Long Beach, CA 90813 721 E 7th Street
$3,425,000
12 more
Presented By: Robert Stepp with Keller Williams - Santa Monica; 310-463-2916
Beds • 14
Baths • 3
SQFT • 10,464
Year Built • 1923
Home Details
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 10.87 GRM and 5.55% 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.
Presented By: Robert Stepp with Keller Williams - Santa Monica; 310-463-2916
Interior Features for 721 E 7th Street
Other Interior Features
Air Conditioning Y/NNo
Basement (Y/N)No
Common WallsTwoCommonWallsOrMore
Fireplace Y/NNo
Heating Y/NNo
Laundry FeaturesNone
Total Stories2
Other Rooms
Entry Level1
General for 721 E 7th Street
Additional Parcels Y/NNo
Attached Garage No
Building Area UnitsSquareFeet
Cap Rate5.55
Carport Y/NNo
CityLong Beach
Community FeaturesSidewalks
CountyLos Angeles
Directions7th St
Electric Expense2596.7
Electric On Property Y/NNo
Entry Location1
Fuel Expense2596.0
Garage Spaces0.0
Garage Y/NNo
Gross Income305519.0
HOANo
Home Warranty Y/NNo
Insurance Expense17387.0
Land Lease Y/NNo
Lease Considered Y/NNo
Lease Renewal Y/NNo
LevelsTwo
Listing TermsCash, CashToNewLoan, Exchange1031
Lot Size Square Feet7503.0
Lot Size UnitsSquareFeet
MLS Area4 - Downtown Area, Alamitos Beach
MaintenanceExpense10400.0
MobileHomeRemainsYNNo
Net Operating Income190092.0
New ConstructionNo
Number Of Units Total16
Operating Expense115427.0
Pool FeaturesNone
Property Attached Y/NYes
Property Sub Type AdditionalMixedUse
Property SubtypeMixedUse
Property TypeResidentialIncome
Rent Control Y/NYes
Senior Community Y/NNo
SewerPublicSewer
Special Listing ConditionsStandard
Standard StatusActive
StatusActive
Stories2
Subdivision NameAlamitos Beach (AB)
Tax Lot3
Taxes$44,477
Trash Expense2596.7
Water Sewer Expense2596.7
Waterfront Y/NNo
Year Built1923
Year Built SourceAssessor
ZoningLBCO
Exterior for 721 E 7th Street
Building Area Total10464.0
Crops Included Y/NNo
Horse Y/NNo
Irrigation Water Rights Y/NNo
Lot FeaturesSixteenToTwentyUnitsAcre
Lot Size Acres0.1722
Lot Size Area7503.0
Lot Size SourceAssessor
Number of Buildings2
Number of Separate Electric Meters16
Number of Separate Gas Meters16
Number of Separate Water Meters1
Open Parking Y/NNo
Private PoolNo
SpaNo
Total Parking0.0
Water SourcePublic
Additional Details
Price History
Justin Hughey
Price
$3,425,000
MLS#PW25065043
List Date
03/25/2025
Property Type
Multi-Family
Phone
(562) 818-1655
