1830 7Th St Long Beach, CA 90813

This exceptional 11-unit apartment building presents a compelling investment opportunity in Long Beach, California. Located at 1830-1838 E. 7th Street, this property boasts 6,044 square feet across three buildings situated on an 11,668-square-foot lot. The building, constructed in 1919/1921, features a mix of unit sizes: seven 1-bedroom/1-bathroom units, two 2-bedroom/2-bathroom units, one 3-bedroom/2-bathroom unit, and a desirable 4-bedroom/3-bathroom house, potentially ideal for an owner's unit. All units have undergone complete renovations, showcasing recessed lighting, new flooring, updated kitchens with stainless steel appliances and new countertops and cabinetry, and modern bathrooms with new vanities, tiling, and fixtures. Many units include in-unit washers and dryers. The property also includes six garages, offering potential for conversion into Accessory Dwelling Units (ADUs), further enhancing rental income. The asking price is $2,595,000, representing a price per unit of $235,909.09, a 10.95 GRM on current rents, and a 5.95% cap rate based on a current Net Operating Income (NOI) of $154,287. Pro-forma NOI is projected at $213,558, resulting in an 8.23% pro-forma cap rate. The property's address is 1830 E 7th St, Long Beach, CA 90813, and the Assessor's Parcel Number (APN) is 7266-023-009/010. This property offers a blend of attractive features and strong financial projections, making it an ideal addition to any investment portfolio.