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

$1,900,000 Sold Price as of 09/11/2019
  • 11 Beds
  • 11 Baths
  • 6,544 Sq.Ft.
Sold
$1,900,000 Sold Price as of 09/11/2019 Refinance Your Mortgage
Map preview of 707 E 7th St, Long Beach, CA 90813

Property Overview: 707 E 7th St Long Beach, CA has 11 bedrooms, 11 bathrooms, 6,544 living square feet and 7,501 square feet lot size. Call an Ardent Real Estate Group agent with any questions you may have.

Agent Remarks: First time on the market in over 17 years and Seller is extremely motivated. Property is currently operating as 9 units, but shows 10 legal units on record. Huge value-add opportunity with below market rents and a Pro Forma Cap Rate of 6.44% based on conservative market rents. The property is comprised of EIGHT (Studios) and ONE (11+ 3 House). The house was built as two separate single family houses and legally converted into a duplex in 1999. 4 of the 8 Studios have been remodeled and the house is in good condition. All leases are month to month and there is significant upside for a new investor by remodeling unit interiors and raising rents to market. The house and two studios are currently vacant, allowing a Buyer to begin raising rents immediately.

Listed by Andrew McAllister | BRE #01946829 | Nationwide Real Estate Execs
Last checked: 2 minutes ago | Last updated: March 22nd, 2022 | Source CRMLS | DOM: 165

Home details

Lot Sq. Ft
7,501
HOA Dues
$0/mo
Year built
1926
Garage
--
Property Type:
Multi Family
Status
Sold
MLS#
RS19059595
City
Long Beach
County
Los Angeles
Time on Site
1521 days
Multi-Family Unit Breakdown
Unit Mix Summary
  • Total # of Units: 9
  • Total # of Buildings: 3
  • # of Leased Units: 7
  • # of Electric Meters: 11
  • # of Gas Meters: 11
  • # of Water Meters: 1
Unit Breakdown 1
  • # of Units: 1
  • # of Beds: 11
  • # of Baths: 3
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Total Rent: $0
  • Pro Forma/Market Rent: $5,000
Unit Breakdown 2
  • # of Units: 1
  • # of Beds: 0
  • # of Baths: 1
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $925
  • Total Rent: $925
  • Pro Forma/Market Rent: $1,250
Unit Breakdown 3
  • # of Units: 1
  • # of Beds: 0
  • # of Baths: 1
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $1,100
  • Total Rent: $1,100
  • Pro Forma/Market Rent: $1,295
Unit Breakdown 4
  • # of Units: 1
  • # of Beds: 0
  • # of Baths: 1
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $925
  • Total Rent: $925
  • Pro Forma/Market Rent: $1,295
Unit Breakdown 5
  • # of Units: 1
  • # of Beds: 0
  • # of Baths: 1
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $925
  • Total Rent: $925
  • Pro Forma/Market Rent: $1,250
Unit Breakdown 6
  • # of Units: 1
  • # of Beds: 0
  • # of Baths: 1
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $775
  • Total Rent: $775
  • Pro Forma/Market Rent: $1,250
Unit Breakdown 7
  • # of Units: 1
  • # of Beds: 0
  • # of Baths: 1
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $995
  • Total Rent: $995
  • Pro Forma/Market Rent: $1,295
Unit Breakdown 8
  • # of Units: 1
  • # of Beds: 0
  • # of Baths: 1
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Total Rent: $0
  • Pro Forma/Market Rent: $1,295
Unit Breakdown 9
  • # of Units: 1
  • # of Beds: 0
  • # of Baths: 1
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Total Rent: $0
  • Pro Forma/Market Rent: $1,250
Multi-Family Income/Expense Information
Property Income and Analysis
  • Cap Rate: 5.22%
  • Gross Rent Multiplier: 12.28
  • Gross Scheduled Income: $158,820
  • Net Operating Income: $101,758
  • Gross Operating Income: $154,055
  • Vacancy Allowance: $4,765
  • Laundry Income: $0
  • Laundry Own/Lease: Own
Annual Expense Breakdown
  • Total Operating Expense: $52,297
  • Electric: $0
  • Gas/Fuel: $0
  • New Taxes: $25,471
  • Trash: $2,032
  • Insurance: $2,618
  • Maintenance: $5,400
  • Professional Management: $7,703
  • Water/Sewer: $7,421
  • Other Expenses: $2,250
  • Other Expense Description: Reserves

Property Details for 707 E 7th St

Interior Features
Laundry Information
  • Has Laundry
  • Community
Exterior Features
Exterior Features
  • No Pool
  • Pool Features: None
Lot Details / Garage and Parking
Lot Information
  • Lot Features: Corner Lot, Lot 6500-9999
  • Lot Size Source: Assessor
Property Information
  • Common Walls: No Common Walls
  • Total # of Units: 9
  • Parcel Number: 7274020013
  • Year Built Source: Assessor
  • Property is not Attached
Homeowners Association, Utilities, Taxes / Assessments
Utilities Information
  • Sewer: Public Sewer
  • Water Source: Public
Assessment Information
  • Has Assessments
  • Assessments: Special Assessments
Location / Neighborhood
Location Information
  • Subdivision Name: Downtown (DT)
  • Other Subdivision Name: East Village
  • Directions: Corner of East 7th Street & Lime Avenue
Neighborhood Information
  • Community Features: Curbs, Gutters, Sidewalks, Street Lights, Urban
View more facts & features

Local Long Beach Agent

Sale History for 707 E 7th St

Last sold for $1,900,000 on September 11th, 2019

  • September, 2019

  • Sep 11, 2019

    Date

    Sold

    CRMLS: RS19059595

    $1,900,000

    Price

  • Sep 10, 2019

    Date

    Pending

    CRMLS: RS19059595

    $1,950,000

    Price

  • Jun 10, 2019

    Date

    Price Change

    CRMLS: RS19059595

    $1,950,000

    Price

  • Jun 10, 2019

    Date

    Active

    CRMLS: RS19059595

    $2,125,000

    Price

  • Jun 10, 2019

    Date

    Canceled

    CRMLS: RS19059595

    $2,125,000

    Price

  • Mar 21, 2019

    Date

    Active

    CRMLS: RS19059595

    $2,125,000

    Price

  • September, 2019

  • Sep 9, 2019

    Date

    Sold (Public Records)

    Public Records

    $1,900,000

    Price

  • August, 2002

  • Aug 12, 2002

    Date

    Sold (Public Records)

    Public Records

    $396,100

    Price

Show More

Tax History for 707 E 7th St

Assessed Value (2020): $1,900,000
Year Land Value Improved Value Assessed Value
2020 $1,235,000 $665,000 $1,900,000

Home Value Compared to the Market

This property vs the competition

707 E 7th St sold on September 11, 2019 for 138.1% 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 $297.98 per/sqft which puts the price per square foot 52.55% lower than the current median sale per square foot for the city of Long Beach.

About 707 E 7th St

Detailed summary of property

707 E 7th St is a multi family that recently sold in Long Beach, CA 90813. This multi family property offered 11 bedrooms, 11 bathrooms, roughly 6,544 living square feet, and sits on an approximately 7,501 square foot lot. 707 E 7th St was first listed on ArdentRealEstateGroup.com on July 21, 2020. The homeowner sold the property for $1,900,000. 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 138.1% higher than the current median priced home. Local homes that are currently for sale include 1512 N Stanton Pl, 321 W Hill St and 1381 Temple Ave. While the average home in Long Beach, CA is selling in 62 days, 707 E 7th St has a days on market of 165 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 707 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 707 E 7th St

Public county record property details
Beds
16
Baths
11
Year built
1926
Sq. Ft.
6,544
Lot Size
7,500
Stories
--
Type
Apartment House (5+ Units)
Pool
No
Spa
No
County
Los Angeles
Lot#
3
APN
7274-020-013

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
$560,000
Median List Price/Sq.Ft.
$553
Median Sold Price
$495,000
Median Sold Price/Sq.Ft.
$587
Total Inventory
35
Median Sale to List Price %
99.02%
Avg Days on Market
24
Loan Type
Conventional (100%), FHA (0%), VA (0%), Cash (0%), Other (0%)

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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