2703-2705 E 7th St
2 Unit Block of Flats £771,799 (£385,900/Unit) 4.46% Net Initial Yield Long Beach, CA 90804
INVESTMENT HIGHLIGHTS
- Property to be delivered vacant
- Duplex with approved ADU plans
- Separately metered with major upgrades of plumbing & new wall furnaces
- Prime corner lot in the Rose Park / Circle district
- Excellent unit mix of (2) 2 Bed + 1 Bath
EXECUTIVE SUMMARY
INVESTMENT OPPORTUNITY! Property to be delivered vacant with RTI ADU plans! Zoned LBCNR, 2703-2705 E. 7th St. is a versatile duplex located in the highly sought-after 7th Street district of Rose Park/Circle in Long Beach. Situated on a prime corner lot, this property offers endless possibilities for an owner/user, investors, developers, or business owners. With a mix of commercial and residential zoning, the property allows for various potential uses - buyer to verify. The sale includes RTI (Ready-to-Issue) plans for an ADU, allowing for the option to expand to three units. Buyers can maintain the current configuration or complete the ADU project to maximize rental income. Each existing unit features 2 bedrooms, 1 bath, a spacious living room, a formal dining room, a full kitchen, and a large sitting porch. The property also includes a detached single-car garage, separate electric and gas meters, upgraded plumbing, new wall furnaces, and a recently renovated kitchen in Unit 2703. Currently operating as a successful independent living home, the property generates strong income. Do not let this opportunity pass you by, contact listing agents below.
FINANCIAL SUMMARY (ACTUAL - 2024) Click Here to Access |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
PROPERTY FACTS
| Price | £771,799 |
| Price Per Unit | £385,900 |
| Sale Type | Investment |
| Net Initial Yield | 4.46% |
| Gross Rent Multiplier | 15.02 |
| No. Units | 2 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 0.08 AC |
| Building Size | 1,543 SF |
| Number of Floors | 1 |
| Year Built | 1919 |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | Avg. Rent.Mo | SF |
|---|---|---|---|
| 2+1 | 2 | - | 772 |
1 of 1
Walk Score®
Walker's Paradise (92)
Bike Score®
Very Bikeable (72)
ZONING
| Zoning Code | LBCNR (Multi purpose development opportuinity check with city for zoning buyer research https://www.longbeach.gov/lbcd/planning/current/zoning/established/) |
