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The Warburton Team Brokered By EXp

andreww@gowpnow.com +1(626) 630-2141

$1,525,000

Est. payment - /mo

5,013 Sqft Lot

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UPDATED:

Key Details

Property Type Apartment

Sub Type Apartment

Listing Status Active

Purchase Type For Sale

Subdivision Belmont Heights (Bh)

MLS Listing ID SB26163180

Construction Status Updated/Remodeled

HOA Y/N No

Year Built 1924

Lot Size 5,013 Sqft

Property Sub-Type Apartment

Property Description

We are pleased to present 3822 E. 7th Street, a well-maintained 5-unit multifamily investment opportunity located in the Belmont Heights submarket of Long Beach. This 5,014 SF lot benefits from extremely efficient lot coverage as it features (2) separate structures, a large central courtyard, and a communal outdoor barbeque area in the rear. The front structure consists of (4) 1 Bed/1 Bath units. These spacious, nearly identical units span approximately 750 square feet each and showcase the classic character and charm associated with vintage Belmont Heights apartments. The rear structure features (1) fully remodeled 2 Bed/1 Bath unit upstairs with approximately 950 SF of living area, which includes a master bedroom and walk in closet. Downstairs, there are (3) garages (one of which is currently being used for owner storage), and an on-site laundry room with leased units. Overall, the property has been meticulously maintained by ownership and features copper plumbing throughout with a consistently maintained main sewer line, exceptional unit interiors, and a recently inspected roof found to be in excellent condition. Priced at a 5.21% CAP rate and 12.47 GRM on current in-place income, with upside to an achievable 7.63% Market CAP rate and 9.47 Market GRM, this offering provides investors with strong day-one cash flow with compelling value-add components on multiple fronts. First, the 33% rent upside is compounded by the building's extremely efficient expense profile as owner-paid utility expenses have historically remained very low. Further, the prudent investor can increase NOI by transitioning to owner-operated laundry equipment and monetizing the garage currently used for owner storage. In addition, the configuration of the rear structure offers significant ADU appeal (buyer to verify). Lastly, this Belmont Heights location boasts a Walk Score of 92 (“Walker's Paradise”) and is located near excellent schools, including Woodrow Wilson High School a mere half mile away. In addition, the property's proximity to the Traffic Circle provides convenient access to the major economic and employment hubs of Los Angeles and Orange counties, supporting consistent tenant demand in this strong infill location

Location

State CA

County Los Angeles

Area 2 - Belmont Heights, Alamitos Heights

Interior

Interior Features Built-in Features, Ceiling Fan(s), Crown Molding, High Ceilings, Bedroom on Main Level, Main Level Primary, Walk-In Closet(s)

Heating Wall Furnace

Cooling Wall/Window Unit(s)

Fireplaces Type None

Fireplace No

Appliance Gas Cooktop, Gas Oven, Microwave, Refrigerator, Water Heater

Laundry Common Area

Exterior

Exterior Feature Lighting

Parking Features Door-Single, Garage

Garage Spaces 3.0

Garage Description 3.0

Pool None

Community Features Curbs, Golf, Sidewalks

View Y/N No

View None

Roof Type Flat

Accessibility Safe Emergency Egress from Home, Parking

Total Parking Spaces 3

Private Pool No

Building

Lot Description 0-1 Unit/Acre, Back Yard

Story 2

Entry Level Two

Foundation Raised

Sewer Public Sewer

Water Public

Level or Stories Two

New Construction No

Construction Status Updated/Remodeled

Others

Senior Community No

Tax ID 7254026005

Security Features Security Lights

Acceptable Financing Cash, Cash to New Loan, Conventional

Listing Terms Cash, Cash to New Loan, Conventional

Special Listing Condition Standard

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Listed by Joshua Barut Lyon Stahl Investment Real Estate, Inc. 562-457-8126, DRE #01971720

NEARBY SCHOOL & BUSINESS

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3822 E 7th ST Long Beach, CA 90804