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About This Home
This 2-bedroom, 1-bathroom residential multi family at 1060 Olive in Long Beach, CA is listed for $5,400,000 ($440 per sqft). Built in 1985, the home offers 12,270 sqft of living space on a 0.30 acres lot.
PROPERTY OVERVIEW - 1980'S CONSTRUCTION. Built in 1985, Ten60 Olive Avenue is a well-maintained 16-unit multifamily asset with strong curb appeal, located in Long Beach, California. The property features all 2-bedroom / 1-bath units with ample natural light.
Amenities include on-site laundry facilities and secured underground parking with 24 parking spaces. $650K IN CAPITAL IMPROVEMENTS. Ownership has invested approximately $650K in recent capital improvements, significantly reducing near-term capital requirements and enhancing overall asset stability.
Improvements include: high-end interior renovations on 11 of the 16 units, double-pane windows installed throughout all units, new railings and exterior enhancements, controlled access gates, building-wide security camera system, newly sealed roof in 2024, and upgraded fire panel system.
ADDITIONAL INCOME & VALUE-ADD POTENTIAL. The property offers both in-place supplemental income and identifiable opportunities to further increase revenue; Laundry Income: On-site laundry facilities provide consistent ancillary income. Potential Utility Reimbursement (RUBS): Units are individually metered for gas and electricity positioning the asset for implementation of a RUBS program for additional income.
Parking Income: Current rents include one parking space per unit. The property may offer an opportunity to increase parking income without requiring additional capital investment. STABLE IN-PLACE CASH FLOW WITH UPSIDE. With substantial capital improvements completed, strong curb appeal, and additional operational upside remaining, Ten60 Olive Avenue presents a well-balanced multifamily investment opportunity in the heart of Long Beach.
The property combines stable in-place cash flow with meaningful long-term growth potential through rental increases, RUBS implementation, and ancillary income opportunities.
Key Features
- Built in 1985
- 0.30 acre lot
- 2 stories
- 24 parking spaces
Property Details
Monthly Cost Estimate
$28,880/mo
20% down · 6.5% · 30 years
Estimates only. Actual payments may vary.
Location
1060 Olive
Long Beach, CA 90813
Other (OTHR)
Features & Amenities
Exterior Features
Questions & Answers
This 2-bedroom, 1-bathroom residential multi family at 1060 Olive is listed at $5,400,000 ($440/sqft). The estimated monthly payment is $23,400 based on 20% down at 6.5% interest.
Key features include: Built in 1985, 0.30 acre lot, 2 stories, 24 parking spaces. Exterior Features: Community Features Included: Urban, 16-20 Units/Acre.
This property is listed by Robert Stepp and can be reached at 3104632916 or rstepp@steppcommercial.com.