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    Multifamily Apartment Building with Underground Parking Title is generated by Realmo AI

    1060 Olive, Long Beach, CA 90813

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    For Sale
    $5,400,000

    Commercial/Residential - Long Beach, CA

    Property size:
    12,270 SF
    Lot size:
    13,051.00 Acres
    Price / SF:
    $440/SF
    Added:
    Jun 3, 2026
    Days on Market:
    1
    Last Refresh:
    Jun 3 at 11:06 pm

    Property Features for 1060 Olive

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    2
    Bathrooms
    1
    Rooms
    Bathroom 1, Bedroom 1, Bedroom 2
    Parking
    24
    Exterior features
    Community Features Included: Urban, 16-20 Units/Acre
    Standard status
    Active
    APN
    7274011030
    Size
    12,270 SF
    Lot size
    13,051.00 Acres

    Building Details

    Year built
    1985
    Floors in Building
    2
    Number of units
    16
    Architectural style
    Other

    We can help!

    Listing Contact
    Robert Stepp
    Robert Stepp

    Listing agent Robert Stepp License #01456379

    Listing office Keller Williams Realty Downey 8255 Firestone Blvd., #100, Downey, CA

    Listing date Jun 3, 2026

    MLS# PW26120925 Listing URL

    Copyright © 2026 California Regional Multiple Listing Service, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • 16‑unit multifamily property built in 1985 in Long Beach, CA
    • All units are 2‑bedroom/1‑bath with ample natural light
    • On‑site laundry facilities plus secured underground parking with 24 parking spaces
    • Approximately $650K in recent capital improvements: interior renovations on 11/16 units, double‑pane windows, new railings and exterior enhancements
    • Security and life‑safety upgrades include controlled access gates, building‑wide security cameras, and an upgraded fire panel system
    • Roof newly sealed in 2024; units are individually metered for gas and electricity, supporting potential RUBS utility reimbursement

    Overview

    Ten60 Olive Avenue is a well-maintained 16-unit multifamily property built in 1985. The building’s current unit mix is consistent, with all apartments offering two bedrooms and one bathroom and ample natural light. Amenities include on-site laundry facilities, and there is secured underground parking with 24 spaces.

    The ownership has invested approximately $650,000 in recent capital improvements. Updates 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, and a building-wide security camera system. Additional work includes a newly sealed roof completed in 2024 and an upgraded fire panel system.

    Located at 1060 Olive in Long Beach, California, the property is positioned for tenants and operators seeking a turnkey residential income asset with built-in operational revenue sources. On-site laundry supports ancillary income, and parking income is currently collected with one parking space included per unit. Units are individually metered for gas and electricity, creating a practical basis for implementing a utility reimbursement program where permitted. The combination of recent renovations and recurring on-site amenities may help simplify day-to-day operations for an owner-operator or investor.
    Property Profile Location Intelligence

    Current Use by Public Records

    Ali’s Pad Apartment Building

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Gym & Fitness Center Grocery & Convenience Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Long Beach
    County
    Los Angeles
    State
    California
    Longitude
    -118.1825385
    Latitude
    33.7801777

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    FAQs

    What type of property is this?
    Apartment building - 16-unit multifamily property with all 2-bed/1-bath units, on-site laundry, and secured underground parking.
    Where is this apartment building located?
    The property is located at 1060 Olive Long Beach, CA.
    What is the asking price?
    The asking price for this property is $5,400,000.
    What are key features of this property?
    This property features: 16‑unit multifamily property built in 1985 in Long Beach, CA; All units are 2‑bedroom/1‑bath with ample natural light; On‑site laundry facilities plus secured underground parking with 24 parking spaces
    (310) 463-2916
    We can help!
    Listing Contact
    Robert Stepp
    Robert Stepp
    Real Estate License ID: 01456379
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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