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623 E Broadway
For Sale $2,250,000 ($448.21 per Sq Ft)
$2,250,000 ($448.21 per Sq Ft)
- 12 Units
- 5,020 Sq Ft
- 3,308 Sq Ft
- Unknown Cap Rate
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.
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Amenities
Garage
Pool
Garden
Security System
Internet
Telephone
Heating
Fireplace
Balcony & Patio
TV / Cable
Laundry
Hardwood Floors
Spa
Air Conditioning
Solar Power
Floor Plan
Great Views
Natural Light
Quiet
Water View
Elevator
Guest Unit(s)
Furnished
220 Volt
Property Details
| List Price | $2,250,000 |
| Property Type | Multi-Family |
| Usable Sqft | 5,020 |
| Number of Stories | 0 stories |
| Parking Spots | 0 spots |
| Year Built | 1923 |
| Last Sold | Unknown |
| Sold Price | Unknown |
| APN # | 7281014017 |
| MLS # | 26684117 |
| Property ID | 291982832 |
| Lot Sqft | 3,308 |
| Zoning | LBPD30 |
| Total Units | 12 |
| Days on Market | 32 |
| Original List Price | $2,250,000 |
| Date Updated | April 16, 2026 |
| Date Created | April 08, 2026 |
| Unit # | Beds | Baths | Current Rent | Proforma Rent |
| Unit #1 | 0 | 1.00 | $1,595 | $1,595 |
| Unit #2 | 0 | 1.00 | $1,595 | $1,595 |
| Unit #3 | 0 | 1.00 | $1,595 | $1,595 |
| Unit #4 | 0 | 1.00 | $1,595 | $1,595 |
| Unit #5 | 0 | 1.00 | $1,595 | $1,595 |
| Unit #6 | 0 | 1.00 | $1,595 | $1,595 |
| Unit #7 | 0 | 1.00 | $1,595 | $1,595 |
| Unit #8 | 0 | 1.00 | $1,595 | $1,595 |
| Unit #9 | 0 | 1.00 | $1,595 | $1,595 |
| Unit #10 | 0 | 1.00 | $1,595 | $1,595 |
| Unit #11 | 0 | 1.00 | $1,595 | $1,595 |
| Unit #12 | 0 | 1.00 | $1,595 | $1,595 |
| Gross Income (Yr) | $ 195,348 |
| Operating Expenses | $ 54,534 |
| Net Income (Yr) | $ 134,954 |
| Cap Rate | 6.00% |
Listing Provided By
Armin Soleimani an agent of Global Platinum Properties, Inc.. Lic #01846872
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