727 Olive Avenue
727 Olive Avenue
Closed 3/15/21
Closed 3/15/21
Description
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,...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 • DRE #01332755 • Brokerage DRE #01332755 • Steven M. Bogoyevac, Broker
Property Details for 727 Olive Avenue
Location
Sold By The Agency, Jonathan Swire, DRE #01336277
Property Details for 727 Olive Avenue
| Status | Closed |
|---|---|
| MLS # | PW21006378 |
| Days on Market | 11 |
| Taxes | - |
| HOA Fees | - |
| Condo/Co-op Fees | - |
| Compass Type | Multi Family |
| MLS Type | Residential Income |
| Year Built | 1923 |
| Lot Size | 0.17 AC / 7,502 SF |
| County | Los Angeles County |
Location
Sold By The Agency, Jonathan Swire, DRE #01336277
Building Information for 727 Olive Avenue
Payment Calculator
$15,369 per month
30 year fixed, 7.25% Interest
$12,694
$2,675
$0
Property Information for 727 Olive Avenue
- Gross Income: $181,980
- Gross Scheduled Income: $174,031
- Net Operating Income: $119,217
- Garage Income: $6,855
- Laundry Income: $1,094
- Gross Multiplier: 13.1
- Cap Rate: 5.23
- Financing: Cash
- Operating Expense: $57,543
- New Taxes Expense: $0
- Fuel Expense: $0
- Electric Expense: $0
- Insurance Expense: $0
- Professional Management Expense: $0
- Trash Expense: $0
- Water Sewer Expense: $0
- Total Expenses: $57,543
- Tax Block: 26
- Tax Tract Number: N/A
- Tax Census Tract: 5763.02
- Tax Lot: 2
- Community Features: Suburban
- Laundry: Yes
- Laundry Features: Community
- Pool Features: None
- Pool Description: None
- Pool: N/K
- Lot Features: Rectangular Lot
- Number Of Units: 11
- Land Lease: No
- Land Lease Type: Fee
- Sewer: Public Sewer
- Water Source: Public
- Garage Spaces: 5
- Uncovered Spaces: 2
- Open Other Spaces Total: 2
- Parking Garage Spaces: 5
- Carport Spaces: 0
- Builders Tract Name: Other
- Builders Tract Code: Other (OTHR)
- Unit Type Units Total: 10
- Unit Type Beds Total: 1
- Unit Type Baths Total: 1
- Unit Type Furnished: Unfurnished
- Unit Type Garage Spaces: 0
- Unit Type Actual Rent: $1,266
- Unit Type Total Rent: $12,658
- Unit Type Pro Forma: 1550
- Unit Type Type: 1
- 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: $1,845
- Unit Type Total Rent: $1,845
- Unit Type Pro Forma: 1995
- Unit Type Type: 2
- Rent Controlled: No
- Number Of Buildings: 3
- Number Of Separate Electric Meters: 11
- Number Of Separate Gas Meters: 11
- Number Of Separate Water Meters: 0
Property History for 727 Olive Avenue
| Date | Event & Source | Price | Appreciation |
|---|
| Date | Event & Source | Price |
|---|
For completeness, Compass often displays two records for one sale: the MLS record and the public record.
Public Records for 727 Olive Avenue
Schools near 727 Olive Avenue
Rating | School | Type | Grades | Distance |
|---|---|---|---|---|
| Public - | K to 5 | |||
| Public - | 6 to 8 | |||
| Public - | 9 to 12 | |||
| Public - | 9 to 12 |
Rating | School | Distance |
|---|---|---|
Stevenson Elementary School PublicK to 5 | ||
Franklin Classical Middle School Public6 to 8 | ||
Polytechnic High School Public9 to 12 | ||
Renaissance High School For The Arts Public9 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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Listing Courtesy of Steven M. Bogoyevac, Broker, Steven Bogoyevac, DRE #01332755
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.