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2823 E 7th St, Long Beach
- Excellent Rose Park location, close to Retro Row, Belmont Heights and Alamitos Beach
- Extensively renovated property including newer roof, windows, electrical panels, controlled access, exterior refresh, landscaping, common areas, and lighting
- 7 out of 10 units interiors with deluxe upgrades including modern kitchens and bathrooms
- Stabilized asset at a 4.3% cap rate on actual rents with an upside of 4.8%
- 4 garages plus 4 off-street parking spaces
- Community laundry facility for extra income
- Great unit mix with 4 two bedroom units and 6 one bedroom units
- Excellent ADU potential with 4 garages that could be converted with entry onto the courtyard
Property Details
- Units: 10
- Gross Rent Multiplier: 14.49
- Cap Rate: 4.3%
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$3,150,000
Annual Income
$206,940
Annual NOI
$136,945
Annual Expense
$69,995
Rental Cost Details
| # OF UNITS | # OF BEDROOMS | # OF BATHS | ACTUAL RENT | TOTAL RENT | PRO FORMA | TOTAL PRO FORMA |
| 1 | 2 | 1 | $1,900 | $1,900 | $2,100 | $2,100 |
| 1 | 1 | 1 | $1,695 | $1,695 | $1,750 | $1,750 |
| 1 | 1 | 1 | $1,650 | $1,650 | $1,750 | $1,750 |
| 1 | 2 | 1 | $1,950 | $1,950 | $2,100 | $2,100 |
| 1 | 2 | 1 | $1,925 | $1,925 | $2,100 | $2,100 |
| 1 | 1 | 1 | $1,695 | $1,695 | $1,750 | $1,750 |
| 1 | 1 | 1 | $1,650 | $1,650 | $1,750 | $1,750 |
| 1 | 2 | 1 | $1,895 | $1,895 | $2,100 | $2,100 |
| 1 | 1 | 1 | $1,550 | $1,550 | $1,750 | $1,750 |
| 1 | 1 | 1 | $1,550 | $1,550 | $1,750 | $1,750 |
| TOTAL # OF UNITS | TOTAL # OF BEDROOMS | TOTAL # OF BATHS | GRAND TOTAL RENT | GRAND TOTAL PRO FORMA | ||
| 10 | 14 | 10 | $17,460 | $18,900 |
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