3822 E 7th Street, Long Beach, CA, CA 90804
- $1,525,000
- List Price
- $1,525,000
- Status
- ACTIVE
- MLS#
- SB26163180
- County
- Los Angeles
- Year Built
- 1924
- Building Square Feet
- 3,946
- Square Feet
- 5,014
- Days on Market
- 2
- Property Type
- Multifamily
- Stories
- Two Levels
- Neighborhood
- Belmont Heights (Bh)
Property Description
We are pleased to present 3822 E. 7th Street, a well-maintained 5-unit multifamily investment opportunity located in the Belmont Heights submarket of Long Beach. This 5,014 SF lot benefits from extremely efficient lot coverage as it features (2) separate structures, a large central courtyard, and a communal outdoor barbeque area in the rear. The front structure consists of (4) 1 Bed/1 Bath units. These spacious, nearly identical units span approximately 750 square feet each and showcase the classic character and charm associated with vintage Belmont Heights apartments. The rear structure features (1) fully remodeled 2 Bed/1 Bath unit upstairs with approximately 950 SF of living area, which includes a master bedroom and walk in closet. Downstairs, there are (3) garages (one of which is currently being used for owner storage), and an on-site laundry room with leased units. Overall, the property has been meticulously maintained by ownership and features copper plumbing throughout with a consistently maintained main sewer line, exceptional unit interiors, and a recently inspected roof found to be in excellent condition. Priced at a 5.21% CAP rate and 12.47 GRM on current in-place income, with upside to an achievable 7.63% Market CAP rate and 9.47 Market GRM, this offering provides investors with strong day-one cash flow with compelling value-add components on multiple fronts. First, the 33% rent upside is compounded by the building’s extremely efficient expense profile as owner-paid utility expenses have historically remained very low. Further, the prudent investor can increase NOI by transitioning to owner-operated laundry equipment and monetizing the garage currently used for owner storage. In addition, the configuration of the rear structure offers significant ADU appeal (buyer to verify). Lastly, this Belmont Heights location boasts a Walk Score of 92 (“Walker’s Paradise”) and is located near excellent schools, including Woodrow Wilson High School a mere half mile away. In addition, the property’s proximity to the Traffic Circle provides convenient access to the major economic and employment hubs of Los Angeles and Orange counties, supporting consistent tenant demand in this strong infill location
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Additional Information
- Parcel Number
- 7254026005
- Gross Scheduled Income
- $122,256
- Operating Expense
- 36648
- Net Operating Income
- $79,496
- Number of Buildings
- 2
- Lot Features
- 0-1 Unit/Acre, Back Yard
- Security Features
- Security Lights
- Appliances
- Gas Cooktop, Gas Oven, Microwave, Refrigerator, Water Heater
- Heat
- Wall Furnace
- Cooling
- Yes
- View
- None
- Exterior Construction
- Copper Plumbing
- Roof
- Flat
- Garage Spaces Total
- 3
- Sewer
- Public Sewer
- Water
- Public
- Community Features
- Curbs, Golf, Sidewalks
Listing courtesy of Listing Agent: Joshua Barut (joshbarutbroker@gmail.com) from Listing Office: Lyon Stahl Investment Real Estate, Inc..
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Based on information from California Regional Multiple Listing Service, Inc. as of . 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.