$1,950,000 - 707 E 7th Street, Long Beach

  • 0Beds
  • Baths
  • 6,544SQ. Feet
  • 0.17Acres

First time on the market in over 17 years and Seller is extremely motivated. Property is currently operating as 9 units, but shows 10 legal units on record. Huge value-add opportunity with below market rents and a Pro Forma Cap Rate of 6.44% based on conservative market rents. The property is comprised of EIGHT (Studios) and ONE (11+ 3 House). The house was built as two separate single family houses and legally converted into a duplex in 1999. 4 of the 8 Studios have been remodeled and the house is in good condition. All leases are month to month and there is significant upside for a new investor by remodeling unit interiors and raising rents to market. The house and two studios are currently vacant, allowing a Buyer to begin raising rents immediately.

Sales Agent

Sam SmithBeach Cities Real EstatePhone: 562-355-8228 Cell: 562-355-8228 Contact Agent Now

Essential Information

  • MLS® #:RS19059595
  • Price:$1,950,000
  • Bathrooms:0.00
  • Square Footage:6,544
  • Acres:0.17
  • Year Built:1926
  • Type:Residential Income
  • Status:Closed

Community Information

  • Address:707 E 7th Street
  • Area:Downtown Area, Alamitos Beach (4)
  • Subdivision:Downtown (DT)
  • City:Long Beach
  • County:Los Angeles
  • State:CA
  • Zip Code:90813

Exterior

  • Lot Description:Lot 6500-9999, Corner Lot

Additional Information

  • Date Listed:March 18th, 2019
  • Days on Market:165
  • Zoning:LBCO

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Downtown (dt)

  • City:
    Long Beach
  • Price Range:
    $560,000 - $3,395,000
  • Current Listings:
    23
  • HOA Dues:
    $
  • Average Price per Square Foot:
    $359
  • Link:
    Downtown (DT) Homes For Sale
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Provided By: Andrew Mcallister(01946829), Nationwide Real Estate Execs.

Based on information from California Regional Multiple Listing Service, Inc. as of October 22nd, 2019 at 7:33am CDT. 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 usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.