20
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$2,250,000
Est. payment /mo
12 Baths
5,020 SqFt
Active
623 E Broadway Long Beach, CA 90802
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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 $448
MLS Listing ID 26684117
HOA Y/N No
Year Built 1923
Lot Size 3,306 Sqft
Property Description
12 Renovated Non-Rent Controlled units only ~3 blocks away from the Ocean cash flowing at an amazing Current Cap Rate of 6% from day 1 with easily achievable upside to 7.5% Cap Rate on Proforma. Priced at only 187k per unit for a Non-LA-City rent controlled asset allowing significant 8% annual rent increases (5%+CPI) paving a clear way to reach market rents and the 7.5% 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
Listed by Armin Soleimani Global Platinum Properties, Inc. #01846872
NEARBY SCHOOL & BUSINESS
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