609 W 7th Street, Long Beach, CA 90813
Property · 2 recorded sales since 2014
Sold June 2017
Listing Agent: John Mociak (DRE #01708711) · Listing Office: Keller Williams Beach Cities · Contact: 310-939-9300 · Bought with: Scott Burns · Scott F. Burns, Broker · MLS #SB17067164 · Source: CRMLS
About this property
18 non rent control income producing multifamily units in Long Beach. Five (5) apartment buildings on a large corner lot with great signage, frontage, and visibility. 1964 Construction. The unit mix is fourteen (14) 1 bedroom 1 bath units and four (4) studios. The property is located 7 blocks from the coastline, is across from an elementary school, and has superior freeway access. Tenant amenities include hardwood laminate flooring or tile flooring in 17 of the 18 units. Many units have been rehabbed and or updated. Several units have both front and rear door entrances. Tenants enjoy a dedicated common area laundry room with washers and dryers, newer security gateing and fencing throughout the property, and clean, well maintained, ingress/egress areas and landscaped mini courtyards. Long Beach is home to 460,000 people. Being the third most populous city in Southern California provides multifamily owners a strong tenant base to rent to as approximately 56% of the population live in rental housing units. The subject property falls within the southern most part of Long Beach's Willmore District which is zoned LBPD-10. A surging rental area benefiting from downtown development, close proximity to the water and major downtown retail corridors and coastal attractions. Excellent multifamily rental market fundamentals in place. This is a day 1 turnkey cash flow deal with highly achievable upside in a strong, non rent control, surging rental market.
Listing description from the June 2017 sale, as reported to CRMLS.
Sale history
