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Listed by Daniel Gomez • Younglewin Advisors, Inc.
$ 1,200,000
Est. payment /mo
Price Dropped by $150K
1242 East 7th St Long Beach, CA 90813
2,875 SqFt
UPDATED:
Key Details
Property Type Single Family Home
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Square Footage 2,875 sqft
Price per Sqft $417
MLS Listing ID PW-26065037
Year Built 1911
Lot Size 8,022 Sqft
Property Sub-Type Apartment
Source California Regional Multiple Listing Service (CRMLS)
Property Description
HUGE PRICE ADJUSTMENT, MOTIVATED SELLER. Presenting 1242 E. 7th Street, Long Beach, a 3-unit multifamily property with a non-conforming bonus unit offering four income streams in one of Long Beach's most walkable and desirable coastal-adjacent neighborhoods, located less than one mile from Alamitos Beach. The true headline here is the development upside: the property sits on a generous 8,022 SF lot zoned CNR, a flexible bonus-density designation that supports a higher-density mix of residential uses than standard zoning, with access to Long Beach's Enhanced Density Bonus program and significant ADU expansion potential via SB 1211, California's most aggressive multi-family ADU law, which allows one detached ADU for every primary unit on site. For ADU enthusiasts, this lot is a dream come true. The lot size, zoning, and garage footprint check every box for maximizing ADU potential under current California law, making this one of the most ADU-friendly opportunities to hit the Long Beach market. The five detached garages and private laundry room, newly constructed in 2003, further add to the long-term redevelopment potential and additional income opportunities. Combined, these tools create a credible path to dramatically increasing the unit count and long-term asset value. Built in 1911, the property retains its original Craftsman-era character, underwent a full electrical rewire in 2003, and has seen interior upgrades across the units over the years. With a Walk Score of 92 and Bike Score of 90, residents enjoy effortless access to Alamitos Beach, Belmont Shore, Retro Row, and Downtown Long Beach, all just minutes away.
Location
State CA
County Los Angeles
Zoning LBCNR
Interior
Fireplaces Type None
Laundry Common Area
Exterior
Garage Spaces 5.0
Pool None
Community Features Biking, Curbs, Dog Park, Golf, Hiking, Park, Sidewalks
Building
Lot Description 0-1 Unit/Acre
Sewer Public Sewer
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