2521 7Th StLong Beach, CA 90804
- Residential income properties
- 9,358 SF
Property Details for 2521 7Th St
- Year built
- 1963
- Construction
- WOOD
- Lot size
- 0.17 AC
- Property size (Sq ft)
- 9,358 SF
- Zone code
- LBCNR
- Property type
- Residential income properties
- Property subtype
- Other apartment buildings
- APN
- 7262-019-023
- APU
- 7262019023
Description
This exceptional investment opportunity presents a 10-unit apartment building located at 2521 East 7th Street, Long Beach, California, 90804. The property, built in 1963, offers 9,358 square feet on a 7,322 square foot lot and features a mix of one, two, and three-bedroom units. The asking price is $2,500,000, translating to $250,000 per unit and $267.15 per square foot. The building boasts newer windows, electrical panels, and railings, adding to its appeal. Currently generating a NOI of $93,659 and a 3.75% cap rate, the property presents significant value-add potential. Pro forma projections indicate a NOI of $233,747 and a 9.35% cap rate, representing a substantial increase in profitability. The property includes five parking spaces. This fee-simple ownership opportunity is situated in Los Angeles County and offers a compelling return on investment for a savvy buyer. The motivated seller makes this a particularly attractive prospect for long-term ownership. The property's strong unit mix, combined with the potential for significant rental upside, makes this a rare find in the Long Beach market.
Valuation
by Paperhouses methods
- Valuation date:
- Dec 11, 2024
-
CAP approach
- CAP return
- Valuation
- 6%
- $2,859,190
- 6.5%
- $2,639,253
- 7%
- $2,450,735
-
Comparable approach
- Method
- Valuation
- Relative Method
- $4,626,773
- Geo Method
- $4,626,773
-
Alternative Use
- Use
- Valuation
- Residential
- $2,639,253
- Hospitality
- $2,417,541
- Educational
- $2,011,366
- Medical
- $2,080,540
- Retail
- $3,128,792
Location Insight
- City
- Long Beach
- County
- Los Angeles
- State
- California
- Latitude
- 33.7756
- Longitude
- -118.162
- CBSA code
- 31080
- CBSA name
- LOS ANGELES-LONG BEACH-ANAHEIM, CA METROPOLITAN STATISTICAL AREA
Property Tax & Assessments
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
FAQs
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