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401 E 7th St, Long Beach

  • Craftsman corner lot 4 unit property in Downtown Long Beach’s East Village Arts District
  • Great curb appeal and filled with character, only blocks away from billions of dollars in new development, restaurants, galleries, studios, and the ocean
  • Excellent value add opportunity with 2 units to be delivered vacant plus a 15% upside in current rents
  • Strong in place income at 13.7X gross on current rents and a market GRM of 11.99.
  • 2 garages for additional income and tenant convenience
  • Rare opportunity to own a well-located 4 unit property for just above $1M
  • Great unit mix in dense rental market with low vacancy
  • Perfect for an owner occupant buyer or as an investment property

Property Details

  • Units: 4
  • Gross Rent Multiplier: 14.33
  • Cap Rate: 4.0%

Download Offering Memorandum

Contact Listing Agent

Price

$1,095,000

Annual Income

$74,016

Annual NOI

$43,459

Annual Expense

$29,257

Rental Cost Details

# OF UNITS# OF BEDROOMS# OF BATHSACTUAL RENTTOTAL RENTPRO FORMATOTAL PRO FORMA
111$1,028$1,028$1,450$1,450
111$1,450$1,450$1,450$1,450
122$1,800$1,800$1,800$1,800
132$1,890$1,890$2,400$2,400
TOTAL # OF UNITSTOTAL # OF BEDROOMSTOTAL # OF BATHSGRAND TOTAL RENTGRAND TOTAL PRO FORMA
476$6,168$7,100

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