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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%
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Contact Listing AgentPrice
$1,095,000
Annual Income
$74,016
Annual NOI
$43,459
Annual Expense
$29,257
Rental Cost Details
| # OF UNITS | # OF BEDROOMS | # OF BATHS | ACTUAL RENT | TOTAL RENT | PRO FORMA | TOTAL PRO FORMA |
| 1 | 1 | 1 | $1,028 | $1,028 | $1,450 | $1,450 |
| 1 | 1 | 1 | $1,450 | $1,450 | $1,450 | $1,450 |
| 1 | 2 | 2 | $1,800 | $1,800 | $1,800 | $1,800 |
| 1 | 3 | 2 | $1,890 | $1,890 | $2,400 | $2,400 |
| TOTAL # OF UNITS | TOTAL # OF BEDROOMS | TOTAL # OF BATHS | GRAND TOTAL RENT | GRAND TOTAL PRO FORMA | ||
| 4 | 7 | 6 | $6,168 | $7,100 |
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