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8.87 GRM on Current Rents 721 E 7th St 16 Unit Apartment Building $2,795,000 ($174,688/Unit) 6.88% Cap Rate Long Beach, CA 90813
INVESTMENT HIGHLIGHTS
- Priced at 8.87 GRM /6.88% 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 8.87 GRM and 6.88% 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.
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 | $2,795,000 | Apartment Style | Low-Rise |
| Price Per Unit | $174,688 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.17 AC |
| Cap Rate | 6.88% | Building Size | 10,464 SF |
| Gross Rent Multiplier | 8.87 | Average Occupancy | 94% |
| No. Units | 16 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1923 |
| Property Subtype | Apartment | Parking Ratio | 0.19/1,000 SF |
| Zoning | LBCO - Commercial | ||
| Price | $2,795,000 |
| Price Per Unit | $174,688 |
| Sale Type | Investment |
| Cap Rate | 6.88% |
| Gross Rent Multiplier | 8.87 |
| 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 |
| Zoning | LBCO - Commercial |
AMENITIES
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 | - | - |
1 1
Walk Score®
Walker's Paradise (93)
Transit Score®
Excellent Transit (71)
Bike Score®
Very Bikeable (86)
PROPERTY TAXES
| Parcel Number | 7274-020-015 | Improvements Assessment | $1,225,695 |
| Land Assessment | $2,281,597 | Total Assessment | $3,507,292 |
PROPERTY TAXES
Parcel Number
7274-020-015
Land Assessment
$2,281,597
Improvements Assessment
$1,225,695
Total Assessment
$3,507,292
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8.87 GRM on Current Rents | 721 E 7th St
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