623 E Broadway, Long Beach, CA 90802
623 E Broadway, Long Beach, CA 90802
623 E Broadway, Long Beach, CA 90802
19
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$2,140,000
Est. payment /mo
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12 Baths
5,020 SqFt
Price Dropped by $55K

623 E Broadway Long Beach, CA 90802

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The Brandon Drew Group

The Brandon Drew Group

+1(909) 944-8800

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Key Details

Property Type Single Family Home

Listing Status Active

Purchase Type For Sale

Square Footage 5,020 sqft

Price per Sqft $426

MLS Listing ID 26844923

HOA Y/N No

Year Built 1923

Lot Size 3,306 Sqft

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.

Location

State CA

County Los Angeles

Area 4 - Downtown Area, Alamitos Beach

Zoning LBPD30

Interior

Interior Features Ceiling Fan(s)

Heating Wall Furnace

Fireplace No

Exterior

Parking Features On Street

View Y/N Yes

View City Lights

Building

Entry Level Two

Level or Stories Two

New Construction No

Others

Senior Community No

Tax ID 7281014017

Special Listing Condition Standard

CRMLS Full IDX Feed (MAIN Website Search)
Listed by Armin Soleimani Global Platinum Properties, Inc. #01846872

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623 E Broadway