623 E Broadway, Long Beach, CA 90802

Long Beach
Local realty services provided by:Better Homes and Gardens Real Estate Clarity
623 E Broadway,Long Beach, CA 90802
$2,195,000
  • - Beds
  • 12 Baths
  • 5,020 sq. ft.
  • Multi-family
  • Active
Listed by: julio ruiz
Office: global platinum properties, inc.424-394-1030
MLS#:26844923
Source:CRMLS

Price summary

  • Price:$2,195,000
  • Price per sq. ft.:$437.25

About this home

Price Reduction! 12 Renovated Non-Rent Controlled units only ~3 blocks away from the Ocean cash flowing at an amazing Current Cap Rate of 6.1% from day 1 with easily achievable upside to 7.75% Cap Rate on Proforma. Priced at only 182k 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 7.75% 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...

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Home facts

  • Year built:1923
  • Listing ID #:26844923
  • Added:1 day(s) ago
  • Updated:June 09, 2026 at 01:46 AM

Rooms and interior

  • Total bathrooms:12
  • Living area:5,020 sq. ft.

Heating and cooling

  • Heating:Wall Furnance

Structure and exterior

  • Year built:1923
  • Building area:5,020 sq. ft.
  • Lot area:0.08 Acres
  • Levels:2 Story

Finances and disclosures

  • Price:$2,195,000
  • Price per sq. ft.:$437.25

Features and amenities

  • Amenities:Ceiling Fans

Parking

  • Parking description:On Street
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