623 E Broadway, Long Beach, CA 90802
- $2,140,000
- 12
- BA
- 5,020
- SqFt
- List Price
- $2,140,000
- Price Change
- ▼ $55,000 1783407456
- Status
- ACTIVE
- MLS#
- 26844923
- Year Built
- 1923
- Bathrooms
- 12
- Living Sq. Ft
- 5,020
- Lot Size
- 3,308
- Acres
- 0.08
- Days on Market
- 52
- Property Type
- Multifamily
- Stories
- Two Levels
Property Description
2nd Price Reduction! 12 Renovated Non-Rent Controlled units only ~3 blocks away from the Ocean cash flowing at an amazing Current Cap Rate of 6.5% from day 1 with easily achievable upside to 8.1% Cap Rate on Proforma. Priced at only 178k per unit for a Non-LA-City rent controlled asset allowing significant 8.7% annual rent increases (5%+CPI) paving a clear way to reach market rents and the 8.1% Proforma Cap Rate in the near future. The property features 12 Spacious and easy to rent studios each with their own separate kitchen and bathrooms. Select units have been upgraded with updated cabinets, flooring, kitchens, bathrooms, as well as exterior improvements including renovated hallways. The property also offers on-site laundry which has been remodeled and generates additional income. Located in the heart of Downtown Long Beach, just steps from the East Village Arts District, Alamitos Beach, the Long Beach Convention Center, Aquarium of the Pacific, Queen Mary, and the Beach! Highly walkable area surrounded by shops, restaurants, and major transit lines, the property combines steady cash flow with exceptional long-term upside in a prime coastal urban corridor.
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Additional Information
- Heat
- Wall Furnace
- View
- City Lights
- Interior Features
- Ceiling Fan(s)
- Attached Structure
- Detached
- Number Of Units Total
- 12
Listing courtesy of Listing Agent: Armin Soleimani (arminsoleimani@gmail.com) from Listing Office: Global Platinum Properties, Inc..
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Based on information from California Regional Multiple Listing Service, Inc. as of . This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.