721 E 7th St

Long Beach, CA 90813

$2,450,000
Last Sold Price
3
Beds
16
Baths
10,464 Sq. Ft.
$234 / Sq. Ft.
10,464
Sq. Ft.
$234
per Sq. Ft.
Get preapproved with Rocket Mortgage1
Closed 5/18/26
Closed 5/18/26

Description

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 8.87 GRM and 6.88% 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....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 8.87 GRM and 6.88% 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.
  1. Listed by Robert Stepp • DRE #01456379 • Brokerage DRE #01978349 • Keller Williams Realty Downey • 310-463-2916

Property Details for 721 East 7th Street

Parking Spaces Total
0
Private Pool
No
Total Units
16.0
Building Type
Attached
Lot Size Source
Assessor
Living Area
10464
Assessor Parcel Number
7274-020-015
Property Attached YN
true
LISTING UPDATED: 05/19/2026 05:11 AM

Property Details for 721 East 7th Street

StatusClosed
MLS #PW25229051
Days on Market227
Pet Policy-
Taxes-
HOA Fees-
Condo/Co-op Fees-
Property TypeMulti Family
MLS TypeResidential Income / Res Income 2-4 Units
Year Built1923
CountyLos Angeles County
Get preapproved with Rocket Mortgage1

Location

Listing Courtesy of Keller Williams Realty Downey, Robert Stepp, DRE #01456379

Sold By Zakkout Real Estate Services, Aziz Zakkout, DRE #01911009

Add your commute

Building Information for 721 East 7th Street

Building/Complex721 E 7th StFloor-Stories2Residences-Pet Policy-Pet Policy Details-Year Built1923Building Size-

Payment Calculator

Get preapproved with
OriginPoint Mortgage or Rocket Mortgage1

$16,185 per month

30 year fixed, 6.36% Interest

Principal and Interest

$12,209

Property Taxes

$3,976

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Know your buying power with a preapproval and custom rate in minutes

Rocket Mortgage1

Property Information for 721 East 7th Street

Income / Expense / Tax Details
Income Details
  • Gross Income: $305,624
  • Gross Scheduled Income: $315,076
  • Gross Operating Income: $305,624
  • Net Operating Income: $192,405
  • Gross Multiplier: 8.87
  • Cap Rate: 6.88
  • Financing: Cash To New Loan
Expense Details
  • Operating Expense: $113,219
  • New Taxes Expense: $36,664
  • Gardener Expense: $3,000
  • Fuel Expense: $2,597
  • Licenses Expense: $1,500
  • Pest Control Expense: $3,000
  • Electric Expense: $2,597
  • Insurance Expense: $17,387
  • Maintenance Expense: $11,200
  • Professional Management Expense: $25,281
  • Other Expense: $4,800
  • Other Expense Description: Reserves
  • Trash Expense: $2,597
  • Water Sewer Expense: $2,597
  • Total Expenses: $113,219
Tax / Assessment Info
  • Tax Block: 26
  • Tax Tract Number: 2828
  • CFD/Mello-Roos Fee: $2,828
  • Tax Lot: 3
Community / Development
Community / Development
  • Community Features: Sidewalks
  • Community: Downtown (DT)
Property / Structure Info
Interior Features
  • Laundry: No
  • Laundry Features: None
Exterior Features
  • Entry Location: 1
  • Pool Features: None
  • Pool Description: None
  • Pool: N/K
  • Pool Heat: N/K
Land/Lot Info
  • Lot Features: 16-20 Units/Acre
  • Number Of Units: 16
  • Land Lease: No
  • Land Lease Type: Fee
  • Levels: Two
  • Water: Public
  • Sewer: Public Sewer
  • Water Source: Public
Parking Info
  • Garage Spaces: 0
  • Parking Garage Spaces: 0
  • Carport Spaces: 0
Property / Structure Info
  • Builders Tract Name: Downtown
  • Builders Tract Code: Downtown (DT)
  • Residential Styles: Res Income 2-4 Units
Unit Information
Unit 1
  • Unit Type Units Total: 3
  • Unit Type Beds Total: 2
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 0
  • Unit Type Garage Attached: No
  • Unit Type Actual Rent: $1,948
  • Unit Type Total Rent: $5,844
  • Unit Type Pro Forma: 2100
  • Unit Type Type: 1
Unit 2
  • Unit Type Units Total: 8
  • Unit Type Beds Total: 1
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 0
  • Unit Type Garage Attached: No
  • Unit Type Actual Rent: $1,588
  • Unit Type Total Rent: $12,704
  • Unit Type Pro Forma: 1850
  • Unit Type Type: 2
Unit 3
  • Unit Type Units Total: 5
  • Unit Type Beds Total: 0
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 0
  • Unit Type Garage Attached: No
  • Unit Type Actual Rent: $1,473
  • Unit Type Total Rent: $7,365
  • Unit Type Pro Forma: 1520
  • Unit Type Type: 3
Unit Information
  • Rent Controlled: Yes
  • Number Of Buildings: 1
  • Number Of Separate Electric Meters: 16
  • Number Of Separate Gas Meters: 16
  • Number Of Separate Water Meters: 16

Property History for 721 East 7th Street

DateEvent & SourcePriceAppreciation
May 18, 2026

Sold

CRMLS #PW25229051

$2,450,000—
May 18, 2026

Sold

SDMLS #PW25229051

$2,450,000—
May 18, 2026

Sold

CLAW #PW25229051MR

$2,450,000—
DateEvent & SourcePrice
05/18/2026

Sold

CRMLS #PW25229051

$2,450,000
05/18/2026

Sold

SDMLS #PW25229051

$2,450,000
05/18/2026

Sold

CLAW #PW25229051MR

$2,450,000

For completeness, we often displays two records for one sale: the MLS record and the public record.

Public Records for 721 East 7th Street

Taxable ValueLand$2,281,597Additions$1,229,695Total$3,511,292
Tax Record2025$47,709 ($3,976 / month)
Home Facts
Total Finished SqFt10,464 SqFtAbove Grade Finished SqFt10,464 SqFtLot Size7,501 SqFtStyleMulti-Family Res (5+ Units)Year Built1923ZoningLBCOCountyLOS ANGELESAPN7274-020-015

Schools near 721 East 7th Street

This home is within Long Beach Unified School District.
Rating
School
Type
Grades
Distance
Stevenson Elementary School
Public - K to 5
Franklin Classical Middle School
Public - 6 to 8
Polytechnic High School
Public - 9 to 12
Renaissance High School For The Arts
Public - 9 to 12
Rating
School
Distance
Stevenson Elementary School
PublicK to 5

Franklin Classical Middle School
Public6 to 8

Polytechnic High School
Public9 to 12

Renaissance High School For The Arts
Public9 to 12

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

Similar Homes

Explore Nearby Homes

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass, Inc., its subsidiaries, affiliates and their agents and associated third parties expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. Offers of compensation are subject to change at the discretion of the seller. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Keller Williams Realty Downey, Robert Stepp, DRE #01456379

Based on information from one of the following Multiple Listing Services: CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.