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721 E 7Th St, Long Beach, CA 90813
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721 E 7Th St Long Beach, CA 90813

$3,305,000 Sold Price as of 06/17/2022
  • 11 Beds
  • 15 Baths
  • 10,464 Sq.Ft.
Sold
$3,305,000 Sold Price as of 06/17/2022 Refinance Your Mortgage
Map preview of 721 E 7Th St, Long Beach, CA 90813

Property Overview: 721 E 7Th St Long Beach, CA has 11 bedrooms, 15 bathrooms, 10,464 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: We are pleased to present this 16 unit opportunity in the "Downtown Adjacent" region of Long Beach. The property consists of 2 separate buildings with the front building housing 12 units and the rear building housing the other 4. There are a total of (11) 1 Bedroom units and (5) Studio units that are separately metered for gas and electricity. A new investor will immediately enjoy strong positive cash flow with a huge upside of 34%+ in rental income once stabilized.

Listed by KRISTOPHER GERMAN | BRE #01800021 | RE/MAX 2000 REALTY
Last checked: 6 minutes ago | Last updated: June 20th, 2022 | Source CRMLS | DOM: 0

Home details

Lot Sq. Ft
7,501
HOA Dues
$0/mo
Year built
1923
Garage
--
Property Type:
Multi Family
Status
Sold
MLS#
CV22052753
City
Long Beach
County
Los Angeles
Time on Site
918 days
Multi-Family Unit Breakdown
Unit Mix Summary
  • Total # of Units: 16
  • Total # of Buildings: 2
  • # of Leased Units: 16
  • # of Electric Meters: 16
  • # of Gas Meters: 16
  • # of Water Meters: 1
Unit Breakdown 1
  • # of Units: 1
  • # of Beds: 1
  • # of Baths: 1
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $1,072
  • Total Rent: $1,072
  • Pro Forma/Market Rent: $1,650
Unit Breakdown 2
  • # of Units: 4
  • # of Beds: 1
  • # of Baths: 1
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $1,000
  • Total Rent: $4,000
  • Pro Forma/Market Rent: $1,650
Unit Breakdown 3
  • # of Units: 2
  • # of Beds: 1
  • # of Baths: 1
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $1,400
  • Total Rent: $2,800
  • Pro Forma/Market Rent: $1,650
Unit Breakdown 4
  • # of Units: 2
  • # of Beds: 1
  • # of Baths: 1
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $1,350
  • Total Rent: $2,700
  • Pro Forma/Market Rent: $1,650
Unit Breakdown 5
  • # of Units: 1
  • # of Beds: 1
  • # of Baths: 1
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $1,100
  • Total Rent: $1,100
  • Pro Forma/Market Rent: $1,650
Unit Breakdown 6
  • # of Units: 1
  • # of Beds: 1
  • # of Baths: 0
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $500
  • Total Rent: $500
  • Pro Forma/Market Rent: $1,650
Unit Breakdown 7
  • # of Units: 1
  • # of Beds: 0
  • # of Baths: 1
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $1,250
  • Total Rent: $1,250
  • Pro Forma/Market Rent: $1,395
Unit Breakdown 8
  • # of Units: 3
  • # of Beds: 0
  • # of Baths: 1
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $1,200
  • Total Rent: $3,600
  • Pro Forma/Market Rent: $1,395
Unit Breakdown 9
  • # 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: $1,395
Multi-Family Income/Expense Information
Property Income and Analysis
  • Gross Rent Multiplier: --
  • Gross Scheduled Income: $227,868
  • Net Operating Income: $151,407
  • Gross Operating Income: $221,032
  • Vacancy Allowance: $6,836
  • Other Income 1: $3,209
  • Other Income Description: Ratio Utility Billing System
Annual Expense Breakdown
  • Total Operating Expense: $69,625
  • Electric: $700
  • Gas/Fuel: $1,750
  • New Taxes: $38,430
  • Trash: $956
  • Insurance: $6,278
  • Maintenance: $13,672
  • Professional Management: $0
  • Water/Sewer: $3,750
  • Other Expenses: $4,089
  • Other Expense Description: Reserves

Property Details for 721 E 7Th St

Interior Features
Laundry Information
  • No Laundry
  • None
Interior Features
  • Levels: Two
Exterior Features
Exterior Features
  • No Pool
  • Pool Features: None
Lot Details / Garage and Parking
Parking/Garage Information
  • # of Parking Spaces: 2
Lot Information
  • Lot Features: 16-20 Units/Acre, Lot 10000-19999 Sqft
  • Lot Size Source: Assessor
  • Common Interest: None
Property Information
  • Common Walls: 2+ Common Walls
  • Total # of Units: 16
  • Parcel Number: 7274020015
  • Year Built Source: Assessor
  • Property is Attached
Homeowners Association, Utilities, Taxes / Assessments
Homeowners Association
  • Is Not Part of Association
Utilities Information
  • Sewer: Public Sewer
  • Water Source: Public
Location / Neighborhood
Location Information
  • Subdivision Name: Downtown (DT)
  • Directions: East of I-710 & South of I-405; Near Intersection of N Marietta Ct & E 7th St
Neighborhood Information
  • Community Features: Curbs, Gutters, Sidewalks
View more facts & features

Local Long Beach Agent

Sale History for 721 E 7Th St

Last sold for $3,305,000 on June 17th, 2022

  • June, 2022

  • Jun 17, 2022

    Date

    Sold

    CRMLS: CV22052753

    $3,305,000

    Price

  • Mar 16, 2022

    Date

    Active

    CRMLS: CV22052753

    $3,280,000

    Price

  • September, 2016

  • Sep 1, 2016

    Date

    Sold (Public Records)

    Public Records

    --

    Price

  • September, 2005

  • Sep 30, 2005

    Date

    Sold (Public Records)

    Public Records

    $1,539,000

    Price

Show More

Tax History for 721 E 7Th St

Assessed Value (2020): $1,175,330
Year Land Value Improved Value Assessed Value
2020 $826,547 $348,783 $1,175,330

Home Value Compared to the Market

This property vs the competition

721 E 7Th St sold on June 17, 2022 for 300.49% 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 $313.46 per/sqft which puts the price per square foot 50.09% lower than the current median sale per square foot for the city of Long Beach.

About 721 E 7Th St

Detailed summary of property

721 E 7Th St is a multi family that recently sold in Long Beach, CA 90813. This multi family property offered 11 bedrooms, 15 bathrooms, roughly 10,464 living square feet, and sits on an approximately 7,501 square foot lot. 721 E 7Th St was first listed on ArdentRealEstateGroup.com on March 16, 2022. The homeowner sold the property for $3,305,000. 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 300.49% higher than the current median priced home. Local homes that are currently for sale include 15408 Pioneer Blvd, 3300 W Orange Ave and 11308 S Figueroa St. 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 721 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 721 E 7Th St

Public county record property details
Beds
12
Baths
16
Year built
1923
Sq. Ft.
10,464
Lot Size
7,501
Stories
--
Type
Apartment House (5+ Units)
Pool
No
Spa
No
County
Los Angeles
Lot#
3
APN
7274-020-015

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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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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