NOT LISTED FOR SALE

1640 E 7th St Long Beach, CA 90813

North Alamitos Beach Neighborhood

Estimated Value: $913,000 - $1,412,000

12 Beds
4 Baths
3,736 Sq Ft
$301/Sq Ft Est. Value

Last Sold November 29, 2023

Last sale price $950,000 $254 Per Sq Ft

Est. 19% increase in value since last sale

Current estimated payment $6,961/month

14 Days on Market

Highlights

  • 0.15 Acre Lot
  • 4 Car Attached Garage
  • Laundry Room
  • Long Beach Polytechnic High School Rated A

About This Home

As of November 2023

1640 E. 7th Street is a 4-unit multifamily value add investment opportunity. The exterior of the property is in need of major repairs - see photos for a limited view. The unit mix consists of (3) 3-bed / 1-bath and (1) 2-Bed / 1-bath units. The unit interiors were upgraded approximately 4 years ago. There are (4) single car garage spaces and an onsite laundry facility. The building is separately metered for both gas and electricity.

Last Agent to Sell the Property

Nicholas Petrosian

Remax Commercial and Investment Realty License #01462598 Listed on: 11/02/2023

Remax Commercial and Investment Realty

Last Buyer's Agent

Mesfin Beyene

TM Real Estate Brokers License #01263478

Property Details

Home Type

  • Multi-Family

Year Built

  • Built in 1923

Lot Details

  • 6,566

Parking

  • 4 Car Attached Garage

Interior Spaces

  • 3,736 Sq Ft Home
  • 2-Story Property
  • Laundry Room

Bedrooms and Bathrooms

  • 12 Bedrooms
  • 4 Bathrooms

Additional Features

  • 6,566 Sq Ft Lot
  • Heating System Mounted To A Wall or Window

Community Details

  • 4 Units

Listing and Financial Details

  • Assessor Parcel Number 7266-022-023

Property Details

Home Type

Multi-Family

Year Built

Built in 1923

Lot Details

0

Listing Details

  • Property Type: Residential Income
  • Levels: Two
  • Street Number Display: Yes
  • Living Area: 3736
  • Lot Acreage: 0.1507
  • Stories: 2
  • Year Built: 1923
  • State Abbrv: CA
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Bedrooms: 12
  • Laundry: Room
  • Total Bathrooms: 4.00
  • Price Per S Q F T: 227.52

Exterior Features

  • Other Structures: None

Garage/Parking

  • Parking Garage: Garage Is Detached
  • Total Parking: 4

Utilities

  • Heating: Wall

Lot Info

  • Assessed Improvement Percent: 30.00
  • Assessed Improvement Value: 204222
  • Assessed Land Percent: 70
  • Assessed Land Value: 476529
  • Total Assessed Value: 680751
  • Assessor Parcel Number: 7266-022-023
  • Lot Size Area: 6566

Multi Family

  • Unit Type: 2106, 2107, 2108, 2109
  • Gross Rent Multiplier: 7.59
  • Number Of Units: 4
  • Type Of Units: Multifamily

Ownership History

Date Name Owned For Owner Type

Purchase Details

Listed on
Nov 2, 2023
Closed on
Nov 17, 2023
Sold by
Ron And Min Fruto Family Trust
Bought by
Asefa Tesfu and Goshu Tsigiereda
Seller's Agent
Nicholas Petrosian
Remax Commercial and Investment Realty
Buyer's Agent
Mesfin Beyene
TM Real Estate Brokers
List Price
$850,000
Sold Price
$950,000
Premium/Discount to List
$100,000
11.76%
Views
44
Current Estimated Value
$1,126,033

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Estimated Appreciation
$176,033
Avg. Annual Appreciation
8.56%

Purchase Details

Closed on
Apr 22, 2022
Sold by
Fruto Ron R and Fruto Min S
Bought by
Ron And Min Fruto Family Trust

Purchase Details

Closed on
Jul 2, 2014
Sold by
Fruto Ron
Bought by
Ron & Min Fruto Family Trust

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$393,500
Interest Rate
4.27%
Mortgage Type
New Conventional

Purchase Details

Closed on
Jun 6, 2014
Sold by
Fruto Ron
Bought by
Fruto Ron and Fruto Min

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$393,500
Interest Rate
4.27%
Mortgage Type
New Conventional

Purchase Details

Closed on
Feb 5, 2009
Sold by
Mitchell Gerald H and Mitchell Andrea K
Bought by
Fruto Ron

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$412,500
Interest Rate
5.19%
Mortgage Type
Purchase Money Mortgage

Purchase Details

Closed on
Aug 22, 2007
Sold by
Mitchell Gerald H and Mitchell Andrea K
Bought by
Mitchell Gerald H

Purchase Details

Closed on
Oct 20, 2005
Sold by
Glosser Carolyn Bishop and Glosser Carolyn Bishop
Bought by
Mitchell Gerald H

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$744,000
Interest Rate
6.79%
Mortgage Type
Stand Alone First

Purchase Details

Closed on
Oct 5, 2004
Sold by
Glosser Carolyn Bishop
Bought by
Carolyn Bishop Glosser Revocable Trust

Purchase Details

Closed on
Jun 16, 2004
Sold by
Cutrell Inc
Bought by
Glosser Carolyn Bishop

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$568,750
Interest Rate
3.99%
Mortgage Type
Purchase Money Mortgage

Purchase Details

Closed on
Aug 18, 2003
Sold by
Cutrell Adam K
Bought by
Cutrell Annmarie L

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$392,000
Interest Rate
7.6%
Mortgage Type
Purchase Money Mortgage

Purchase Details

Closed on
Aug 1, 2003
Sold by
Leibowitz Leon and Leibowitz Henriette
Bought by
Cutrell Annmarie L

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$392,000
Interest Rate
7.6%
Mortgage Type
Purchase Money Mortgage
Source: Public Records

Range of Values:

--
Value Increase
--
Percent Increase
--
Adjusted for Inflation
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Average Value
Not Available
List Price
Sold Price
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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Purchase History

Date Buyer Sale Price Title Company
Asefa Tesfu $950,000 Chicago Title Company
Ron And Min Fruto Family Trust -- None Listed On Document
Ron & Min Fruto Family Trust -- None Available
Fruto Ron -- Fidelity National Title Co
Fruto Ron $550,000 Chicago Title Company
Mitchell Gerald H -- None Available
Mitchell Gerald H $930,000 Fidelity National Title Comp
Carolyn Bishop Glosser Revocable Trust -- Fnt
Glosser Carolyn Bishop $825,000 Ort
Cutrell Inc -- Ort
Cutrell Annmarie L -- Ort
Cutrell Annmarie L $490,000 Ort
Source: Public Records

Mortgage History

Date Status Borrower Loan Amount
Previous Owner Fruto Ron $393,500
Previous Owner Fruto Ron $412,500
Previous Owner Mitchell Gerald H $744,000
Previous Owner Glosser Carolyn Bishop $568,750
Previous Owner Cutrell Annmarie L $392,000
Closed Glosser Carolyn Bishop $50,000
Source: Public Records

Property History

Date Event Price List to Sale Price per Sq Ft
11/29/2023 11/29/23 Sold $950,000 +11.8% $254 / Sq Ft
11/16/2023 11/16/23 Pending -- -- --
11/02/2023 11/02/23 For Sale $850,000 -- $228 / Sq Ft
Source: The MLS

Tax History Compared to Growth

Source: Public Records

Tax History

Year Tax Paid Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. Land Improvement
2025 $12,728 $969,000 $765,000 $204,000
2024 $12,728 $950,000 $750,000 $200,000
2023 $9,395 $680,751 $476,529 $204,222
2022 $8,835 $667,404 $467,186 $200,218
2021 $8,642 $654,319 $458,026 $196,293
2019 $8,520 $634,914 $444,442 $190,472
2018 $8,221 $622,466 $435,728 $186,738
2016 $7,554 $598,297 $418,809 $179,488
2015 $7,259 $589,311 $412,519 $176,792
2014 $7,223 $577,768 $404,439 $173,329
Source: Public Records

Agents Affiliated with this Home

  • Nicholas Petrosian

    Seller's Agent in 2023

    Nicholas Petrosian

    RE/MAX

    (949) 607-7096

    1 in this area

    50 Total Sales

    Nicholas Petrosian
    Section Image

  • M

    Buyer's Agent in 2023

    Mesfin Beyene

    TM Real Estate Brokers

    (562) 494-0094

    1 in this area

    13 Total Sales

    Mesfin Beyene
    Section Image
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Map

Source: The MLS

MLS Number: 23-328295

The MLS

APN: 7266-022-023

California Los Angeles County Long Beach 90802 North Alamitos Beach

1640 E 7th St, Long Beach, CA

Not Listed for Sale

MultiFamily

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