REQUEST A TOUR If you would like to see this home without being there in person, select the "Virtual Tour" option and your agent will contact you to discuss available opportunities.

In-PersonVirtual Tour

Tricia Mcmullan

tricia.mcmullan@redfin.com +1(626) 318-7433

$ 1,299,900

Est. payment -/mo

Save Virtual Tour

Price Dropped by $100K

1089 E 7th ST Long Beach, CA 90813

6 Beds

4 Baths

3,020 SqFt

UPDATED:

Key Details

Property Type Single Family Home

Listing Status Active

Purchase Type For Sale

Square Footage 3,020 sqft

Price per Sqft $430

Subdivision The Coughran Tract

MLS Listing ID 26870317

Bedrooms 6

Construction Status Updated/Remodeled

HOA Y/N No

Year Built 1922

Lot Size 2,591 Sqft

Property Description

STRONG LONG BEACH MULTIFAMILY INVESTMENT & PORTFOLIO OPPORTUNITY! Offered at $1,399,900, 1089 E. 7th Street presents investors with an opportunity to acquire an income-producing Long Beach multifamily asset generating approximately $8,000 PER MONTH / $96,000 IN ANNUAL GROSS RENT. With approximately $27,465 in annual operating expenses, the property generates an estimated NET OPERATING INCOME (NOI) OF $68,535, representing an approximate 4.90% CAP RATE at the offered price. The property also reflects an approximate 14.58 GRM, providing investors with an attractive combination of existing income, cash flow, and long-term ownership potential in the Long Beach rental market. Unlike opportunities that depend primarily upon future projections, 1089 E. 7th Street offers substantial EXISTING RENTAL INCOME from day one. The property's income profile makes it well suited for a long-term multifamily investor, portfolio buyer, or 1031 Exchange purchaser seeking replacement property with established cash flow. Located in Long Beach, the property provides access to one of Southern California's established rental markets and offers investors the opportunity to acquire a multifamily asset with approximately $96,000 in annual gross rental income while maintaining the potential for future rent growth, operational improvements, and long-term appreciation. PORTFOLIO OPPORTUNITY: 1089 E. 7th Street is being offered as part of a portfolio sale together with 117 W. 9th Street. The properties offer complementary investment strategies: 1089 E. 7th Street provides high existing income, and 117 W. 9th Street offers two vacant 2-bedroom units with owner-user and value-add potential. Contact listing agent for portfolio details and terms.1031 EXCHANGE: Seller intends to complete an IRC Section 1031 Tax-Deferred Exchange. Buyer to cooperate with Seller's 1031 Exchange at no cost or liability to Buyer; also to independently verify all rents, expenses, income, vacancies, market rents, square footage, unit configuration, permits, zoning, financial information, and all other property information.

Location

State CA

County Los Angeles

Area 4 - Downtown Area, Alamitos Beach

Zoning LBCO

Interior

Heating Natural Gas

Cooling None

Fireplace No

Exterior

Parking Features On Street

Utilities Available Overhead Utilities

View Y/N No

View None

Roof Type Composition

Building

Lot Description Corners Marked, Rectangular Lot

Faces South

Story 2

Entry Level Two

Foundation Raised

Sewer Other

Architectural Style Traditional

Level or Stories Two

New Construction No

Construction Status Updated/Remodeled

Others

Senior Community No

Tax ID 7266005024

Security Features Carbon Monoxide Detector(s),Smoke Detector(s)

Acceptable Financing Subject To Other, Submit

Listing Terms Subject To Other, Submit

Financing Cash,Contract

Special Listing Condition Standard

Virtual Tour https://listings.jbphotohomes.com/sites/elvlnqpn/unbranded

CRMLS Full IDX Feed (MAIN Website Search)

Listed by Kory Jackson eXp Realty of California Inc #01315324