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    417 Olive Avenue

    Long Beach, CA 90802
    • $1,250,000
    • STATUS: Active Under Contract
    • ON SITE: 41 days
    • ID#: PW20168962
    Under Contract
    UPDATED: 45 min ago
    $1,250,000
    • 0
      BEDS
    • 0.06
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 4,512
      SQFT
    • $277
      $/SQFT
    Neighborhood:
    Type:
    Multi-Family
    Built:
    1925
    County:

    School Ratings & Info

    Description

    We are pleased to present this Investment Opportunity to own a Mixed-Use building Located within the East Village Arts District that hasn't been on the market in over 30 years. Built in 1925 this property was seismically retrofitted in 1992 and originally built with Four(4), One (1) bedroom apartment units above One (1) commercial ground floor unit. Full market rents can be obtained without paying any relocation fees. Great opportunity to convert to 5 individual gas and electrical meters. Lots of natural light through the many windows and multiple access points through the upper and lower walkways. This is an investor opportunity to acquire, add value with true upside in one of the most desirable areas in Downtown Long Beach. Could also use this opportunity to reconfigure units to create a better unit mix. New wood flooring installed less than 5 years ago.

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    Based on information from California Regional Multiple Listing Service, Inc. as of 2020-10-01T07:28:54. 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 deemed reliable but is not guaranteed accurate by the MLS or Legacy 15 Real Estate Brokers. Licensed in the State of California, USA.

    www.legacy15.com/homes/109187780
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    417 Olive Avenue Long Beach, CA 90802

    • Price: $1,250,000
    • Status: Active Under Contract
    • Updated: 45 min ago
    • ID#: PW20168962
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.06
    Acres
    4,512
    SQFT
    $277
    $/SQFT
    1925
    Built
    Neighborhood:
    Downtown (Dt)
    County:
    Los Angeles
    Area:
    4 - Downtown Area, Alamitos Beach
    Property Description
    We are pleased to present this Investment Opportunity to own a Mixed-Use building Located within the East Village Arts District that hasn't been on the market in over 30 years. Built in 1925 this property was seismically retrofitted in 1992 and originally built with Four(4), One (1) bedroom apartment units above One (1) commercial ground floor unit. Full market rents can be obtained without paying any relocation fees. Great opportunity to convert to 5 individual gas and electrical meters. Lots of natural light through the many windows and multiple access points through the upper and lower walkways. This is an investor opportunity to acquire, add value with true upside in one of the most desirable areas in Downtown Long Beach. Could also use this opportunity to reconfigure units to create a better unit mix. New wood flooring installed less than 5 years ago.
    Exterior Features

    Foundation Details Slab Garage Spaces 0.00 Lot Features Near Public TransitZero Lot Line Lot Size Source Assessor Lot Size Units Square Feet Parking Total 0.00 Pool Features None Pool Private YN No Property Attached YN Yes Roof Composition

    Interior Features

    Appliances Gas RangeWater Heater Central Appliances YN Yes Average Studio Area Units Square Feet Average1 Bed Area Units Square Feet Average2 Bed Area Units Square Feet Average3 Bed Area Units Square Feet Common Walls 2+ Common Walls Cooling None Cooling YN No Fireplace Features None Fireplace YN No Flooring Wood Heating Wall Furnace Heating YN Yes Laundry Features None Levels Two

    Property Features

    Additional Parcels YN No Building Area Units Square Feet Cap Rate 4.97 Community Features CurbsSidewalksStreet LightsUrban Country Us Current Financing None Electric Electricity - On PropertyStandard Electric Expense 0.00 Elevation Units Feet Fuel Expense 0.00 Gross Income 100800.00 Gross Operating Income 95760.00 Gross Scheduled Income 100800.00 Insurance Expense 0.00 Land Lease YN No Laundry YN No Net Operating Income 62244.00 New Construction YN No New Taxes Expense 0.00 Number Of Separate Electric Meters 2 Number Of Separate Gas Meters 2 Number Of Separate Water Meters 1 Number Of Units Leased 0 Operating Expense 33516.00 Operating Expense Percent 35.00 Professional Management Expense 0.00 Property Condition Fixer Rent Control YN No Senior Community YN No Sewer Public Sewer Special Listing Conditions Standard Subdivision Name Other Downtown (Dt) Total Actual Rent 0.00 Total Expenses 33516.00 Trash Expense 0.00 Utilities See Remarks Vacancy Allowance 5040 Water Sewer Expense 0.00 Water Source Public Year Built Source Assessor Zoning Lbpd30

    Listing provided courtesy of Vincent Sanchez of Appleby Commercial Real Estate


    Based on information from California Regional Multiple Listing Service, Inc. as of 2020-10-01T07:28:54. 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 deemed reliable but is not guaranteed accurate by the MLS or Legacy 15 Real Estate Brokers. Licensed in the State of California, USA.

     
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