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1242 E 7th St, Long Beach, CA 90813
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1242 E 7th St Long Beach, CA 90813

$1,420,000 Sold Price as of 10/25/2022
  • 8 Beds
  • 5.5 Baths
  • 2,875 Sq.Ft.
Sold
$1,420,000 Sold Price as of 10/25/2022 Refinance Your Mortgage
Map preview of 1242 E 7th St, Long Beach, CA 90813

Property Overview: 1242 E 7th St Long Beach, CA has 8 bedrooms, 5.5 bathrooms, 2,875 living square feet and 8,022 square feet lot size. Call an Ardent Real Estate Group agent with any questions you may have.

Agent Remarks: 1242 E 7th Street is the Long Beach 3 unit building you've been waiting for, with an additional 4th unit! The property's income opportunities are endless. Besides being in a prime location of North Alamitos Beach; 1242 E 7th St. offers large units and an awesome unit mix of one large 3 Bedroom /2 Bath unit, one 2 Bedroom /1.5 Bath unit, one 2 Bedroom/ 1 Bath units and one 1 bedroom/ 1 bath upstairs back unit with a private patio deck- each with their own garage plus a fifth garage for you to have additional income. Two of the units have tankless water heaters as well as the shared laundry room by the garages. With a long and large driveway and sitting on a 8,022 sqft. lot; this property has potential for building additional units and ADUs. With proximity to 4th Streets Retro Row, Downtown Long Beach and a bike ride to the beach, your new building will appeal to a wide range of tenants. As an added bonus, the best part is that you get to set the new rents with ALL units to be delivered vacant at close of escrow. Now, that's hot!

Listed by Giannina Silva | BRE #01408839 | INTI Realty
Last checked: 9 minutes ago | Last updated: April 21st, 2024 | Source CRMLS | DOM: 50

Home details

Lot Sq. Ft
8,022
HOA Dues
$0/mo
Year built
1911
Garage
5 Car
Property Type:
Triplex
Status
Sold
MLS#
PW22153686
City
Long Beach
County
Los Angeles
Time on Site
645 days
Multi-Family Unit Breakdown
Unit Mix Summary
  • Total # of Units: 4
  • Total # of Buildings: 2
  • # of Electric Meters: 4
  • # of Gas Meters: 4
  • # of Water Meters: 1
Unit Breakdown 1
  • # of Units: 1
  • # of Beds: 3
  • # of Baths: 2
  • Garage Spaces: 1
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Total Rent: $0
  • Pro Forma/Market Rent: $3,500
Unit Breakdown 2
  • # of Units: 1
  • # of Beds: 1
  • # of Baths: 1
  • Garage Spaces: 1
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Total Rent: $0
  • Pro Forma/Market Rent: $2,200
Unit Breakdown 3
  • # of Units: 1
  • # of Beds: 2
  • # of Baths: 2
  • Garage Spaces: 1
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Total Rent: $0
  • Pro Forma/Market Rent: $2,600
Unit Breakdown 4
  • # of Units: 1
  • # of Beds: 2
  • # of Baths: 1
  • Garage Spaces: 1
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Total Rent: $0
  • Pro Forma/Market Rent: $2,600
Multi-Family Income/Expense Information
Property Income and Analysis
  • Cap Rate: 7.95%
  • Gross Rent Multiplier: --
  • Gross Scheduled Income: $123,600
  • Net Operating Income: $118,779
  • Gross Operating Income: --
Annual Expense Breakdown
  • Total Operating Expense: $4,821
  • Licenses: $236
  • Trash: $348
  • Insurance: $1,668
  • Maintenance: $2,400
  • Water/Sewer: $169

Property Details for 1242 E 7th St

Interior Features
Cooling Information
  • Has Cooling
  • Wall/Window Unit(s)
Heating Information
  • Has Heating
  • Wall Furnace
Laundry Information
  • Has Laundry
  • Common Area
Room Information
  • Flooring: Laminate, Tile, Vinyl
Interior Features
  • Levels: Two
Exterior Features
Exterior Information
  • No Spa
  • Spa Features: None
Exterior Features
  • No Pool
  • Pool Features: None
Lot Details / Garage and Parking
Parking/Garage Information
  • # of Garage Spaces: 5
  • # of Parking Spaces: 8
  • Has Parking
  • Parking Features: Driveway, Garage
Lot Information
  • Lot Features: Rectangular Lot
  • Lot Size Source: Assessor
  • Common Interest: Community Apartment
Property Information
  • Common Walls: 2+ Common Walls
  • Total # of Units: 4
  • Parcel Number: 7266012003
  • Year Built Source: Assessor
  • Property is Attached
Homeowners Association, Utilities, Taxes / Assessments
Utilities Information
  • Sewer: Public Sewer
  • Water Source: Public
Location / Neighborhood
Location Information
  • Subdivision Name: Alamitos Beach (AB)
  • Directions: E 7th St./Orange Ave.
Neighborhood Information
  • Community Features: Curbs, Sidewalks, Street Lights
View more facts & features

Local Long Beach Agent

Sale History for 1242 E 7th St

Last leased for $3,250 on April 20th, 2024

  • April, 2024

  • Apr 20, 2024

    Date

    Leased

    CRMLS: DW23219022

    $3,250

    Price

  • Nov 30, 2023

    Date

    Active

    CRMLS: DW23219022

    $3,595

    Price

  • Listing provided courtesy of CRMLS

    Terrific fully furnished 3 bedroom 2 bathroom downstairs unit. Recently updated bathrooms and flooring. Comes with a 1 car garage and plenty of parking. Close to the beach, shopping, dinning and downtown Long Beach.

  • January, 2024

  • Jan 1, 2024

    Date

    Expired

    CRMLS: DW23169977

    $2,595

    Price

  • Sep 11, 2023

    Date

    Active

    CRMLS: DW23169977

    $2,595

    Price

  • Listing provided courtesy of CRMLS

    Check out this gorgeous fully furnished 2 bed and 1 bath but it also has a half master bathroom! It comes with a coin laundry room by the garage and a long, private and large driveway that is gated for privacy. Besides being in a prime location of North Alamitos Beach 1242, E 7th St. offers large units each with their own garage, With proximity to 4th Streets Retro Row, Downtown Long Beach and a bike ride to the beach.

  • May, 2023

  • May 1, 2023

    Date

    Expired

    CRMLS: DW23009564

    $2,650

    Price

  • Jan 18, 2023

    Date

    Active

    CRMLS: DW23009564

    $2,950

    Price

  • Listing provided courtesy of CRMLS

    Check out this gorgeous fully furnished 2 bed and 1 bath and a master half bathroom! This second story unit also has its own private patio. It comes with a coin laundry room by the garage and a long, private and large driveway that is gated for privacy. Besides being in a prime location of North Alamitos Beach 1242, E 7th St. offers large units each with their own garage, With proximity to 4th Streets Retro Row, Downtown Long Beach and a bike ride to the beach.

  • April, 2023

  • Apr 12, 2023

    Date

    Expired

    CRMLS: DW23009532

    $2,350

    Price

  • Jan 18, 2023

    Date

    Active

    CRMLS: DW23009532

    $2,800

    Price

  • Listing provided courtesy of CRMLS

    Check out this gorgeous fully furnished 2 bed and 1 bath! It comes with a coin laundry room by the garage and a long, private and large driveway that is gated for privacy. Besides being in a prime location of North Alamitos Beach 1242, E 7th St. offers large units each with their own garage, With proximity to 4th Streets Retro Row, Downtown Long Beach and a bike ride to the beach.

  • October, 2022

  • Oct 25, 2022

    Date

    Sold

    CRMLS: PW22153686

    $1,420,000

    Price

  • Jul 14, 2022

    Date

    Active

    CRMLS: PW22153686

    $1,495,000

    Price

  • January, 2019

  • Jan 3, 2019

    Date

    Sold

    CRMLS: PW18192080

    $790,000

    Price

  • Oct 1, 2018

    Date

    Pending

    CRMLS: PW18192080

    $799,000

    Price

  • Sep 26, 2018

    Date

    Hold

    CRMLS: PW18192080

    $799,000

    Price

  • Aug 8, 2018

    Date

    Active

    CRMLS: PW18192080

    $799,000

    Price

  • Listing provided courtesy of CRMLS

    This is an excellent income opportunity. Live in one, rent the others! Triplex with newer roof, paint, cement, etc. One 3BD/2BA, and two 1 BD/1BA units on a huge lot close to Downtown, the beach, the East Village Arts District, Retro Row, museums, public transportation, etc. Zoning is LB-CNR (Neighborhood Commercial and Residential), which allows for small scale commercial. The neighborhood is mixed use and allows for moderate density residential development at R-3 densities.

  • January, 2019

  • Jan 3, 2019

    Date

    Sold (Public Records)

    Public Records

    $790,000

    Price

  • July, 2018

  • Jul 31, 2018

    Date

    Canceled

    CRMLS: IG18144257

    $849,900

    Price

  • Jun 30, 2018

    Date

    Price Change

    CRMLS: IG18144257

    $849,900

    Price

  • Jun 16, 2018

    Date

    Active

    CRMLS: IG18144257

    $850,000

    Price

  • Listing provided courtesy of CRMLS

    Great Investment, Huge Opportunity!!!Excellent Income Opportunity. Great for 1st time Homebuyers who want extra income. Live in one rent the others! Triplex with 5 Garages and Carport. Newer roof, paint, cement, etc. The current rents are below market. . One 3BD/2/BA, and two 1 BD/1BA units. Huge lot. Zoning is LB-CNR(Neighborhood Commercial and Residential), allows for small scale commercial. The neighborhood is mixed use and allows for moderate density residential development at R-3 densities. Conventional/Residential financing is okay. Do NOT Disturb Tenants!

  • September, 2017

  • Sep 19, 2017

    Date

    Canceled

    CRMLS: PW17095538

    $749,999

    Price

  • Sep 15, 2017

    Date

    Withdrawn

    CRMLS: PW17095538

    $749,999

    Price

  • Aug 25, 2017

    Date

    Active

    CRMLS: PW17095538

    $749,999

    Price

  • Aug 4, 2017

    Date

    Pending

    CRMLS: PW17095538

    $749,999

    Price

  • Jun 30, 2017

    Date

    Active

    CRMLS: PW17095538

    $749,999

    Price

  • Jun 26, 2017

    Date

    Active Under Contract

    CRMLS: PW17095538

    $749,999

    Price

  • May 2, 2017

    Date

    Active

    CRMLS: PW17095538

    $749,999

    Price

  • Listing provided courtesy of CRMLS

    Triplex. Property has numerous upgrades (roof, paint, garages, cement etc). Current rent income is below market and units DO NOT show well. Bring your vision to this investment. Zoning allows for small scale commercial!!! Property has one 3 bedroom / 2 bath and two 1 bedroom 1 baths. 5 enclosed parking garages. Very large lot. Make an offer now before its gone! Zoning is LB-CNR (Neighborhood Commercial and Residential). The Neighborhood Commercial and Residential District is a mixed-use district permitting small scale commercial uses and/or moderate density residential development at R-3-T densities. BONUS!!! Property has Mineral Oil Rights which means you get paid additional income. Conventional / Residential financing is okay.

  • September, 2017

  • Sep 15, 2017

    Date

    Withdrawn

    CRMLS: PW17094456

    $749,999

    Price

  • Aug 25, 2017

    Date

    Active

    CRMLS: PW17094456

    $749,999

    Price

  • Aug 4, 2017

    Date

    Pending

    CRMLS: PW17094456

    $749,999

    Price

  • Jul 23, 2017

    Date

    Active

    CRMLS: PW17094456

    $749,999

    Price

  • Jul 20, 2017

    Date

    Hold

    CRMLS: PW17094456

    $749,999

    Price

  • Jun 30, 2017

    Date

    Active

    CRMLS: PW17094456

    $749,999

    Price

  • Jun 26, 2017

    Date

    Active Under Contract

    CRMLS: PW17094456

    $749,999

    Price

  • May 2, 2017

    Date

    Active

    CRMLS: PW17094456

    $749,999

    Price

  • Listing provided courtesy of CRMLS

    .

  • July, 2004

  • Jul 21, 2004

    Date

    Sold (Public Records)

    Public Records

    $485,000

    Price

Show More

Tax History for 1242 E 7th St

Assessed Value (2020): $806,020
Year Land Value Improved Value Assessed Value
2020 $561,000 $245,020 $806,020

Home Value Compared to the Market

This property vs the competition

1242 E 7th St sold on October 25, 2022 for 86.88% higher than the current median sold price for the city of Long Beach which is $800,000. The median sold price per/sqft for Long Beach is $632 and this home is sold at $520 per/sqft which puts the price per square foot 17.72% lower than the current median sale per square foot for the city of Long Beach.

About 1242 E 7th St

Detailed summary of property

1242 E 7th St is a triplex that recently sold in Long Beach, CA 90813. This triplex offered 8 bedrooms, 5.5 bathrooms, roughly 2,875 living square feet, and sits on an approximately 8,022 square foot lot. 1242 E 7th St was first listed on ArdentRealEstateGroup.com on July 26, 2022. The homeowner sold the property for $1,420,000. Home in Long Beach are selling for a median price of $800,000 and a median price per square foot of $632. Based on Ardent Real Estate Group's Long Beach Market Data, this home is sold 86.88% higher than the current median priced home. Local homes that are currently for sale include 1163 Magnolia Ave, 1163 Magnolia Ave and 1971 Locust Ave. While the average home in Long Beach, CA is selling in 54 days, 1242 E 7th St has a days on market of 50 days. There are currently 610 homes for sale in the Long Beach real estate market and 349 of them are single family homes while 248 of them are condos and 13 are townhomes. For more information on this home for sale at 1242 E 7th St Long Beach, CA 90813 contact Ardent Real Estate Group and we will put you in touch with one of our Long Beach agents.

Public Facts for 1242 E 7th St

Public county record property details
Beds
5
Baths
4
Year built
1911
Sq. Ft.
2,875
Lot Size
8,021
Stories
--
Type
Triplex (3 Units, Any Combination)
Pool
No
Spa
No
County
Los Angeles
Lot#
3
APN
7266-012-003

The source for these homes facts are from public records.

90813 Real Estate Sale History (Last 30 days)

Last 30 days of sale history and trends
Median List Price
$695,000
Median List Price/Sq.Ft.
$546
Median Sold Price
$584,000
Median Sold Price/Sq.Ft.
$592
Total Inventory
28
Median Sale to List Price %
108.35%
Avg Days on Market
23
Loan Type
Conventional (80%), FHA (10%), VA (10%), Cash (0%), Other (0%)

Thinking of Selling?

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Thinking of Selling?
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(714) 706-1823

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Based on information from California Regional Multiple Listing Service, Inc. as of 2019. 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 usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.

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