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721 E 7th Street, Long Beach, California 90813, Long Beach, 90813 - bed, bath

721 E 7th Street, Long Beach, California 90813 home-pic-0
ACTIVE$3,425,000
721 E 7th Street, Long Beach, California 90813
0Bed
0Bath
10,464Sqft
7,503Lot
Year Built
1923
Close
-
List price
$3.42M
Original List price
$3.42M
Price/Sqft
$327
HOA
-
Days on market
-
Sold On
-
MLS number
PW25065043
Home ConditionExcellent
Features
View-

About this home

We found 3 Cons,5 Pros. Rank: price - $3.42M(80th), sqft - 10464(80th), beds - undefined(50th), baths - undefined(50th).

721 E. 7th Street is an 16-unit apartment asset located in the East Village Arts District neighborhood of Downtown Long Beach. The property is offered at 10.87 GRM and 5.55% cap rate on current rents. The building in the front of the property was built in 1923, and offers (3) 2BD/1BA units, (8) 1BD/1BA units and (5) studio units. Fifteen (15) of the units have been upgraded with new flooring, paint and modern kitchens and baths. Building improvements include upgraded electrical throughout property. There is ample room to add community laundry facilities in the basement of building. With a Walk Score of 92, the property is in prime East Village Arts District, offering walkability to myriad of employment opportunities as well as all of the shopping, dining, cultural and nightlife amenities in Downtown Long Beach.

Price History

Date
Event
Price
03/25/25
Listing
$3,425,000
06/21/22
Sold
$3,305,000
09/30/05
Sold
$1,539,000
07/01/04
Sold
$1,200,000
Condition Rating
Excellent
Despite being built in 1923, the property has undergone extensive and recent renovations. The MLS description states that 15 out of 16 units feature 'new flooring, paint and modern kitchens and baths,' along with 'upgraded electrical throughout property.' The images confirm these upgrades, showcasing contemporary grey shaker cabinets, stainless steel appliances, modern black matte bathroom fixtures, and new LVP flooring. These elements are consistent with components that are 'new or virtually new, meeting current quality standards,' making the majority of the units move-in ready with no deferred maintenance.
Pros & Cons

Pros

Prime Location & Walkability: Located in the highly desirable East Village Arts District of Downtown Long Beach with an excellent Walk Score of 92, providing tenants easy access to employment, dining, shopping, and cultural amenities.
Extensive Unit Upgrades: Fifteen out of sixteen units have been recently upgraded with new flooring, paint, and modern kitchens and baths, minimizing immediate capital expenditure for new ownership and enhancing tenant appeal.
Upgraded Building Infrastructure: The property benefits from upgraded electrical throughout, a significant and costly improvement that enhances safety and reduces future maintenance concerns.
Favorable Investment Metrics: Offered at a competitive 10.87 GRM and 5.55% cap rate on current rents, presenting an attractive investment opportunity with potential for stable returns.
Value-Add Opportunity: Ample space in the basement allows for the addition of community laundry facilities, providing a clear path to increase ancillary income and tenant convenience.

Cons

Age of Building: Built in 1923, the property's age may imply potential for ongoing maintenance needs or unaddressed infrastructure issues beyond the noted electrical upgrades.
Current Lack of On-Site Laundry: While there is room to add, the property currently lacks community laundry facilities, which is a common amenity expected by tenants and a potential revenue stream not yet realized.
Undisclosed Parking Availability: The property description does not mention parking availability, which could be a significant drawback for tenants in a dense urban environment like Downtown Long Beach.

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