Skip to main content

Multifamily

East Village Lofts

805 E 7th St, Long Beach, CA 90813

Listing Price: $3,300,000

Cap Rate
4.20%
Number of Units
7
Price/Unit
$471,429

Investment Overview

Marcus & Millichap is pleased to present a 7-unit multifamily loft style property located at 805 E. 7th Street located in Long Beach, CA. The subject property consists of approximately 8,000 rentable square feet on a 6,250 square foot lot. The building consists of 5 approximately 1,350 square foot lofts Includes Mezzanine space one smaller single story loft space of about 800 square feet and one large two-bedroom unit upstairs at about 1,800 square feet. All the units are separately metered for electricity and gas and feature washer and dryer hookups, and central air conditioning for each unit. Each unit features its own water heater, all of which are new. The building also features a high-tech security camera system with multiple cameras. 5 of the larger loft units have roll up doors that open to the street and each unit features sky lights. All of the units feature modern kitchens with late model appliances. The building was originally built in 1924 of brick construction that was standard for the period and was completely earthquake retrofitted in 1993. Originally the building served as an automotive repair facility with a two-bedroom residence on the 2nd floor. Beginning in 2001, the current owner, with the encouragement of the City of Long Beach, started the process of transforming the automotive space into 6 live/work lofts. All of the units are permitted as legal live/work loft units. Historically, the units rent within days of becoming vacant. The larger units are currently renting for $2,650 and the smaller units at $1,995. The property is located in Downtown Long Beach where the tenants enjoy living less than a mile from the beach as well as all a short walk to all the food, restaurants, shopping, and nightlife in the downtown district. The location is also just a quick uber or drive from all the shopping, restaurants and nightlife of Belmont Shore. The city of Long Beach is currently experiencing major redevelopment and continues to progress forward. The Port of Long Beach is undergoing $4.4 billion in future redevelopment that will create 14,000 new and permanent jobs in Southern California. The city is undergoing a building boom with more than $5 billion in private and public investments in various stages of development. With $520 million investment into the Long Beach Civic Center development, Long Beach will continue to attract renters due to its strong economy and quality of life. The new center will house a new City Hall, Port of Long Beach headquarters and the Main Library.

Investment Highlights

  • Rare and High Demand Loft Style Artist Lofts
  • Recently Renovated
  • Dynamic Downtown Long Beach Location
  • Separately Metered for Gas & Electricity
  • Low Maintenance Brick Construction
  • Well Maintained

Exclusively Listed By

Financing By

Listing Price: $3,300,000

Cap Rate
4.20%
Number of Units
7
Price/Unit
$471,429

Investment Highlights

  • Rare and High Demand Loft Style Artist Lofts
  • Recently Renovated
  • Dynamic Downtown Long Beach Location
  • Separately Metered for Gas & Electricity
  • Low Maintenance Brick Construction
  • Well Maintained

Investment Overview

Marcus & Millichap is pleased to present a 7-unit multifamily loft style property located at 805 E. 7th Street located in Long Beach, CA. The subject property consists of approximately 8,000 rentable square feet on a 6,250 square foot lot. The building consists of 5 approximately 1,350 square foot lofts Includes Mezzanine space one smaller single story loft space of about 800 square feet and one large two-bedroom unit upstairs at about 1,800 square feet. All the units are separately metered for electricity and gas and feature washer and dryer hookups, and central air conditioning for each unit. Each unit features its own water heater, all of which are new. The building also features a high-tech security camera system with multiple cameras. 5 of the larger loft units have roll up doors that open to the street and each unit features sky lights. All of the units feature modern kitchens with late model appliances. The building was originally built in 1924 of brick construction that was standard for the period and was completely earthquake retrofitted in 1993. Originally the building served as an automotive repair facility with a two-bedroom residence on the 2nd floor. Beginning in 2001, the current owner, with the encouragement of the City of Long Beach, started the process of transforming the automotive space into 6 live/work lofts. All of the units are permitted as legal live/work loft units. Historically, the units rent within days of becoming vacant. The larger units are currently renting for $2,650 and the smaller units at $1,995. The property is located in Downtown Long Beach where the tenants enjoy living less than a mile from the beach as well as all a short walk to all the food, restaurants, shopping, and nightlife in the downtown district. The location is also just a quick uber or drive from all the shopping, restaurants and nightlife of Belmont Shore. The city of Long Beach is currently experiencing major redevelopment and continues to progress forward. The Port of Long Beach is undergoing $4.4 billion in future redevelopment that will create 14,000 new and permanent jobs in Southern California. The city is undergoing a building boom with more than $5 billion in private and public investments in various stages of development. With $520 million investment into the Long Beach Civic Center development, Long Beach will continue to attract renters due to its strong economy and quality of life. The new center will house a new City Hall, Port of Long Beach headquarters and the Main Library.

Exclusively Listed By

Financing By

MM Texture Background
MM Textured Background Lower