623 E BroadwayLong Beach, CA 90802

Description

Huge 200k Price Reduction! 12 Renovated Non-Rent Controlled units only ~3 blocks away from the Ocean cash flowing at an amazing Current Cap Rate of 7% from day 1 with easily achievable upside to 8.5% Cap Rate on Proforma. Priced at only $170k 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 8.5% 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.

Property Information

Property type

Residential Income

Year built

1923

Living area

5,020 Sq Ft

Lot size

0.08 acres

Zoning

LBPD30

Days on market

32

MLS^® Listing#

26997253

Property Features

Interior

Ceiling Fan(s)

Heating

Wall Furnace

Parking

On Street

Financial Details

HOA

None

Parcel number

7281014017

Directions

Located Between Los Anlamitos & Atlantic Ave