NOT LISTED FOR SALE

2823 E 7th St Long Beach, CA 90804

Rose Park Neighborhood
14 Beds
10 Baths
6,360 Sq Ft
7,001 Sq Ft Lot

Last Sold March 04, 2022

Last sale price $3,150,000 $495 Per Sq Ft

23 Days on Market

Highlights

  • Laundry Room
  • Woodrow Wilson High School Rated A
  • 3-minute walk to Rose Park

About This Home

As of March 2022

Excellent Rose Park location, close to Retro Row, Belmont Heights and Alamitos Beach. Extensively renovated 10 unit property including newer roof, windows, electrical panels, controlled access, exterior refresh, landscaping, common areas, and lighting. 7 out of 10 unit interiors with deluxe upgrades including modern kitchens and bathrooms. Stabilized asset at a 4.3% cap rate on actual rents with an upside to 4.8% 4 garages plus 4 off street parking spaces. Community laundry facility for extra income. Great unit mix with 4 two bedroom units and 6 one bedroom units. Excellent ADU potential with 4 garages that could be converted with entry onto the courtyard.

Last Agent to Sell the Property

Anthony Walker

Buckingham Investments, Inc License #01908153 Listed on: 10/26/2021

Last Buyer's Agent

Cris Molles

The Realestate Group License #01345419

The Realestate Group

Property Details

Home Type

  • Multi-Family

Year Built

  • Built in 1954

Lot Details

  • 7,001 Sq Ft Lot
  • Two or More Common Walls
  • Density is up to 1 Unit/Acre

Parking

  • 4 Car Garage

Home Design

  • Property Attached

Interior Spaces

  • 6,360 Sq Ft Home
  • 2-Story Property
  • Laundry Room

Bedrooms and Bathrooms

  • 14 Bedrooms
  • 10 Bathrooms

Location

  • Urban Location

Listing and Financial Details

  • Tax Lot 5
  • Tax Tract Number 576
  • Assessor Parcel Number 7258017023
  • $1,647 per year additional tax assessments

Community Details

Overview

  • 10 Units
  • Eastside Subdivision

Amenities

  • Laundry Facilities

Building Details

  • Rent Control
  • 10 Separate Electric Meters
  • 10 Separate Gas Meters
  • 1 Separate Water Meter
  • Electric Expense $1,418
  • Fuel Expense $1,418
  • Gardener Expense $1,090
  • Insurance Expense $2,177
  • Maintenance Expense $10,347
  • Pest Control $585
  • Professional Management Expense $10,347
  • Trash Expense $1,418
  • Water Sewer Expense $1,418
  • New Taxes Expense $39,375
  • Operating Expense $69,995
  • Gross Income $7,896
  • Net Operating Income $136,945

Property Details

Home Type

Multi-Family

Year Built

Built in 1954

Lot Details

0

Parking

4

Listing Details

  • CapRate: 4.30
  • Professional Management Expense: 10347.00
  • Property Attached: Yes
  • Subdivision Name Other: Eastside (ES)
  • Water Sewer Expenses: 1418.00
  • Zoning: LBCNR
  • Property Type: Residential Income
  • Gardener Expense: 1090.00
  • Parcel Number: 7258017023
  • Year Built: 1954
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Stories: 2
  • Common Walls: 2+ Common Walls
  • Levels: Two
  • Price Per Square Foot: 495.28

Exterior Features

  • Pool Private: No

Garage/Parking

  • Garage Spaces: 4.00
  • Total Parking Spaces: 4.00

Utilities

  • Laundry: Yes
  • Laundry Features: Community
  • Pest Control Expense: 585.00
  • Sewer: Public Sewer
  • Trash Expense: 1418.00
  • Water Source: Public

Condo/Co-op/Association

  • Senior Community: No
  • Community Features: Sidewalks, Urban

Lot Info

  • Additional Parcels: No
  • Land Lease: No
  • Lot Features: 0-1 Unit/Acre
  • Lot Size Sq Ft: 7001.00
  • Lot Size Acres: 0.1607

Rental Info

  • Garage Rental Rate: 140.00

Multi Family

  • Electric Expense: 1418.00
  • Fuel Expense: 1418.00
  • Garage Income: 6696.00
  • Gross Income: 7896.00
  • Gross Multiplier: 14.49
  • Gross Operating Income: 206940.00
  • Gross Scheduled Income: 209520.00
  • Insurance Expense: 2177.00
  • Laundry Income: 1200.00
  • Lot Size Area: 7001.0000 Square Feet
  • Maintenance Expense: 10347.00
  • Net Operating Income: 136945.00
  • Number Of Rented Garages: 4
  • Number Of Separate Electric Meters: 10
  • Number Of Separate Gas Meters: 10
  • Number Of Separate Water Meters: 1
  • Number Of Units Total: 10
  • Operating Expense: 69995.00
  • Rent Control: Yes
  • Total Expenses: 69995.00
  • Vacancy Allowance Rate: 5.00

Tax Info

  • New Taxes Expense: 39375.00
  • Tax Census Tract: 5769.04
  • Tax Lot: 5
  • Tax Tract Number: 576...
  • TaxOtherAnnualAssessmentAmount: 1647.00

Range of Values:

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Value Increase
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Percent Increase
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Adjusted for Inflation
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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Property History

Date Event Price List to Sale Price per Sq Ft
03/04/2022 03/04/22 Sold $3,150,000 0.0% $495 / Sq Ft
11/18/2021 11/18/21 Pending -- -- --
10/26/2021 10/26/21 For Sale $3,150,000 -- $495 / Sq Ft
Source: California Regional Multiple Listing Service (CRMLS)

Tax History Compared to Growth

Source: Public Records

Agents Affiliated with this Home

  • Anthony Walker

    Seller's Agent in 2022

    Anthony Walker

    Buckingham Investments, Inc

    (310) 982-7055

    3 in this area

    90 Total Sales

    Anthony Walker
    Section Image

  • C

    Buyer's Agent in 2022

    Cris Molles

    The Realestate Group

    (310) 540-0072

    1 in this area

    4 Total Sales

    Cris Molles
    Section Image
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Map

Source: California Regional Multiple Listing Service (CRMLS)

MLS Number: SB21236178

California Regional Multiple Listing Service (CRMLS)
California Los Angeles County Long Beach 90804 Rose Park

2823 E 7th St, Long Beach, CA

Not Listed for Sale

MultiFamily

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