1060 Olive Ave 16 Unit Apartment Building $5,700,000 ($356,250/Unit) 4.82% Cap Rate Long Beach, CA 90813

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
• 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
Utility Reimbursement (RUBS):
Units are individually metered for gas and electricity, positioning the asset for implementation of a RUBS program to offset utility expenses.
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 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.