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Long Beach Investment Property 417 E 7Th Street, Long Beach, CA 90813
Garden/Low Rise
Property Description
417-423 E 7Th St. has been very well maintained over the past 10+ years. The five separate structures on the lot consist of a 6-Unit building in the front with four, 1 bed, 1 bath unitsthe two, 1 bedrooms on the first floor are very largeand two singles. Built over two single car garages is a remodeled 1 bed, 1 bath non-conforming unit. To the north sit two detached homes, a few more steps north you will find two single units over four more 1-car garages. All garages are income producing and feature automatic doors, every units kitchen and bathroom have been remodeled, every unit has an updated electrical panel, the building is copper plumbed in all accessible areas, and the seller re-roofed the property approximately eight years ago. For tenant convenience laundry is available on-site and the seller has not raised any of the rents from the time of tenant move-in. SELLER TO 1031 EXCHANGE.
Area Description
The property is located on East 7Th St. just west of Atlantic Avenue and east of Long Beach Blvd. 1/2 mile to west, also on 7Th St., is a 710 Freeway entrance. 1.5 miles to the south is the Downtown Long Marina and Rainbow Harbor featuring the Aquarium of the Pacific.
Highlights
Five Separate Structures Including Two Detached Homes
Six Income Producing Garages with Automatic Doors
Every Kitchen & Bathroom Remodeled
Copper Plumbing Where Accessible
Updated Electrical Panels
On-Site Laundry
Rental Upside
Easy 710 Freeway Access
Close to Aquarium of the Pacific
Very Well Maintained
Full Address: 417 E 7Th Street, Long Beach, CA 90813
Listing Type: FOR SALE
Status: Sold
Building Class: C
Zoning: LBCO
Region: W-WP
County: Los Angeles County
Closest Cross Streets: Long Beach Blvd.
Use Type: Investment
Property ID: 126716
Has Water: Yes
Has Electric: Yes
Gas: Yes
Water: Yes
Broadband: Yes
Has Gas: Yes
Building Sf: 5292
Parcel Num: 7273-019-015
Number Units: 11
Number Buildings: 5
Financial Terms: Cash to New Loan
Year Built: 1918
Free Standing: Yes
Commission Comments: 2.5% to Selling Agent
Cap Rate: 5.11
Five Separate Structures Including Two Detached Homes
Six Income Producing Garages with Automatic Doors
Every Kitchen & Bathroom Remodeled
Copper Plumbing Where Accessible
Updated Electrical Panels
On-Site Laundry
Rental Upside
Easy 710 Freeway Access
Close to Aquarium of the Pacific
Very Well Maintained
Average Monthly Rent - 1 Bed, 1 Bath (Large): 967
Average Monthly Rent - 1 Bed, 1 Bath (Homes): 859
Average Monthly Rent - 1 Bed, 1 Bath (NC): 795
Average Monthly Rent - 1 Bed, 1 Bath: 754
Average Monthly Rent - Single: 680
Cash Flow Type: Actual
Cf Op Expenses: 43340
Cf Effective Gross: 106249
Cf Debt Service: 50047
D Amortization: 30
D Debt Service: 50047
Cf Year: 2014
D Interest Rate: 4.75
Cf Sched Income: 111456
Cf Net Op Income: 62909
Debt Type: Proposed