1201 Olive Ave

Long Beach, CA 90813

$980,000
Last Sold Price
8
Beds
4
Baths
2,552 Sq. Ft.
$384 / Sq. Ft.
2,552
Sq. Ft.
$384
per Sq. Ft.
Get preapproved with Rocket Mortgage1
Closed 11/18/24
Closed 11/18/24

Description

Introducing 1201 Olive Avenue, a charming Craftsman property with four units, perfect for investors or those seeking multi-family living in a prime location. The front house is a beautifully remodeled Craftsman-style home, offering 3 bedrooms and 1 bath. It boasts a welcoming porch, a brand-new kitchen with modern cabinets, countertops, and flooring, plus a spacious bathroom. Laundry hookups are conveniently included. The middle unit is a detached 2-bedroom, 1-bath home, offering privacy and potential....Introducing 1201 Olive Avenue, a charming Craftsman property with four units, perfect for investors or those seeking multi-family living in a prime location. The front house is a beautifully remodeled Craftsman-style home, offering 3 bedrooms and 1 bath. It boasts a welcoming porch, a brand-new kitchen with modern cabinets, countertops, and flooring, plus a spacious bathroom. Laundry hookups are conveniently included. The middle unit is a detached 2-bedroom, 1-bath home, offering privacy and potential. At the rear of the property, you'll find two additional units. The downstairs unit is a cozy 1-bedroom, 1-bath with its own garage, while the upstairs unit features 2 bedrooms and 1 bath, perfect for additional rental income or extended family. This property is uniquely positioned with both a rear alley and a side alley that runs along the property, giving it the feel of a corner lot and adding flexibility for potential parking expansion. The large lot offers even more opportunity for future development or additional parking spaces. All units are individually sub-metered for gas and electric, making it easy to manage. While the property could use some TLC, it is priced to sell and has immense potential. Additionally, this property is located in an area eligible for the Ladder Up Home Loan Grant, offering up to $50,000 in grant credits for qualified owner-occupant buyers who meet eligibility requirements. This is a rare opportunity to secure a multi-unit property in a prime location with financial assistance available. Don’t miss out on this exceptional investment!
  1. Listed by Juan Huizar • DRE #01417642 • Brokerage DRE #02163228 • Sage Real Estate • 562-307-0838
  2. Listed by Theresa Cornwell • DRE #02230080 • Brokerage DRE #02163228 • Sage Real Estate

Property Details for 1201 Olive Avenue

Architectural Style
Craftsman
Parking Spaces Total
4
Private Pool
No
Total Units
4.0
Building Type
Detached
Lot Size Source
Assessor
Living Area
2552
Assessor Parcel Number
7274-003-012
LISTING UPDATED: 12/12/2024 05:44 AM

Property Details for 1201 Olive Avenue

StatusClosed
MLS #PW24198055
Days on Market16
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built1919
Lot Size0.15 AC / 6,541 SF
CountyLos Angeles County
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Location

Listing Courtesy of Sage Real Estate, Juan Huizar, DRE #01417642; Sage Real Estate, Theresa Cornwell, DRE #02230080

Sold By Sky View Real Estate, Dara Chay, DRE #01217793

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Building Information for 1201 Olive Avenue

Stories1Residences-Year Built1919Building Size-Lot Size0.15 AC / 6,541 SF

Payment Calculator

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OriginPoint Mortgage or Rocket Mortgage1

$5,867 per month

30 year fixed, 6.11% Interest

Principal and Interest

$4,756

Property Taxes

$1,111

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

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Property Information for 1201 Olive Avenue

Rental Info
Rental Info
  • Tenant Pays: Electricity, Gas
Income / Expense / Tax Details
Income Details
  • Gross Income: $96,600
  • Gross Scheduled Income: $96,600
  • Net Operating Income: $67,620
  • Number Of Rented Garages: 1
  • Gross Multiplier: 9.06
  • Cap Rate: 7.73
  • Current Financing: Conventional
  • Financing: Cash To New Loan
Expense Details
  • Operating Expense: $28,980
  • New Taxes Expense: $10,938
  • Gardener Expense: $1,200
  • Licenses Expense: $543
  • Insurance Expense: $3,250
  • Maintenance Expense: $4,200
  • Professional Management Expense: $4,830
  • Trash Expense: $1,200
  • Water Sewer Expense: $1,800
  • Total Expenses: $28,980
Tax / Assessment Info
  • Tax Block: 1
  • Tax Tract Number: 0
  • Tax Census Tract: 5763.02
  • CFD/Mello-Roos Fee: $807
  • Tax Lot: 23
Community / Development
Community / Development
  • Assessments YN: Yes
  • Assessments: Buyer to Verify
  • Community Features: Curbs
  • Community: Alamitos Beach (AB)
Property / Structure Info
Interior Features
  • Laundry: Yes
  • Laundry Features: Inside
  • Flooring Type: Vinyl
  • Flooring: Vinyl
Exterior Features
  • Roof: Shingle
  • Entry Location: 1
  • Pool Features: None
  • Pool Description: None
  • Pool: N/K
  • Pool Heat: N/K
  • Spa Features: None
  • Spa Heat: N/K
Land/Lot Info
  • Lot Features: 0-1 Unit/Acre
  • Number Of Units: 4
  • Land Lease: No
  • Land Lease Type: Fee
  • Road Frontage Type: City Street
  • Levels: One
  • Water: Public
  • Sewer: Public Sewer
  • Water Source: Public
Parking Info
  • Garage Spaces: 1
  • Parking: Yes
  • Parking Garage: Assigned
  • Uncovered Spaces: 3
  • Open Other Spaces Total: 3
  • Parking Garage Spaces: 1
  • Carport Spaces: 0
  • Parking Features: Assigned
Property / Structure Info
  • Builders Tract Name: Alamitos Beach
  • Builders Tract Code: Alamitos Beach (AB)
Unit Information
Unit 1
  • Unit Type Units Total: 1
  • Unit Type Beds Total: 3
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 0
  • Unit Type Actual Rent: $2,500
  • Unit Type Total Rent: $2,500
  • Unit Type Pro Forma: 3250
  • Unit Type Type: 1
Unit 2
  • Unit Type Units Total: 1
  • Unit Type Beds Total: 2
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 0
  • Unit Type Actual Rent: $0
  • Unit Type Total Rent: $0
  • Unit Type Pro Forma: 2250
  • Unit Type Type: 2
Unit 3
  • Unit Type Units Total: 1
  • Unit Type Beds Total: 2
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 1
  • Unit Type Garage Attached: No
  • Unit Type Actual Rent: $1,800
  • Unit Type Total Rent: $1,800
  • Unit Type Pro Forma: 2250
  • Unit Type Type: 3
Unit 4
  • Unit Type Units Total: 1
  • Unit Type Beds Total: 1
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 0
  • Unit Type Actual Rent: $1,500
  • Unit Type Total Rent: $1,500
  • Unit Type Pro Forma: 1950
  • Unit Type Type: 4
Unit Information
  • Number Of Units Leased: 3
  • Rent Controlled: Yes
  • Number Of Buildings: 3
  • Number Of Separate Electric Meters: 4
  • Number Of Separate Gas Meters: 4
  • Number Of Separate Water Meters: 1

Property History for 1201 Olive Avenue

DateEvent & SourcePriceAppreciation
Nov 18, 2024

Sold

SDMLS #PW24198055

$980,000—
Nov 18, 2024

Sold

CLAW #PW24198055MR

$980,000—
Nov 18, 2024

Sold

CRMLS #PW24198055

$980,000—
Oct 21, 2024

Sold (Public Record)

Public Record #1544771727

$980,000—
Oct 18, 2024

Pending

CRMLS #PW24198055

—
Oct 10, 2024

Pending

CLAW #PW24198055MR

—
Oct 10, 2024

Accepting Backup Offers

CLAW #PW24198055MR

—
Oct 10, 2024

Accepting Backup Offers

CRMLS #PW24198055

—
Oct 10, 2024

Pending

SDMLS #PW24198055

—
Sep 24, 2024

Listed (Active)

CRMLS #PW24198055

$875,000—
Sep 23, 2024

Listed (Active)

SDMLS #PW24198055

$875,000—
Sep 23, 2024

Listed (Active)

CLAW #PW24198055MR

$875,000—
Jul 11, 2000

Sold

CRMLS #P185273

$200,000—
Jul 11, 2000

Sold

CLAW #P185273MR

$200,000—
May 3, 2000

Pending

CRMLS #P185273

—
May 3, 2000

Pending

CLAW #P185273MR

—
Apr 27, 2000

Listed (Active)

CRMLS #P185273

$180,000—
Apr 27, 2000

Listed (Active)

CLAW #P185273MR

$180,000—
DateEvent & SourcePrice
11/18/2024

Sold

SDMLS #PW24198055

$980,000
11/18/2024

Sold

CLAW #PW24198055MR

$980,000
11/18/2024

Sold

CRMLS #PW24198055

$980,000
10/21/2024

Sold (Public Record)

Public Record #1544771727

$980,000
10/18/2024

Pending

CRMLS #PW24198055

—
10/10/2024

Pending

CLAW #PW24198055MR

—
10/10/2024

Accepting Backup Offers

CLAW #PW24198055MR

—
10/10/2024

Accepting Backup Offers

CRMLS #PW24198055

—
10/10/2024

Pending

SDMLS #PW24198055

—
09/24/2024

Listed (Active)

CRMLS #PW24198055

$875,000
09/23/2024

Listed (Active)

SDMLS #PW24198055

$875,000
09/23/2024

Listed (Active)

CLAW #PW24198055MR

$875,000
07/11/2000

Sold

CRMLS #P185273

$200,000
07/11/2000

Sold

CLAW #P185273MR

$200,000
05/03/2000

Pending

CRMLS #P185273

—
05/03/2000

Pending

CLAW #P185273MR

—
04/27/2000

Listed (Active)

CRMLS #P185273

$180,000
04/27/2000

Listed (Active)

CLAW #P185273MR

$180,000

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for 1201 Olive Avenue

Taxable ValueLand$480,000Additions$500,000Total$980,000
Tax Record2025$13,327 ($1,111 / month)
Home Facts
Total Finished SqFt2,552 SqFtAbove Grade Finished SqFt2,552 SqFtLot Size6,541 SqFtStyleQuadraplexYear Built1919ZoningLBR4RCountyLOS ANGELESAPN7274-003-012

Schools near 1201 Olive Avenue

This home is within Long Beach Unified School District.
Rating
School
Type
Grades
Distance
Roosevelt Elementary School
Public - K to 5
Franklin Classical Middle School
Public - 6 to 8
Polytechnic High School
Public - 9 to 12
Clear Passage Educational Center
Charter - 9 to 12
Rating
School
Distance
Roosevelt Elementary School
PublicK to 5

Franklin Classical Middle School
Public6 to 8

Polytechnic High School
Public9 to 12

Clear Passage Educational Center
Charter9 to 12

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

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No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass, Inc., its subsidiaries, affiliates and their agents and associated third parties expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. Offers of compensation are subject to change at the discretion of the seller. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Sage Real Estate, Juan Huizar, DRE #01417642; Sage Real Estate, Theresa Cornwell, DRE #02230080

Based on information from one of the following Multiple Listing Services: CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.