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3032 E 7Th St Long Beach, CA 90804

$2,250,000 Sold Price as of 05/16/2023

14 Beds
8 Baths
6,040 Sq.Ft.

Sold

$2,250,000 Sold Price as of 05/16/2023 Refinance Your Mortgage

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Map preview of 3032 E 7Th St, Long Beach, CA 90804

Property Overview: 3032 E 7Th St Long Beach, CA has 14 bedrooms, 8 bathrooms, 6,040 living square feet and 5,640 square feet lot size. Call an Ardent Real Estate Group agent with any questions you may have.

Agent Remarks: 3032 E. 7th Street is a 10-unit apartment building in the popular Rose Park neighborhood of Long Beach, California. The property consists of (4) 2 BD/1 BA units, (4) 1 BD/1BA units and (2) retail units. All residential units feature balconies or patios, and select units have been renovated with new flooring and kitchens. On site laundry is available, contributing to the current income, as well (4) garages with the potential for parking income. The property has a Walk Score of 92 out of 100, considered a "Walker's Paradise", so daily errands do not require a car. Living in Rose Park offers residents an urban/suburban mix feel and most residents rent their homes. The area offers many amenities such as bars, restaurants, coffee shops and parks, and the neighborhood is highly rated for families and young professionals. Public schools in the area are also highly rated. 3032 E. 7th Street provides a new owner with over 20% rental upside potential in a desirable rental market.

Listed by Robert Stepp | BRE #01456379 | Keller Williams - Santa Monica

Last checked: 14 minutes ago | Last updated: June 5th, 2023 | Source CRMLS | DOM: 14

Home details

Lot Sq. Ft: 5,640
HOA Dues: $0/mo
Year built: 1962
Garage: 4 Car
Property Type:: Apartment

Status: Sold
MLS#: PW23035436
City: Long Beach
County: Los Angeles
Time on Site: 567 days

Multi-Family Unit Breakdown

Unit Mix Summary

Total # of Units: 10
Total # of Buildings: 1
# of Electric Meters: 11
# of Gas Meters: 11
# of Water Meters: 1

Unit Breakdown 1

# of Units: 4
# of Beds: 2
# of Baths: 1
Garage Spaces: 0
Garaged Attached? No
Furnishing: Unfurnished
Actual Rent: $1,796
Total Rent: $7,184
Pro Forma/Market Rent: $2,250

Unit Breakdown 2

# of Units: 4
# of Beds: 1
# of Baths: 1
Garage Spaces: 0
Garaged Attached? No
Furnishing: Unfurnished
Actual Rent: $1,695
Total Rent: $6,780
Pro Forma/Market Rent: $1,800

Unit Breakdown 3

# of Units: 2
# of Beds: 1
# of Baths: 0
Garage Spaces: 0
Garaged Attached? No
Furnishing: Unfurnished
Actual Rent: $1,025
Total Rent: $2,050
Pro Forma/Market Rent: $1,350

Multi-Family Income/Expense Information

Property Income and Analysis

Gross Rent Multiplier: --
Gross Scheduled Income: $194,580
Net Operating Income: $124,293
Gross Operating Income: $188,743

Annual Expense Breakdown

Total Operating Expense: $65,450
Electric: $1,875
Gas/Fuel: $1,875
Licenses: $700
New Taxes: $30,524
Trash: $1,875
Gardener: $1,000
Insurance: $5,138
Maintenance: $7,000
Professional Management: $9,437
Water/Sewer: $1,875
Other Expenses: $2,250
Other Expense Description: Reserves

Property Details for 3032 E 7Th St

Interior Features

Laundry Information

Has Laundry
Community

Exterior Features

No Pool
Pool Features: None

Lot Details / Garage and Parking

Parking/Garage Information

# of Garage Spaces: 4
# of Parking Spaces: 4

Lot Information

Lot Features: 6-10 Units/Acre
Lot Size Source: Assessor
Common Interest: Community Apartment

Property Information

Common Walls: 2+ Common Walls
Total # of Units: 10
Parcel Number: 7258030005
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: Eastside (ES)
Directions: Obispo Ave & E 7th St

Neighborhood Information

Community Features: Sidewalks

View more facts & features

Local Long Beach Agent

Sale History for 3032 E 7Th St

Last sold for $2,250,000 on May 16th, 2023

May, 2023
May 16, 2023

Date

Sold

CRMLS: PW23035436

$2,250,000

Price
Mar 2, 2023

Date

Active

CRMLS: PW23035436

$2,400,000

Price
February, 2013
Feb 5, 2013

Date

Sold (Public Records)

Public Records

$955,000

Price
November, 2002
Nov 4, 2002

Date

Sold (Public Records)

Public Records

$670,000

Price

Tax History for 3032 E 7Th St

Assessed Value (2020): $1,075,517

Year	Land Value	Improved Value	Assessed Value
2020	$619,287	$456,230	$1,075,517

Home Value Compared to the Market

This property vs the competition

3032 E 7Th St sold on May 16, 2023 for 193.04% higher than the current median sold price for the city of Long Beach which is $819,000. The median sold price per/sqft for Long Beach is $628 and this home is sold at $397.35 per/sqft which puts the price per square foot 36.73% lower than the current median sale per square foot for the city of Long Beach.

About 3032 E 7Th St

Detailed summary of property

3032 E 7Th St is a apartment that recently sold in Long Beach, CA 90804. This apartment offered 14 bedrooms, 8 bathrooms, roughly 6,040 living square feet, and sits on an approximately 5,640 square foot lot. 3032 E 7Th St was first listed on ArdentRealEstateGroup.com on March 3, 2023. The homeowner sold the property for $2,250,000. Home in Long Beach are selling for a median price of $819,000 and a median price per square foot of $628. Based on Ardent Real Estate Group's Long Beach Market Data, this home is sold 193.04% higher than the current median priced home. Local homes that are currently for sale include 229 Roswell Ave, 4016 E Wilton and 1724 Cherry Ave. While the average home in Long Beach, CA is selling in 62 days, 3032 E 7Th St has a days on market of 14 days. There are currently 778 homes for sale in the Long Beach real estate market and 416 of them are single family homes while 337 of them are condos and 23 are townhomes. For more information on this home for sale at 3032 E 7Th St Long Beach, CA 90804 contact Ardent Real Estate Group and we will put you in touch with one of our Long Beach agents.

Public Facts for 3032 E 7Th St

Public county record property details

Beds: 10
Baths: 8
Year built: 1962
Sq. Ft.: 6,045
Lot Size: 5,520
Stories: --

Type: Apartment House (5+ Units)
Pool: No
Spa: No
County: Los Angeles
Lot#: 3-6
APN: 7258-030-005

The source for these homes facts are from public records.

90804 Real Estate Sale History (Last 30 days)

Last 30 days of sale history and trends

Median List Price

$500,000

Median List Price/Sq.Ft.

$622

Median Sold Price

$450,000

Median Sold Price/Sq.Ft.

$534

Total Inventory

Median Sale to List Price %

97.83%

Avg Days on Market

Loan Type

Conventional (62.5%), FHA (12.5%), VA (12.5%), Cash (12.5%), Other (0%)

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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.