721 E. 7th Street is an 16-unit apartment asset located in the East Village Arts District neighborhood of Downtown Long Beach. The property is offered at 10.87 GRM and 5.55% cap rate on current rents. The building in the front of the property was built in 1923, and offers (3)… Read More 2BD/1BA units, (8) 1BD/1BA units and (5) studio units. Fifteen (15) of the units have been upgraded with new flooring, paint and modern kitchens and baths. Building improvements include upgraded electrical throughout property. There is ample room to add community laundry facilities in the basement of building. With a Walk Score of 92, the property is in prime East Village Arts District, offering walkability to myriad of employment opportunities as well as all of the shopping, dining, cultural and nightlife amenities in Downtown Long Beach. Read Less
Property listed by Keller Williams - Santa Monica, Robert Stepp 310-463-2916
Listing Snapshot
Days Online
10
Last Updated
Property Type
Mixed Use
Lot Size
0.17 Acres
Year Built
1923
MLS Number
PW25065043
Additional Details
Building
Built in 1923, Building area total: 10,464, Levels: Two, 2 stories, 2 buildings, Architectural style: , Attached, Common walls: TwoCommonWallsOrMore
Community
Sidewalks
Expenses
Electric expense: $2,597, Fuel expense: $2,596, Insurance expense: $17,387, Licenses expense: $1,500, Maintenance expense: $10,400, New taxes expense: $44,477, Operating expense: $115,427, Trash expense: $2,597, Water sewer expense: $2,597, Other expense: $10,000
Income
Gross income: $305,519, Net operating income: $190,092
Based on information from California Regional Multiple Listing Service, Inc. as of and/or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
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