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736 Olive Ave, Long Beach, CA 90813
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736 Olive Ave Long Beach, CA 90813

$3,695,000
  • 32 Beds
  • 13 Baths
  • 9,679 Sq.Ft.
For Sale
$3,695,000 Get Pre-Qualified
Map preview of 736 Olive Ave, Long Beach, CA 90813

Property Overview: 736 Olive Ave Long Beach, CA has 32 bedrooms, 13 bathrooms, 9,679 living square feet and 12,509 square feet lot size. Call an Ardent Real Estate Group agent to verify current availability of this home or with any questions you may have.

Agent Remarks: 736-742 Olive is a 12-unit apartment building located in Long Beach, CA. The property is priced at a 6.0% cap rate and an 11.56 GRM on current rents. Built in 1927, the property includes (2) studios, (1) 5BD/2BA unit, and (9) 3BD/1BA units. Parking is available on-site with eight (8) garages and eight (8) surface spaces. The majority of the units have been updated with new flooring, paint and countertops. New ownership can generate additional upside by converting garages to ADUs, without losing surface parking in the interior courtyards. With a 91 Walk Score, the asset is well located near vibrant Downtown Long Beach and Alamitos Beach.

Listed by Robert Stepp | BRE #01456379 | Keller Williams - Santa Monica
Last checked: 8 minutes ago | Last updated: April 16th, 2024 | Source CRMLS | DOM: 128
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Home details

Lot Sq. Ft
12,509
HOA Dues
$0/mo
Year built
1927
Garage
8 Car
Property Type:
Mixed Use
Status
Active
MLS#
PW23229182
City
Long Beach
County
Los Angeles
Time on Site
130 days
Multi-Family Unit Breakdown
Unit Mix Summary
  • Total # of Units: 12
  • Total # of Buildings: 4
  • # of Electric Meters: 12
  • # of Gas Meters: 12
  • # of Water Meters: 1
Unit Breakdown 1
  • # of Units: 2
  • # of Beds: 0
  • # of Baths: 1
  • Garage Spaces: 1
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $1,355
  • Total Rent: $2,710
  • Pro Forma/Market Rent: $1,500
Unit Breakdown 2
  • # of Units: 1
  • # of Beds: 5
  • # of Baths: 2
  • Garage Spaces: 1
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $2,595
  • Total Rent: $2,595
  • Pro Forma/Market Rent: $3,500
Unit Breakdown 3
  • # of Units: 9
  • # of Beds: 3
  • # of Baths: 1
  • Garage Spaces: 1
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $2,358
  • Total Rent: $21,222
  • Pro Forma/Market Rent: $2,620
Multi-Family Income/Expense Information
Property Income and Analysis
  • Cap Rate: 6%
  • Gross Rent Multiplier: 11.56
  • Gross Scheduled Income: $319,707
  • Net Operating Income: $221,589
  • Gross Operating Income: --
Annual Expense Breakdown
  • Total Operating Expense: $88,527
  • Electric: $1,825
  • Gas/Fuel: $1,825
  • Licenses: $1,500
  • New Taxes: $45,916
  • Trash: $1,825
  • Gardener: $620
  • Insurance: $7,797
  • Maintenance: $8,400
  • Professional Management: $12,405
  • Water/Sewer: $1,825
  • Other Expenses: $3,600
  • Other Expense Description: Reserves

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Property Details for 736 Olive Ave

Interior Features
Laundry Information
  • Has Laundry
  • Individual Room
Exterior Features
Exterior Features
  • No Pool
  • Pool Features: None
Lot Details / Garage and Parking
Parking/Garage Information
  • # of Garage Spaces: 8
  • # of Parking Spaces: 16
Lot Information
  • Lot Features: 11-15 Units/Acre
  • Lot Size Source: Assessor
  • Common Interest: Community Apartment
Property Information
  • Common Walls: 2+ Common Walls
  • Total # of Units: 12
  • Parcel Number: 7274020038
  • Year Built Source: Assessor
  • Entry Level: 1
  • Property is Attached
  • Has Additional Parcels
Homeowners Association, Utilities, Taxes / Assessments
Utilities Information
  • Sewer: Public Sewer
  • Water Source: Public
Location / Neighborhood
Location Information
  • Subdivision Name: Alamitos Beach (AB)
  • Directions: E 7th St
Neighborhood Information
  • Community Features: Sidewalks
View more facts & features

Local Long Beach Agent

Sale History for 736 Olive Ave

View property's historical transactions

  • December, 2023

  • Dec 22, 2023

    Date

    Active

    CRMLS: PW23229182

    $3,695,000

    Price

  • December, 2022

  • Dec 21, 2022

    Date

    Canceled

    CRMLS: OC22221631

    $4,000,000

    Price

  • Oct 13, 2022

    Date

    Active

    CRMLS: OC22221631

    $4,000,000

    Price

  • Listing provided courtesy of CRMLS

    736 & 744 Olive Avenue is a 2-property, 12-unit multifamily investment portfolio located in Long Beach, a premier rental market in Los Angeles County, California. Built in 1922 and 1927, 736 & 744 Olive Avenue offers a diverse mix of studio, three, and five-bedroom floor plans. The property features amenities including security doors, ample surface and garage parking, private patios (select units), and on-site laundry. 736 & 744 Olive Avenue offers a new investor the opportunity to potentially add up to four accessory dwelling units.

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Tax History for 736 Olive Ave

Assessed Value (2020): $355,908
Year Land Value Improved Value Assessed Value
2020 $105,115 $250,793 $355,908

Home Value Compared to the Market

This property vs the competition

736 Olive Ave is listed 361.93% higher than the median list price for the city of Long Beach which has a median list price of $799,900. The median price per/sqft for Long Beach is $637 and this home is listed at $381.75 per/sqft which puts the price per square foot 40.07% lower than the median price per square foot for the city of Long Beach.

About 736 Olive Ave

Detailed summary of property

736 Olive Ave is a mixed use located in Long Beach, CA 90813 and is currently for sale. This mixed use property offers 32 bedrooms, 13 bathrooms, roughly 9,679 living square feet, and sits on an approximately 12,509 square foot lot. 736 Olive Ave was first listed on ArdentRealEstateGroup.com on December 22, 2023. The homeowner is currently asking $3,695,000. The median priced home in Long Beach is $799,900 with a median price per square foot of $637. Based on Ardent Real Estate Group's Long Beach Market Data, this home is listed 361.93% higher than the median priced home. Local competing homes currently for sale include 133 S Melrose St, 601 N Normandie Ave and 811-1 N Bay Front. While the average home in Long Beach, CA is selling in 54 days, 736 Olive Ave has a days on market of 128 days. There are currently 593 homes for sale in the Long Beach real estate market and 338 of them are single family homes while 242 of them are condos and 13 are townhomes. For more information on this home for sale at 736 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 736 Olive Ave

Public county record property details
Beds
5
Baths
7
Year built
1927
Sq. Ft.
4,976
Lot Size
6,256
Stories
--
Type
Apartment House (5+ Units)
Pool
No
Spa
No
County
Los Angeles
Lot#
6
APN
7274-020-038

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
$695,000
Median List Price/Sq.Ft.
$546
Median Sold Price
$584,000
Median Sold Price/Sq.Ft.
$592
Total Inventory
28
Median Sale to List Price %
108.35%
Avg Days on Market
23
Loan Type
Conventional (80%), FHA (10%), VA (10%), 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.

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