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Listed by: Julio Ruiz (818) 524-0706 DRE #01911261 | Global Platinum Properties, Inc. (424) 394-1030
$2,140,000
-- Bed
12 Baths
5,020sqft
623 E Broadway, Long Beach, CA 90802
$2,140,000
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Multi Family
Built in 1923
$-- HOA
3,308 sqft lot
$426/sq.ft
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 reno...
Continue Reading- Houzeo last checked: 45 minutes ago
- Listing updated: August 14, 2026 at 7:15 am
- Source: California Regional MLS-CA | MLS#: 26869467
Property Details
Status
Active
Type
Multi Family
No. of Stories
2
County
City
Neighborhood
Year Built
1923
HOA Fees
-
Finished Area
5,020 sqft
Lot Size
3,308 sqft lot
Basement Area
- sqft
MLS Name
California Regional MLS
MLS Number
26869467
MLS Status
Active
Days on Market
18
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