1242 7th st, Long Beach, CA 90813
Active
$1,690,000
6%
4 Units
8 Beds
4 Baths
2,875 Area(sq.ft.)
Lot: 8,022 Lot Size(sq.ft.)
| Type | # of Units | Bedroom | Bath | Furnished | Rent | Actual Rent | Projected Rent |
|---|---|---|---|---|---|---|---|
| Unit 1 | 1 | 2 | 1 | Yes | $ 2,400 | $ 2,400 | $ 2,500 |
| Unit 2 | 1 | 3 | 1 | Yes | $ 3,200 | $ 3,200 | $ 3,200 |
| Unit 3 | 1 | 2 | 1 | Yes | $ 2,544 | $ 2,544 | $ 2,544 |
| Unit 4 | 1 | 1 | 1 | Yes | $ 2,200 | $ 2,200 | $ 2,200 |
| 4 | 8 | 4 | $ 10,344 | $ 10,344 | $ 10,444 |
| MLS #: | PW25014615MR |
| Days On Market: | 318 |
| Listing Date: | January 21, 2025 |
| County: | Los Angeles |
| Property Type: | Residential Income |
| Price per ft2: | $ 588 |
| Price per unit: | $ 422,500 |
| Year Built: | 1911 |
Property Details
Price reduced over $100,000! Motivated seller! Located at 1242 E 7th St., Long Beach, CA, this beautiful turnkey 4-unit Craftsman property offers a prime investment or owner-user opportunity in a vibrant, centrally located North Alamitos Beach neighborhood. The property sits on a 8,000 sq. ft. lot and features a 2,875 sq. ft. building, delivering a mix of spacious and stylishly remodeled units. The property includes one three-bedroom unit (~ 775 sq. ft.), two two-bedroom units (~750 sq. ft.), and one one-bedroom unit (~ 600 sq. ft.). Each unit has been completely remodeled, featuring modern interiors, updated kitchens and baths, and premium finishes, making this property a true turnkey investment. This property offers significant value-add potential. The lot includes five garages, presenting an ideal opportunity for Accessory Dwelling Unit (ADU) conversion to maximize rental income. Additionally, the large lot size and layout provide ample space to build additional units. Other highlights include a long driveway and ample parking, a rare and desirable feature in urban multifamily properties. This makes the property particularly attractive to tenants and ensures strong occupancy rates. For those considering living on-site, one unit is currently vacant, offering the perfect owner-user opportunity to live in one unit while collecting income from the others. Alternatively, the vacancy allows for immediate leasing at market rent, boosting cash flow. With its modernized interiors, potential for expansion, and prime location near downtown Long Beach, this property is an excellent opportunity for investors and owner-users alike. Don t miss out on this rare combination of current income and future upside. 4th Unit approval eminent.Interested in this Listing?
Miami Residence will connect you with an agent in a short time.
Income Details
| Rent Control: | False |
| Total Annual Expense: | $ 31,500 |
| Net Operating Income: | $ 89,000 |
| Cap Rate: | 4.94% |
| Gross Rent Multiplier: | 14.50 |
Structure
| Community Features: | Curbs, Dog Park, Golf, Hiking, Gutters, Park, Sidewalks, Street Lights, Suburban |
| Sewer: | Public Sewer |
| Water: | Public |
Land & Parking
| Zoning: | LBCNR |
| Land Lease Type: | Fee |
Interior
| Laundry: | Laundry Area |
| Laundry Income: | 0.00 |
Exterior
| Pool: | No |
Detailed Map
Schools
Find a great school for your child
Income
