240 W 7th Street
Long Beach, CA 90813
MLS #PW17035843

  • 29units
  • 15,690sq ft
Pending Sale $3,200,000
Est. P&I payment: $12221.83/mo
240 W 7th Street, Long Beach, CA 90813
  • 240 W 7th Street, Long Beach, CA 90813 Photo 1
  • 240 W 7th Street, Long Beach, CA 90813 Photo 2
  • 240 W 7th Street, Long Beach, CA 90813 Photo 3
  • 240 W 7th Street, Long Beach, CA 90813 Photo 4
Description for 240 W 7th Street, Long Beach, CA 90813
Sara’s Apartment property is a 29 unit apartment community located in the bike friendly area of Downtown Long Beach. This asset offers investors the unique opportunity to acquire an investment property with a restricted cash flow for 7 years with a long term upside in appreciation value. Long Beach is a non-rent controlled market. The property was originally constructed in 1957 and features 19 (Studio) and ten (1 Bedroom) units, encompassing a gross building area of 15,650 square feet. The building features controlled-access entry, on-site laundry and attached covered parking garages for 14 units. The Subject Property is located at 240 E. 7th Street in the downtown neighborhood of Long Beach. Situated less than 7 blocks from Ocean Boulevard, The Pike Outlet Marketplace, and a mile from the ocean, just 6 blocks from the major retailers and restaurants along Pine Avenue.
MLS #PW17035843
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My Notes for MLS #PW17035843

General Features

  • Number Of Buildings: 1
  • Number Of Units Total: 29
  • Year Built: 1957
  • Year Built Source: Assessor
  • Zoning: LBPD10
  • Elevation Units: Feet
  • Subdivision Name: Other (OTHR)
  • Number Of Rented Garages: 14

Exterior Features

  • Stories Total: 2
  • Lot Features: 0-1 Unit/Acre
  • Lot Size SqFt: 15,002
  • Lot Size Units: Square Feet
  • Garage Spaces: 14
  • Parking Total: 14
  • Pool Features: None
  • Common Walls: 2+ Common Walls
  • Property Attached YN: 1

Interior Features

  • Levels: Two
  • Average 1Bed Area Units: Square Feet
  • Average 2Bed Area Units: Square Feet
  • Average 3Bed Area Units: Square Feet
  • Average Studio Area Units: Square Feet

Utility Features

  • Water Source: Public
  • Number Of Separate Electric Meters: 30
  • Number Of Separate Gas Meters: 30
  • Number Of Separate Water Meters: 1

Financial Features

  • CapRate: 3.6
  • Gross Scheduled Income: 211,464
  • Net Operating Income: 116,248
  • Operating Expense: 95,112
  • Price Per SqFt: 203.95
  • Total Expenses: 95,112
  • Tax Lot: 3
  • Gross Income: 211,464
  • Gross Multiplier: 15.1
  • Price Per Unit: 110,345

Community Features

  • Community Features: Street Lighting

Miscellaneous Features

  • Building Area Total: 15,690
  • Building Area Units: Square Feet
  • Days On Market: 7
  • Lot Size Source: Assessor
  • Special Listing Conditions: Standard
  • Cumulative Days On Market: 7
  • Tax Census Tract: 5,759.02
  • Tax Tract Number: 21


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Directions to 240 W 7th Street, Long Beach, CA 90813
710 exit 6th Street; turn left on Cedar Ave.
Listing information for 240 W 7th Street, Long Beach, CA 90813 was graciously provided by our friends at the listing brokerage, Coldwell Banker Commercial and by listing agent Bustamante George DRE# 01484265 and Blair Becky DRE# 00630793

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P&I Payment $12221.83
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Please Note: All information in this site is deemed reliable but not guaranteed. The property information provided on EXIT Alliance Realty's websites is for personal, non-commercial use only and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Property information is gathered from third-party resources including the seller and public records. EXIT Alliance Realty, Onjax, LLC, its affiliates, owners, subsidiaries and subscribers disclaim any and all representations or warranties as to the accuracy or reliability of the information provided. You should verify all claims through personal inspection and/or contact with the appropriate real estate professionals.
Last Updated 03/18/2018 at 4:39am
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