi family that recently sold in Long Beach, CA 90813. This multi family property offered 32 bedrooms, 16 bathrooms, roughly 12,270 living square feet, and sits on an approximately 13,048 square foot lot. 1060 Olive Ave was first listed on ArdentRealEstateGroup.com on July 21, 2020. The homeowner sold the property for $4,995,000. Home in Long Beach are selling for a median price of $819,000 and a median price per square foot of $628. Based on Ardent Real Estate Group's Long Beach Market Data, this home is sold 522.1% higher than the current median priced home. Local homes that are currently for sale include 3168 Wabash Ave, 2666 Orchard Ave and 7113-7107 La Tijera Blvd. While the average home in Long Beach, CA is selling in 62 days, 1060 Olive Ave has a days on market of 35 days. There are currently 778 homes for sale in the Long Beach real estate market and 416 of them are single family homes while 337 of them are condos and 23 are townhomes. For more information on this home for sale at 1060 Olive Ave Long Beach, CA 90813 contact Ardent Real Estate Group and we will put you in touch with one of our Long Beach agents.

Public Facts for 1060 Olive Ave

Public county record property details

Beds: --
Baths: 16
Year built: 1985
Sq. Ft.: 12,270
Lot Size: 13,048
Stories: --

Type: Apartment House (5+ Units)
Pool: No
Spa: No
County: Los Angeles
Lot#: 5,6
APN: 7274-011-030

The source for these homes facts are from public records.

90813 Real Estate Sale History (Last 30 days)

Last 30 days of sale history and trends

Median List Price

$560,000

Median List Price/Sq.Ft.

$553

Median Sold Price

$495,000

Median Sold Price/Sq.Ft.

$587

Total Inventory

Median Sale to List Price %

99.02%

Avg Days on Market

Loan Type

Conventional (100%), FHA (0%), VA (0%), Cash (0%), Other (0%)

Thinking of Selling?

Is this your property?
Thinking of Selling?
Call, Text or Message

(714) 706-1823

Homes for Sale Near 1060 Olive Ave

Nearby Homes for Sale

Recently Sold Homes Near 1060 Olive Ave

1035 Myrtle Avenue, Long Beach, CA 90813

$1,215,000 Last Sold Price

8 Beds

4 Baths

2720 Sq.Ft.

1035 Myrtle Avenue
Long Beach, CA 90813

$589,000 Last Sold Price

3 Beds

2 Baths

1494 Sq.Ft.

1115 Myrtle Ave
Long Beach, CA 90813

$1,200,000 Last Sold Price

8 Beds

5 Baths

2816 Sq.Ft.

1057 Lime Ave
Long Beach, CA 90813

$1,350,000 Last Sold Price

10 Beds

4 Baths

3040 Sq.Ft.

1030 Myrtle Ave
Long Beach, CA 90813

Related Resources to 1060 Olive Ave

New Listings in 90813

Popular Zip Codes

Popular Cities

Other Long Beach Resources

Based on information from California Regional Multiple Listing Service, Inc. as of 2019. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.