$2,272,500
$2,295,000
1.0%For more information regarding the value of a property, please contact us for a free consultation.
338 E 7th ST Long Beach, CA 90813
Key Details
Sold Price $2,272,500
Property Type Multi-Family
Listing Status Sold
Purchase Type For Sale
Subdivision Downtown (Dt)
MLS Listing ID RS18087051
Sold Date 06/29/18
HOA Y/N No
Year Built 1912
Property Description
Significant value add opportunity, priced at a 5.11% cap rate comprised of 10 spacious 1 Bed / 1 Bath units averaging 670 SF each. (4) units have undergone "gut" remodels to the studs, including porcelain tile floors, stainless steel appliances, quartz counters, custom cabinets, modern light fixtures, & marble shower tile. A 5th unit will be modernized and put in a condition suitable for a new investor to add finishes of their liking. Exterior improvements include a new roof in 2018, drought tolerant landscaping, custom metal work around the property for improved security & modern exterior paint. Great opportunity for an investor looking for a stable building with a realistic value add component and a 6.03% cap rate at market rents.
Location
State CA
County Los Angeles
Area 4 - Downtown Area, Alamitos Beach
Zoning LBPD30
Rooms
Ensuite Laundry Common Area, Inside
Interior
Laundry Location Common Area,Inside
Fireplace No
Laundry Common Area, Inside
Exterior
Pool None
Community Features Curbs, Gutter(s), Storm Drain(s), Street Lights, Sidewalks, Urban
Private Pool No
Building
Lot Description Corner Lot, Level
Story 2
Entry Level Two
Sewer Public Sewer
Water Public
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 7273027007
Acceptable Financing Cash, Cash to New Loan, Conventional, 1031 Exchange
Listing Terms Cash, Cash to New Loan, Conventional, 1031 Exchange
Financing Cash to New Loan
Special Listing Condition Standard
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Bought with XIA LIN • IRN REALTY
GUIDE SoCal
Broker | License ID: DRE#01976964