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$ 2,025,000
Est. payment | /mo
7,505 Sqft Lot
$ 2,025,000
Est. payment | /mo
7,505 Sqft Lot
Key Details
Property Type Single Family Home, Multi-Family
Sub Type Mixed Use
Listing Status Pending
Purchase Type For Sale
MLS Listing ID PW26013186
HOA Y/N No
Year Built 1908
Lot Size 7,505 Sqft
Property Sub-Type Mixed Use
Property Description
Introducing 406–420 E 7th Street and 652–654 Elm Avenue, Long Beach, CA 90813, a rare three-building, eight-unit mixed-use property located at the corner of 7th Street and Lime Avenue. The property consists of five residential units and three commercial units spread across three separate detached structures, providing a well-diversified income stream. The unit mix includes a detached 2-bedroom, 1-bathroom single-family bungalow at 420 E 7th Street, a mixed-use building at 412 E 7th Street containing three ground-floor retail units with two second-story apartments, and a two-story residential duplex at 652–654 Elm Avenue with one unit upstairs and one downstairs.
The property is zoned LBPD-30 and offers excellent visibility with 150 feet of frontage along E 7th Street and 50 feet of depth along both Linden and Elm Avenues. Located on the border of the East Village Arts District, the property benefits from strong walkability and close proximity to downtown Long Beach restaurants, retail, nightlife, cultural attractions, public transportation, and major employment centers.
The property is located within the LBPD-30 Downtown Planned Development Zone, which is intended to encourage higher-density, mixed-use redevelopment and provides flexibility for future development potential, subject to City of Long Beach approvals.
Financial highlights include actual gross annual income of $201,576 and a Gross Rent Multiplier (GRM) of 10.05, with potential upside through rental growth and strategic management. Due to the mixed-use nature of the asset, the property will qualify for commercial financing, typically requiring approximately 30% down payment for qualified buyers.
With multiple detached buildings, diversified income streams, redevelopment potential, and a prime corner location, this property represents a compelling opportunity for investors seeking stable cash flow and long-term appreciation.
The property is zoned LBPD-30 and offers excellent visibility with 150 feet of frontage along E 7th Street and 50 feet of depth along both Linden and Elm Avenues. Located on the border of the East Village Arts District, the property benefits from strong walkability and close proximity to downtown Long Beach restaurants, retail, nightlife, cultural attractions, public transportation, and major employment centers.
The property is located within the LBPD-30 Downtown Planned Development Zone, which is intended to encourage higher-density, mixed-use redevelopment and provides flexibility for future development potential, subject to City of Long Beach approvals.
Financial highlights include actual gross annual income of $201,576 and a Gross Rent Multiplier (GRM) of 10.05, with potential upside through rental growth and strategic management. Due to the mixed-use nature of the asset, the property will qualify for commercial financing, typically requiring approximately 30% down payment for qualified buyers.
With multiple detached buildings, diversified income streams, redevelopment potential, and a prime corner location, this property represents a compelling opportunity for investors seeking stable cash flow and long-term appreciation.
Location
State CA
County Los Angeles
Area 4 - Downtown Area, Alamitos Beach
Interior
Fireplace No
Laundry None
Exterior
Pool None
Community Features Sidewalks, Urban
Private Pool No
Building
Lot Description 6-10 Units/Acre, Street Level
Story 2
Sewer Public Sewer
Water Public
New Construction No
Others
Senior Community No
Tax ID 7273028004
Acceptable Financing Cash, Cash to New Loan
Listing Terms Cash, Cash to New Loan
Special Listing Condition Trust
Listed by Juan Huizar Sage Real Estate Group, Inc. 562-307-0838, DRE #01417642
Nearby Locations
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Stacey Niermann
REALTOR® | Lic# DRE# 02167751