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7.04% Cap Rate in Prime Rose Park 2123-2131 E 7th St 6 Unit Apartment Building $1,325,000 ($220,833/Unit) 7.04% Cap Rate Long Beach, CA 90804
Investment Highlights
- 7.04% Cap Rate & 9.14 GRM with upside to 8.57% Cap Rate & 8.12 GRM
- Four 2 Bed/1 Bath Units and Two 1 Bed/1 Bath Units
- New Roof in 2020 & All SB721 Balcony Work Complete
- Across the street from Renowned Heritage - Michelin Starred Restaurant, & New $1M Condos
- Easy Garage Conversion to ADU and/or Additional Units Above Garages
- Three Separate Structures on an XL Lot Consisting of a Large 4-Plex & 2 Detached Units
Executive Summary
- Excellent Rose Park Location – Across the street from Renowned Heritage Michelin Starred Restaurant & New $1M Condos
- Three Separate Structures on an XL Lot Consisting of a Large 4-Plex & 2 Detached Units
- Easy Garage Conversion to ADU and/or Additional Units Above Garages
- Four 2 Bed/1 Bath Units and Two 1 Bed/1 Bath Units
- Two Single-Car Garages, Plus Surface Parking
- New Roof in 2020 & All SB721 Balcony Work Complete
- Located in an Opportunity Zone, potentially allowing for preferential tax treatment for your recent capital gains
*2 Bd/1 Ba units are functionally 2 Bedrooms, but show as 1 Bd/ 1 Ba on the tax roll. All square footage is legal. Buyer to verify.
- Three Separate Structures on an XL Lot Consisting of a Large 4-Plex & 2 Detached Units
- Easy Garage Conversion to ADU and/or Additional Units Above Garages
- Four 2 Bed/1 Bath Units and Two 1 Bed/1 Bath Units
- Two Single-Car Garages, Plus Surface Parking
- New Roof in 2020 & All SB721 Balcony Work Complete
- Located in an Opportunity Zone, potentially allowing for preferential tax treatment for your recent capital gains
*2 Bd/1 Ba units are functionally 2 Bedrooms, but show as 1 Bd/ 1 Ba on the tax roll. All square footage is legal. Buyer to verify.
Property Facts
| Price | $1,325,000 | Apartment Style | Low-Rise |
| Price Per Unit | $220,833 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.12 AC |
| Cap Rate | 7.04% | Building Size | 4,428 SF |
| Gross Rent Multiplier | 9.14 | No. Stories | 2 |
| No. Units | 6 | Year Built/Renovated | 1923/2020 |
| Property Type | Multifamily | Parking Ratio | 1.36/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Price | $1,325,000 |
| Price Per Unit | $220,833 |
| Sale Type | Investment |
| Cap Rate | 7.04% |
| Gross Rent Multiplier | 9.14 |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.12 AC |
| Building Size | 4,428 SF |
| No. Stories | 2 |
| Year Built/Renovated | 1923/2020 |
| Parking Ratio | 1.36/1,000 SF |
| Opportunity Zone |
Yes |
Amenities
Site Amenities
- Controlled Access
- Fenced Lot
- Public Transportation
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 4 | $2,268 | 800 |
| 1+1 | 2 | $2,148 | 500 - 600 |
1 1
Moderately walkable
70/100
Exceptionally drivable
90/100
Good public transit
60/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 7262-023-034 | Improvements Assessment | $186,046 |
| Land Assessment | $83,058 | Total Assessment | $269,104 |
Property Taxes
Parcel Number
7262-023-034
Land Assessment
$83,058
Improvements Assessment
$186,046
Total Assessment
$269,104
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7.04% Cap Rate in Prime Rose Park | 2123-2131 E 7th St
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