1100 E 7th Street

    Long Beach, CA 90813
    • $2,250,000
    • STATUS: Active
    • ON SITE: 101 days
    • ID#: OC18191822
    UPDATED: 72 min ago
    $2,250,000
    • 0
      BEDS
    • 0.16
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 4,540
      SQFT
    • $496
      $/SQFT
    Neighborhood:
    Type:
    Multi-Family
    Built:
    1933
    County:

    School Ratings & Info

    Description

    A unique opportunity to own a 10-unit long-term rental property in an up-and-coming Long Beach neighborhood. Just blocks from downtown, Retro Row, the beach, Long Beach City College, shopping, restaurants, public transportation, this property has it all. The building has undergone a complete gut renovation and remodel including new plumbing, electrical, cabinets, countertops, quartz slab shower surrounds, fixtures and hardware. Included in each unit: refrigerator, cooktop, air conditioning, stacked washer/dryer and ample loft-style storage. Polished concrete flooring, exposed brick walls, 12-foot ceilings, large windows for natural light, and industrial finishes give these units a uniquely in-demand architectural style requiring minimal maintenance due to the durability of the surfaces and the simplicity of the design. Property is fully-occupied with long-term leases in place and tenants have been screened to the most stringent of standards. All rents listed are ACTUAL. This is a turnkey property in a location with significant upside.

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    Based on information from California Regional Multiple Listing Service, Inc. as of 2018-11-17T07:31:47.517. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. Licensed in the State of California, USA.
    www.fredsedgroup.com/homes/86362200

    1100 E 7th Street Long Beach, CA 90813

    • Price: $2,250,000
    • Status: Active
    • Updated: 72 min ago
    • ID#: OC18191822
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.16
    Acres
    4,540
    SQFT
    $496
    $/SQFT
    1933
    Built
    Neighborhood:
    Alamitos Beach (Ab)
    County:
    Los Angeles
    Area:
    4 - Downtown Area, Alamitos Beach
    Property Description
    A unique opportunity to own a 10-unit long-term rental property in an up-and-coming Long Beach neighborhood. Just blocks from downtown, Retro Row, the beach, Long Beach City College, shopping, restaurants, public transportation, this property has it all. The building has undergone a complete gut renovation and remodel including new plumbing, electrical, cabinets, countertops, quartz slab shower surrounds, fixtures and hardware. Included in each unit: refrigerator, cooktop, air conditioning, stacked washer/dryer and ample loft-style storage. Polished concrete flooring, exposed brick walls, 12-foot ceilings, large windows for natural light, and industrial finishes give these units a uniquely in-demand architectural style requiring minimal maintenance due to the durability of the surfaces and the simplicity of the design. Property is fully-occupied with long-term leases in place and tenants have been screened to the most stringent of standards. All rents listed are ACTUAL. This is a turnkey property in a location with significant upside.
    Exterior Features

    Architectural Style ModernTraditional Carport Spaces 0.00 Construction Materials BrickConcreteDrywall WallsFrameStucco Direction Faces North Entry Level 1 Entry Location 1 Exterior Features Lighting Fence YN Yes Fencing BlockNew ConditionPrivacySecurityWood Foundation Details Concrete PerimeterSeismic Tie DownSlab Garage Spaces 2.00 Lot Features Corner LotGardenLandscapedLevel With StreetLot 6500-9999Lot Shape-RectangularLot-Level/FlatNear Public TransitPark NearbySprinklers Drip SystemSprinklers In RearSprinklers TimerWalkstreetZero Lot Line Lot Size Source Assessor Lot Size Units Square Feet Other Structures StorageWorkshop Parking Features Driveway - ConcreteGarageGarage - Front EntryGarage - Single DoorGarage Door OpenerTandem GarageWorkshop Parking Total 3.00 Parking YN Yes Pool Features None Pool Private YN No Property Attached YN Yes Road Frontage Type City Street Road Surface Type Paved Roof BitumenRolled/Hot Mop Spa Features None Spa YN No View Neighborhood View YN Yes

    Interior Features

    Appliances Electric StoveGarbage DisposalGas Water HeaterHot Water CirculatorRefrigerator Appliances YN Yes Average Studio Area Units Square Feet Average1 Bed Area Units Square Feet Average2 Bed Area Units Square Feet Average3 Bed Area Units Square Feet Common Walls 2+ Common WallsNo One AboveNo One Below Cooling Heat PumpElectricHigh EfficiencySeer Rated 13-15 Cooling YN Yes Door Features Insulated Doors Fireplace Features None Fireplace YN No Flooring Concrete Heating Heat PumpElectricHigh Efficiency Heating YN Yes Interior Features Brick WallsHigh Ceilings (9 Feet+)Open Floor PlanRecessed LightingStone CountersStorage SpaceUnfurnishedWired For Data Laundry Features Dryer IncludedGas Dryer HookupIn ClosetIndividual RoomInsideStackableWasher HookupWasher Included Levels One Room Type All Bedrooms DownGreat RoomMain Floor Bedroom Window Features Double Pane WindowsDrapes/CurtainsLow Emissivity WindowsScreens

    Property Features

    Accessibility Features 32 Inch Or More Wide DoorsDoors - Swing InEntry Slope Less Than 1 FootNo Interior Steps Additional Parcels YN No Association Fee 0.00 Association YN No Building Area Units Square Feet Cable Tv Expense 0.00 Cap Rate 5.15 Community Features CurbsSidewalksStorm DrainsStreet LightingUrban Country Us Electric 220V In KitchenElectricity - On PropertyStandard Electric Expense 1200.00 Elevation Units Feet Fuel Expense 1200.00 Furniture Replacement Expense 0.00 Garage Income 0.00 Garage Rental Rate 0.00 Gardener Expense 0.00 Green Water Conservation Water-Smart Landscaping Gross Income 163200.00 Gross Multiplier 13.79 Gross Operating Income 156672.00 Gross Scheduled Income 163200.00 Insurance Expense 2400.00 Land Lease YN No Laundry Income 0.00 Laundry YN Yes Licenses Expense 400.00 Maintenance Expense 3264.00 Maintenance Percent 2.00 Net Operating Income 115872.00 New Construction YN No New Taxes Expense 26366.00 Number Of Separate Electric Meters 10 Number Of Separate Gas Meters 1 Number Of Separate Water Meters 1 Number Of Units Leased 10 Number Wall AC 10 Number With Disposal 10 Number With Drapes 10 Number With Refrigerator 10 Operating Expense 45390.00 Operating Expense Percent 28.00 Pest Control Expense 0.00 Pool Expense 0.00 Professional Management Expense 8160.00 Property Condition TurnkeyUpdated/Remodeled Property Sub Type Apartment Rent Control YN No Security Expense 0.00 Security Features Carbon Monoxide Detector(S)Fire Rated DrywallSecurity LightsSmoke Detector Senior Community YN No Sewer Public Sewer Special Listing Conditions Standard Subdivision Name Other Alamitos Beach (Ab) Supplies Expense 0.00 Tax Annual Amount 10371.00 Tax Year 2017 Tenant Pays Cable TvElectricitySecurityTelephone Total Actual Rent 163200.00 Total Expenses 45390.00 Trash Expense 1200.00 Utilities Cable ConnectedElectricity ConnectedNatural Gas ConnectedPhone ConnectedSewer ConnectedWater Connected Vacancy Allowance Rate 2.00 Walk Score 89 Water Sewer Expense 1200.00 Water Source Public Workmans Compensation Expense 0.00 Year Built Source Assessor Zoning Lbcnr

    Listing provided courtesy of Tim Stuart of Timothy Stuart, Broker.


    Based on information from California Regional Multiple Listing Service, Inc. as of 2018-11-17T07:31:47.517. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. Licensed in the State of California, USA.
     
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