1224 Olive Ave Long Beach, CA 90813

$960,000 Sold Price as of 08/07/2020

4 Beds
4 Baths
3,192 Sq.Ft.

Off Market

$960,000 Sold Price as of 08/07/2020 Refinance Your Mortgage

Map preview of 1224 Olive Ave, Long Beach, CA 90813

Property Overview: 1224 Olive Ave Long Beach, CA has 4 bedrooms, 4 bathrooms, 3,192 living square feet and 6,501 square feet lot size. Call an Ardent Real Estate Group agent with any questions you may have.

Home Value Compared to the Market

1224 Olive Ave is currently an off market home in the city of Long Beach. If you are considering making a home purchase, the value you pay for your home will depend on the market you're looking to purchase in. The city of Long Beach has a median list price of $799,500. The median price per/sqft for Long Beach is $638. With those numbers in mind, if you are looking to purchase a median priced home in Long Beach, CA and put 20% down you will need to save up $159,900 for the down payment and will need roughly $15,990 for closing costs on top of the down payment. Homeowners who are looking to sell their home could expect to pay an average of 5% (2.5% to the listing agent and 2.5% to the buyers agent) in agent commissions when it comes to selling their home. With the median sale price for a home in Long Beach the commission could be as much as $44,600. If you're thinking of selling and want to save, contact a local Ardent Real Estate Agent today.

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Sale History for 1224 Olive Ave

Last sold for $960,000 on August 7th, 2020

January, 2024
Jan 13, 2024

Date

Canceled

CRMLS: PW23165870

$2,125,000

Price
Sep 5, 2023

Date

Active

CRMLS: PW23165870

$2,250,000

Price
Listing provided courtesy of CRMLS

1224 Olive Avenue is a turnkey 6-unit asset located in Long Beach, California, offered at 6% cap rate and 11.71 GRM on actuals. The property is comprised of (4) 2BD/2BA units, (1) 2BD/1BA unit, and (1) 1BD/1BA unit on a 6,501-square-foot lot with six (6) surface parking spaces. Over $600,000 in CAPEX has been invested in a full gut renovation of the entire property, including (but not limited to) new roof, upgraded electrical panel, upgraded main line plumbing, and new windows throughout. All units were meticulously renovated with recessed lighting, new flooring, new kitchen countertops, cabinetry, and stainless steel appliance, new bathroom vanities, tiling, and modern fixtures and features throughout. All units offer in-unit washers and dryers as well as private patios. Two (2) of the units are newly-built ADUs and feature a sizable shared roof deck. The property is conveniently located close to many amenities, and has a Walk Score of 91.

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August, 2020
Aug 10, 2020

Date

Sold

CRMLS: PW20060189

$960,000

Price
Jul 27, 2020

Date

Pending

CRMLS: PW20060189

$995,000

Price
Mar 19, 2020

Date

Active

CRMLS: PW20060189

$995,000

Price
Listing provided courtesy of CRMLS

1224 Olive Avenue is a four-unit invesment asset in a desirable Long Beach location just North of East Village Arts District, minutes to Downtown Long Beach amenities and employment opportunities. The property offers four spacious two-bedroom units, as well as ample parking of four garages and a parking pad, giving a new owner the opportunity to rent spaces to neighboring tenants for additional income. Offered at a solid 4.32% cap rate on in-place rents, the property provides potential rental upside of +/-18% and gives an investor the opportunity to own an attractive asset in an expanding rental market just outside of Downtown Long Beach. With billions of dollars in privately and publicly-funded development taking place, Long Beach is in the midst of a full-scale transformation into a premier metropolitan city, attracting an influx of new businesses, high-quality jobs and an educated, professional demographic of residents.

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August, 2020
Aug 7, 2020

Date

Sold (Public Records)

Public Records

$960,000

Price
August, 2017
Aug 17, 2017

Date

Sold (Public Records)

Public Records

--

Price

Tax History for 1224 Olive Ave

Assessed Value (2020): $711,168

Year	Land Value	Improved Value	Assessed Value
2020	$498,767	$212,401	$711,168

About 1224 Olive Ave

Detailed summary of property

1224 Olive Ave is categorized with a use code of Quadruplex (4 Units, Any Combination) in Long Beach, CA 90813 and last sold on August 7, 2020 for $960,000. This property has 4 bedrooms, 4 bathrooms, roughly 3,192 living square feet, and sits on an approximately 6,501 square foot lot. Homes in Long Beach are selling for a median price of $892,000 and a median price per square foot of $659. Based on Ardent Real Estate Group's Long Beach Market Data, this home is sold 7.62% higher than the current median priced home. 1224 Olive Ave was last sold on August 7, 2020 for $960,000. Local nearby listings include 100 Atlantic Ave #215, 1244 E 3rd St #203 and 401 W 5th #3B. The average home in Long Beach, CA is selling in 52 days. There are currently 711 homes for sale in the Long Beach real estate market and 397 of them are single family homes while 292 of them are condos and 22 are townhomes. If you are the homeowner and looking to sell the home at 1224 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 1224 Olive Ave

Public county record property details

Beds: 4
Baths: 4
Year built: 1922
Sq. Ft.: 3,192
Lot Size: 6,501
Stories: --

Type: Quadruplex (4 Units, Any Combination)
Pool: No
Spa: No
County: Los Angeles
Lot#: 5,6
APN: 7274-004-003

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

$559,000

Median List Price/Sq.Ft.

$560

Median Sold Price

$450,000

Median Sold Price/Sq.Ft.

$576

Total Inventory

Median Sale to List Price %

90.82%

Avg Days on Market

Loan Type

Conventional (50%), FHA (10%), VA (0%), Cash (10%), Other (30%)

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