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10-Unit Long Beach Building - 2823 E 7th St

Property consists of a single two-story building that contains four (4) two-bedroom, one-bathroom and six (6) one-bedroom units. The asset is in good condition, with four of the units newly renovated and performing at market rents.

• 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
• 4 out of 10 unit interiors with deluxe upgrades
including modern kitchens and bathrooms
• Stabilized asset at a 4.4% cap rate on actual rents
plus an additional 5% upside to income
• 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

Property Details

  • Units: 10
  • Gross Rent Multiplier: 14.52
  • Cap Rate: 4.4%
Contact Listing Agent

Price

$2,945,000

Annual Income

$193,047

Annual NOI

$130,821

Annual Expense

$62,226

Rental Cost Details

# OF UNITS# OF BEDROOMS# OF BATHSACTUAL RENTTOTAL RENTPRO FORMATOTAL PRO FORMA
121$1,750$1,750$1,895$1,895
111$1,595$1,595$1,595$1,595
111$1,450$1,450$1,595$1,595
121$1,750$1,750$1,895$1,895
121$1,895$1,895$1,895$1,895
111$1,670$1,670$1,670$1,670
111$1,595$1,595$1,595$1,595
121$1,750$1,750$1,895$1,895
111$1,450$1,450$1,595$1,595
111$1,450$1,450$1,595$1,595
TOTAL # OF UNITSTOTAL # OF BEDROOMSTOTAL # OF BATHSGRAND TOTAL RENTGRAND TOTAL PRO FORMA
101410$16,355$17,225

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