10.98 GRM on Current Rents 721 E 7th St

16 Unit Apartment Building $3,425,000 ($214,063/Unit) 5.46% Cap Rate Long Beach, CA 90813

INVESTMENT HIGHLIGHTS

  • Priced at 10.98 GRM on Actual Rents
  • Updated Electrical Throughout Property
  • Prime East Village Arts District
  • 15 of the 16 Units are Upgraded

EXECUTIVE SUMMARY

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 10.98 GRM and 5.46% cap rate on current rents.
The building in the front of the property was built in 1923, and offers (3) 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.

PROPERTY FACTS

Price $3,425,000
Price Per Unit $214,063
Sale Type Investment
Cap Rate 5.46%
Gross Rent Multiplier 10.98
No. Units 16
Property Type Multifamily
Property Subtype Apartment
Apartment Style Low Rise
Building Class C
Lot Size 0.17 AC
Building Size 10,464 SF
Average Occupancy 94%
No. Stories 2
Year Built 1923
Parking Ratio 0.19/1,000 SF

UNIT AMENITIES

  • Kitchen
  • Refrigerator
  • Oven
  • Range
  • Tub/Shower
  • Freezer

SITE AMENITIES

  • 24 Hour Access
  • Tenant Controlled HVAC
  • Walk-Up
  • Smoke Detector

UNIT MIX INFORMATION

DESCRIPTION NO. UNITS AVG. RENT/MO SF
Studios 5 - -
1+1 8 - -
2+1 3 - -
Walk Score®
Walker's Paradise (92)
Transit Score®
Excellent Transit (71)
Bike Score®
Very Bikeable (86)

PROPERTY TAXES

ZONING

Zoning Code LBCO
  • Listing ID: 34616653

  • Date on Market: 1/27/2025

  • Last Updated:

  • Address: 721 E 7th St, Long Beach, CA 90813