2515 Olive Ave, Long Beach, CA 90806

2515 Olive Ave, Long Beach, CA 90806

Long Beach, CA

Property Description

Lyon | Stahl is excited to present 2515 Olive Ave, an 8-unit apartment building located in the desirable Northeast pocket of Long Beach, just a short commute to Long Beach Waterfront, The Queen Mary, and Shoreline Village. This 4,185 SF building was built in 1953 and is situated on a 12,310SF lot. 2513 Olive Ave offers an ideal unit mix consisting of (1) 2-bed/1-bath unit and (7) 1-bed/1-bath units. The building has been well maintained and features a large driveway with 10 parking spots and a detached 2-car garage. The building features on-site laundry and new drought resistance landscaping including new sprinkler system, new grass, and new brick planters. The entire property has undergone the following renovations: new exterior light fixtures/floodlights, replaced four-wall heaters and rebuilt rest, new seamless gutter and downspouts, new driveway concrete, exterior steps sealed and coated. ALL UNITS ARE FULLY RENOVATED with new vinyl flooring, new paint, upgraded LED electrical finishes, fans in bedroom/ living rooms, new SS stoves, and rebuilt kitchen cabinets. Given the property’s ideal location, strong unit mix, and significant upside in rent potential, 2515 Olive Ave is an excellent investment opportunity for any investor seeking growth, stability, and a hedge against inflation.

• North Long Beach 8-Unit Situated on a Large 12,310 SF Lot

• Unit Mix: (1) 2-Bed/1-Bath & (7) 1-Bed/1-Bath | 4,185 SF of Living Space

• 10 Parking Spaces | Detached 2-Car Garage

• Drought Resistant Landscaping

• Only A Short Commute to Long Beach Waterfront, The Queen Mary, and Shoreline Village

Property Features

  • Sale Price: $1,875,000
  • Area Size: 4185 SF
  • Land Area: 12310 SF
  • Year Built: 1953
  • Closing Date: 7/12/2022
  • Units: 8
  • Current GRM: 14.80
  • Current Cap Rate: 4.18%
  • Price Per Unit: $228,125
  • Market GRM: 11.18
  • Market Cap Rate: 6.25%