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3032 E. 7th Street

3032 E. 7th Street,Long Beach, CA 90804

10

Unit

$2,400,000

Price

Property Details

Price Per Unit

$240,000

Price per SF

$397

Current Cap Rate

5.18%

Market Cap Rate

6.74%

Current GRM

12.33

Market GRM

10.20

3032 E. 7th Street

3032 E. 7th Street,Long Beach, CA 90804

$2,400,000

Price

Property Details

Price per SF

$397

Price Per Unit

$240,000

Price per SF

$397

Current Cap Rate

5.18%

Market Cap Rate

6.74%

Unit

10

Current GRM

12.33

Market GRM

10.20

Description

3032 E. 7th Street is a 10-unit apartment building in the popular Rose Park neighborhood of Long Beach, California.

The property consists of (4) 2 BD/1 BA units, (4) 1 BD/1BA units and (2) retail units. All residential units feature balconies or patios, and select units have been renovated with new flooring and kitchens. On site laundry is available, contributing to the current income, as well (4) garages with the potential for parking income.

The property has a Walk Score of 92 out of 100, considered a “Walker’s Paradise”, so daily errands do not require a car. Living in Rose Park offers residents an urban/suburban mix feel and most residents rent their homes. The area offers many amentities such as bars, restaurants, coffee shops and parks, and the neighborhood is highly rated for families and young professionals. Public schools in the area are also highly rated.

3032 E. 7th Street provides a new owner with over 20% rental upside potential in a desirable rental market.

Highlights

  • Attractive mix of one and two-bedroom units
  • All units offer balconies or patios
  • Two retail units at low month-to-month rent
  • Over 20% rental upside potential
  • Property includes 4 garages and on-site laundry
  • Desirable Rose Park neighborhood

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