NOT LISTED FOR SALE

707 E 7th St Long Beach, CA 90813

Saint Mary's Neighborhood
11 Beds
11 Baths
6,544 Sq Ft
7,501 Sq Ft Lot

Last Sold September 11, 2019

Last sale price $1,900,000 $290 Per Sq Ft

165 Days on Market

Highlights

  • 0.17 Acre Lot
  • Corner Lot
  • Laundry Room
  • Long Beach Polytechnic High School Rated A

About This Home

As of September 2019

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.

Last Agent to Sell the Property

Andrew McAllister

eXp Realty of Greater L.A License #01946829 Listed on: 03/18/2019

eXp Realty of Greater L.A

Last Buyer's Agent

Peter Sun

Realty One Group Diamond License #01960205

Property Details

Home Type

  • Multi-Family

Year Built

  • Built in 1926

Lot Details

  • 7,501 Sq Ft Lot
  • No Common Walls
  • Corner Lot

Home Design

  • 6,544 Sq Ft Home

Bedrooms and Bathrooms

  • 11 Bedrooms
  • 11 Bathrooms

Outdoor Features

  • Exterior Lighting
  • Rain Gutters

Additional Features

  • Laundry Room
  • Urban Location

Listing and Financial Details

  • Legal Lot and Block 3 / 26
  • Tax Tract Number 11
  • Assessor Parcel Number 7274020013

Community Details

Overview

  • 3 Buildings
  • 9 Units

Amenities

  • Laundry Facilities

Building Details

  • 7 Leased Units
  • 11 Separate Electric Meters
  • 11 Separate Gas Meters
  • 1 Separate Water Meter
  • Insurance Expense $2,618
  • Maintenance Expense $5,400
  • Other Expense $2,250
  • Pest Control $995
  • Professional Management Expense $7,703
  • Trash Expense $2,032
  • Water Sewer Expense $7,421
  • New Taxes Expense $25,471
  • Operating Expense $52,297
  • Gross Income $158,820
  • Net Operating Income $101,758

Property Details

Home Type

Multi-Family

Year Built

Built in 1926

Lot Details

0

Listing Details

  • Assessments: Yes
  • CapRate: 5.22
  • Professional Management Expense: 7703.00
  • Property Attached: No
  • Subdivision Name Other: East Village
  • Water Sewer Expenses: 7421.00
  • Zoning: LBCO
  • Property Type: Residential Income
  • Parcel Number: 7274020013
  • Year Built: 1926
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Common Walls: No Common Walls
  • Price Per Square Foot: 290.34

Exterior Features

  • Pool Private: No

Utilities

  • Laundry: Yes
  • Laundry Features: Community
  • Pest Control Expense: 995.00
  • Sewer: Public Sewer
  • Trash Expense: 2032.00
  • Water Source: Public

Condo/Co-op/Association

  • Senior Community: No
  • Community Features: Curbs, Gutters, Sidewalks, Street Lights, Urban

Lot Info

  • Additional Parcels: No
  • Land Lease: No
  • Lot Features: Corner Lot, Lot 6500-9999
  • Lot Size Sq Ft: 7501.00
  • Lot Size Acres: 0.1722

Multi Family

  • Gross Income: 158820.00
  • Gross Multiplier: 12.28
  • Gross Operating Income: 154055.00
  • Gross Scheduled Income: 158820.00
  • Insurance Expense: 2618.00
  • Laundry Equipment Own Lease: Own
  • Lot Size Area: 7501.0000 Square Feet
  • Maintenance Expense: 5400.00
  • Net Operating Income: 101758.00
  • Number Of Separate Electric Meters: 11
  • Number Of Separate Gas Meters: 11
  • Number Of Separate Water Meters: 1
  • Number Of Units Leased: 7
  • Number Of Units Total: 9
  • Operating Expense: 52297.00
  • Other Expense: 2250.00
  • Other Expense Description: Reserves
  • Rent Control: No
  • Total Actual Rent: 5645.00
  • Total Expenses: 52297.00
  • Vacancy Allowance Rate: 3.00

Tax Info

  • New Taxes Expense: 25471.00
  • Tax Area: 11933
  • Tax Block: 26
  • Tax Census Tract: 5763.02
  • Tax Lot: 3
  • Tax Tract Number: 11-933

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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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

Property History

Date Event Price List to Sale Price per Sq Ft
09/11/2019 09/11/19 Sold $1,900,000 -2.6% $290 / Sq Ft
08/30/2019 08/30/19 Pending -- -- --
06/10/2019 06/10/19 Price Changed $1,950,000 -8.2% $298 / Sq Ft
03/18/2019 03/18/19 For Sale $2,125,000 -- $325 / Sq Ft
Source: California Regional Multiple Listing Service (CRMLS)

Tax History Compared to Growth

Source: Public Records

Agents Affiliated with this Home

  • A

    Seller's Agent in 2019

    Andrew McAllister

    eXp Realty of Greater L.A

    (562) 423-8134

    17 Total Sales

    Andrew McAllister
    Section Image

  • P

    Buyer's Agent in 2019

    Peter Sun

    Realty One Group Diamond

See All Agents

Map

Source: California Regional Multiple Listing Service (CRMLS)

MLS Number: RS19059595

California Regional Multiple Listing Service (CRMLS)
California Los Angeles County Long Beach 90802 Saint Mary's

707 E 7th St, Long Beach, CA

Not Listed for Sale

MultiFamily

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