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324 W 7th St Long Beach, CA 90813

$985,000 Sold Price as of 05/07/2021

4 Beds
4 Baths
2,808 Sq.Ft.

Sold

$985,000 Sold Price as of 05/07/2021 Refinance Your Mortgage

Map preview of 324 W 7th St, Long Beach, CA 90813

Property Overview: 324 W 7th St Long Beach, CA has 4 bedrooms, 4 bathrooms, 2,808 living square feet and 2,250 square feet lot size. Call an Ardent Real Estate Group agent with any questions you may have.

Agent Remarks: Four 1 bed 1 baths, 2808 Sq. Ft. in downtown Long Beach near the convention center, Queen Mary, restaurants, shopping, etc. Annual business income: $99,000, Expenses Includes New Taxes Based off Asking Price : $23,400. NOI: $75,600 Cap Rate with Business: 7.56%. Business is included with sale or if one does not want the transitional business, owner can deliver vacant.

Listed by Tony Morrison | BRE #01346460 | Lantern Bay Realty
Co-listed by Peggy French | BRE #00455781 | Peggy French, Broker

Last checked: 10 minutes ago | Last updated: March 22nd, 2022 | Source CRMLS | DOM: 67

Home details

Lot Sq. Ft: 2,250
HOA Dues: $0/mo
Year built: 1949
Garage: --
Property Type:: Fourplex

Status: Sold
MLS#: OC20245589
City: Long Beach
County: Los Angeles
Time on Site: 1212 days

Multi-Family Unit Breakdown

Unit Mix Summary

Total # of Units: 4
Total # of Buildings: 1
# of Electric Meters: 0
# of Gas Meters: 0
# of Water Meters: 0

Unit Breakdown 1

# of Units: 4
# of Beds: 1
# of Baths: 1
Garage Spaces: 0
Garaged Attached? No
Actual Rent: $99,000
Total Rent: $99,000
Pro Forma/Market Rent: $99,000

Multi-Family Income/Expense Information

Property Income and Analysis

Cap Rate: 7.56%
Gross Rent Multiplier: --
Gross Scheduled Income: $99,000
Net Operating Income: $75,600
Gross Operating Income: --

Annual Expense Breakdown

Total Operating Expense: $23,400
Electric: $0
Gas/Fuel: $0
New Taxes: $0
Trash: $0
Insurance: $0
Water/Sewer: $0

Property Details for 324 W 7th St

Interior Features

Laundry Information

Has Laundry
See Remarks

Exterior Features

No Pool
Pool Features: None

Lot Details / Garage and Parking

Parking/Garage Information

No
Parking Features: None

Lot Information

Lot Features: Level
Lot Size Source: Assessor
Common Interest: None

Property Information

Common Walls: No Common Walls
Total # of Units: 4
Parcel Number: 7272022001
Year Built Source: Assessor
Property is not Attached

Homeowners Association, Utilities, Taxes / Assessments

Utilities Information

Sewer: Public Sewer
Water Source: Public

Location / Neighborhood

Location Information

Subdivision Name: Downtown (DT)
Directions: 710 Fwy Exit Ocean head towards 7th st.

Neighborhood Information

Community Features: Watersports, Urban

View more facts & features

Local Long Beach Agent

Sale History for 324 W 7th St

Last sold for $985,000 on May 7th, 2021

May, 2021
May 7, 2021

Date

Sold

CRMLS: OC20245589

$985,000

Price
Feb 24, 2021

Date

Pending

CRMLS: OC20245589

$995,000

Price
Jan 29, 2021

Date

Active Under Contract

CRMLS: OC20245589

$995,000

Price
Jan 7, 2021

Date

Price Change

CRMLS: OC20245589

$995,000

Price
Nov 23, 2020

Date

Active

CRMLS: OC20245589

$8,825,000

Price
September, 2020
Sep 24, 2020

Date

Canceled

CRMLS: 20567586

$1,000,000

Price
Mar 30, 2020

Date

Active

CRMLS: 20567586

$1,000,000

Price
Listing provided courtesy of CRMLS

Four unit apartment building which can be delivered vacant at close of escrow. This means that Buyer can remodel the units and lease at full market rents, without paying relocation fees. The property offers four one-bedroom / one-bath units.

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January, 2020
Jan 18, 2020

Date

Expired

CRMLS: PW19225316

$1,195,000

Price
Sep 30, 2019

Date

Active

CRMLS: PW19225316

$1,195,000

Price
Listing provided courtesy of CRMLS

One mile to the Ocean and located in Downtown Long Beach. This is a 2 story fourplex with 4 large 1 bedroom 1 bath apartments. Property is currently being rented as a Transitional Living property. Units are all individually metered. Owner is presently paying all utilities. Laundry room is on the first floor.

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January, 2006
Jan 19, 2006

Date

Sold (Public Records)

Public Records

$60,000

Price
December, 2003
Dec 5, 2003

Date

Sold (Public Records)

Public Records

$451,000

Price

Tax History for 324 W 7th St

Assessed Value (2020): $637,266

Year	Land Value	Improved Value	Assessed Value
2020	$382,362	$254,904	$637,266

Home Value Compared to the Market

This property vs the competition

324 W 7th St sold on May 7, 2021 for 24.38% 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 $354.34 per/sqft which puts the price per square foot 43.93% lower than the current median sale per square foot for the city of Long Beach.

About 324 W 7th St

Detailed summary of property

324 W 7th St is a fourplex that recently sold in Long Beach, CA 90813. This fourplex offered 4 bedrooms, 4 bathrooms, roughly 2,808 living square feet, and sits on an approximately 2,250 square foot lot. 324 W 7th St was first listed on ArdentRealEstateGroup.com on January 20, 2021. The homeowner sold the property for $985,000. 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 24.38% higher than the current median priced home. Local homes that are currently for sale include 430 Rose Ave, 1890 E 20th St and 3409 Walnut Ave. While the average home in Long Beach, CA is selling in 51 days, 324 W 7th St has a days on market of 67 days. There are currently 643 homes for sale in the Long Beach real estate market and 358 of them are single family homes while 270 of them are condos and 15 are townhomes. For more information on this home for sale at 324 W 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 324 W 7th St

Public county record property details

Beds: 4
Baths: 4
Year built: 1949
Sq. Ft.: 2,808
Lot Size: 2,250
Stories: --

Type: Quadruplex (4 Units, Any Combination)
Pool: No
Spa: No
County: Los Angeles
Lot#: 2,4
APN: 7272-022-001

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

$570,000

Median List Price/Sq.Ft.

$546

Median Sold Price

$584,000

Median Sold Price/Sq.Ft.

$592

Total Inventory

Median Sale to List Price %

108.35%

Avg Days on Market

Loan Type

Conventional (80%), FHA (10%), VA (10%), Cash (0%), 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.