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727 Olive Ave Long Beach, CA 90813

$2,326,000 Sold Price as of 03/15/2021

12 Beds
11 Baths
6,792 Sq.Ft.

Sold

$2,326,000 Sold Price as of 03/15/2021 Refinance Your Mortgage

Map preview of 727 Olive Ave, Long Beach, CA 90813

Property Overview: 727 Olive Ave Long Beach, CA has 12 bedrooms, 11 bathrooms, 6,792 living square feet and 7,502 square feet lot size. Call an Ardent Real Estate Group agent with any questions you may have.

Agent Remarks: This offering presents an excellent opportunity for an investor to acquire an extensively renovated asset that is generating a strong current return and also capture 17 percent rental upside. 727 Olive Avenue was built in 1923 on a 7,502-square foot lot and consists of a two-bedroom/one-bath house and two two-story apartment buildings that contain 10 one-bedroom/one-bath units. All units are separately metered for gas and electricity. The property has controlled access and offers on-site laundry, five single-car garages, and two surface parking spots that generate additional income. The property boasts a long list of substantial recent capital expenditures that range from new electrical and a new electrical panel to a new surveillance system, a newer roof, new plumbing in most units, interior upgrades, and much more. Nine of the units have been renovated with new kitchens, modern cabinetry, upgraded flooring, stainless steel appliance packages, tile showers, ceiling fans, and more. The property is located near the intersection of 7th Street and Alamitos Avenue, proximate to Downtown Long Beach, which has seen major redevelopment in recent years, conveniently near the Metro Blue Line and the 710 Freeway, and less than one mile from the beach.

Listed by Steven Bogoyevac | BRE #01332755 | Steven M. Bogoyevac, Broker

Last checked: 12 minutes ago | Last updated: March 22nd, 2022 | Source CRMLS | DOM: 11

Home details

Lot Sq. Ft: 7,502
HOA Dues: $0/mo
Year built: 1923
Garage: 5 Car
Property Type:: Multi Family

Status: Sold
MLS#: PW21006378
City: Long Beach
County: Los Angeles
Time on Site: 1338 days

Multi-Family Unit Breakdown

Unit Mix Summary

Total # of Units: 11
Total # of Buildings: 3
# of Electric Meters: 11
# of Gas Meters: 11
# of Water Meters: 0

Unit Breakdown 1

# of Units: 10
# of Beds: 1
# of Baths: 1
Garage Spaces: 0
Garaged Attached? No
Furnishing: Unfurnished
Actual Rent: $1,266
Total Rent: $12,658
Pro Forma/Market Rent: $1,550

Unit Breakdown 2

# of Units: 1
# of Beds: 2
# of Baths: 1
Garage Spaces: 0
Garaged Attached? No
Furnishing: Unfurnished
Actual Rent: $1,845
Total Rent: $1,845
Pro Forma/Market Rent: $1,995

Multi-Family Income/Expense Information

Property Income and Analysis

Cap Rate: 5.23%
Gross Rent Multiplier: 13.1
Gross Scheduled Income: $174,031
Net Operating Income: $119,217
Gross Operating Income: --
Garage Rental Income: $6,855
Laundry Income: $1,094

Annual Expense Breakdown

Total Operating Expense: $57,543
Electric: $0
Gas/Fuel: $0
New Taxes: $0
Trash: $0
Insurance: $0
Professional Management: $0
Water/Sewer: $0

Property Details for 727 Olive Ave

Interior Features

Laundry Information

Has Laundry
Community

Exterior Features

No Pool
Pool Features: None

Lot Details / Garage and Parking

Parking/Garage Information

# of Garage Spaces: 5
# of Parking Spaces: 7

Lot Information

Lot Features: Rectangular Lot
Lot Size Source: Assessor
Common Interest: None

Property Information

Common Walls: No Common Walls
Total # of Units: 11
Parcel Number: 7274020012
Year Built Source: Assessor
Property is not Attached

Homeowners Association, Utilities, Taxes / Assessments

Utilities Information

Sewer: Public Sewer
Water Source: Public

Location / Neighborhood

Location Information

Subdivision Name: Other (OTHR)
Other Subdivision Name: N/A
Directions: Just north of the 7th Street and Olive Avenue intersection

Neighborhood Information

Community Features: Suburban

View more facts & features

Local Long Beach Agent

Sale History for 727 Olive Ave

Last sold for $2,326,000 on March 15th, 2021

March, 2021
Mar 15, 2021

Date

Sold

CRMLS: PW21006378

$2,326,000

Price
Jan 22, 2021

Date

Pending

CRMLS: PW21006378

$2,279,000

Price
Jan 12, 2021

Date

Active

CRMLS: PW21006378

$2,279,000

Price
January, 2016
Jan 26, 2016

Date

Sold (Public Records)

Public Records

$1,250,000

Price
December, 2007
Dec 31, 2007

Date

Sold (Public Records)

Public Records

--

Price

Tax History for 727 Olive Ave

Assessed Value (2020): $1,354,358

Year	Land Value	Improved Value	Assessed Value
2020	$876,769	$477,589	$1,354,358

Home Value Compared to the Market

This property vs the competition

727 Olive Ave sold on March 15, 2021 for 178.27% 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 $335.54 per/sqft which puts the price per square foot 46.57% lower than the current median sale per square foot for the city of Long Beach.

About 727 Olive Ave

Detailed summary of property

727 Olive Ave is a multi family that recently sold in Long Beach, CA 90813. This multi family property offered 12 bedrooms, 11 bathrooms, roughly 6,792 living square feet, and sits on an approximately 7,502 square foot lot. 727 Olive Ave was first listed on ArdentRealEstateGroup.com on January 20, 2021. The homeowner sold the property for $2,326,000. 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 178.27% higher than the current median priced home. Local homes that are currently for sale include 1717 Temple Ave, 1717 Temple Ave and 1980 Harbor Ave. While the average home in Long Beach, CA is selling in 62 days, 727 Olive Ave has a days on market of 11 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 727 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 727 Olive Ave

Public county record property details

Beds: 12
Baths: 11
Year built: 1923
Sq. Ft.: 6,792
Lot Size: 7,502
Stories: --

Type: Apartment House (5+ Units)
Pool: No
Spa: No
County: Los Angeles
Lot#: 2
APN: 7274-020-012

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%)

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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.