623 E Broadway,Long Beach, CA 90802
Long Beach, CA 90802
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.
Details
| MLS # | 26869467 |
|---|---|
| Listing Type | For Sale |
| Sub-Type | Resale |
| Status | Active |
| Year | 1923 |
| Days On Site | 29 |
| Listing Provided By | Global Platinum Properties, Inc. | Julio Ruiz |
Features
| Bath(s) | 12 |
|---|---|
| SQ Feet | 5,020 |
| Story(s) | 2 |
| Units | 12 |
| Building(s) | 1 |
| Zoning | LBPD30 |
| Acreage | 0.08 |
| Property View | Yes |
Interior
| Heating | Wall Furnace |
|---|---|
| Heating Yes / No | Yes |
| Interior Features | Ceiling Fans |
Parking
| Parking Features | On Street |
|---|
Area Information
| State | CA |
|---|---|
| County | Los Angeles |
| City | Long Beach |
| Zip Code | 90802 |
| Area | 4 Downtown Area | Alamitos Beach |
| Listing VS Median (in 90802) | |
Price: $2,140,000 low | high Med: $449,500 sqft: 5,020 low | high Med: 870 $ / sqft: $426 low | high Med: $517 On site: 29 low | high Med: 97 | |
Market Activity 90802
Request a showing
Request a showing
Contact
Learn More About This Property
| State | CA |
|---|---|
| County | Los Angeles |
| City | Long Beach |
| Zip Code | 90802 |
| Area | 4 Downtown Area | Alamitos Beach |
| Listing VS Median (in 90802) | |
Price: $2,140,000 low | high Med: $449,500 sqft: 5,020 low | high Med: 870 $ / sqft: $426 low | high Med: $517 On site: 29 low | high Med: 97 | |
 | $2,600,0001020 E BroadwayLong Beach, CA 90802 |
 | $1,635,0001042 1048 E BroadwayLong Beach, CA 90802 |
 | $2,200,0001056 E 6th StreetLong Beach, CA 90802 |