A
Seller's Agent in 2019
Andrew McAllister
eXp Realty of Greater L.A
(562) 423-8134
17 Total Sales
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
Highlights
- 0.17 Acre Lot
- Corner Lot
- Laundry Room
- Long Beach Polytechnic High School Rated A
About This Home
As of September 2019First 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
eXp Realty of Greater L.A License #01946829 Listed on: 03/18/2019
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
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Home Values in the Area
Average Home Value in this Area
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
| 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 | $27,152 | $2,077,922 | $1,350,650 | $727,272 |
| 2024 | $27,152 | $2,037,179 | $1,324,167 | $713,012 |
| 2023 | $26,684 | $1,997,235 | $1,298,203 | $699,032 |
| 2022 | $25,055 | $1,958,075 | $1,272,749 | $685,326 |
| 2021 | $24,533 | $1,919,683 | $1,247,794 | $671,889 |
| 2020 | $24,469 | $1,900,000 | $1,235,000 | $665,000 |
| 2019 | $8,869 | $597,229 | $168,778 | $428,451 |
| 2018 | $8,577 | $585,519 | $165,469 | $420,050 |
| 2016 | $7,882 | $562,785 | $159,045 | $403,740 |
| 2015 | $7,593 | $554,332 | $156,656 | $397,676 |
| 2014 | $1,413 | $543,475 | $153,588 | $389,887 |
Source: Public Records
Agents Affiliated with this Home
-
Andrew McAllister
-
P
Buyer's Agent in 2019
Peter Sun
Realty One Group Diamond
Map
Source: California Regional Multiple Listing Service (CRMLS)
MLS Number: RS19059595
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The multiple listing data appearing on this website, or contained in reports produced therefrom, is owned and copyrighted by California Regional Multiple Listing Service, Inc. ("CRMLS") and is protected by all applicable copyright laws. Information provided is for viewer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties the viewer may be interested in purchasing. All listing data, including but not limited to square footage and lot size is believed to be accurate, but the listing Agent, listing Broker and CRMLS and its affiliates do not warrant or guarantee such accuracy. The viewer should independently verify the listed data prior to making any decisions based on such information by personal inspection and/or contacting a real estate professional.
Based on information from California Regional Multiple Listing Service, Inc. 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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