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$ 1,500,000
Est. payment | /mo
3,306 Sqft Lot
$ 1,500,000
Est. payment | /mo
3,306 Sqft Lot
Key Details
Property Type Single Family Home, Multi-Family
Sub Type Mixed Use
Listing Status Active
Purchase Type For Sale
Subdivision Downtown (Dt)
MLS Listing ID PW25236421
HOA Y/N No
Year Built 1923
Lot Size 3,306 Sqft
Property Sub-Type Mixed Use
Property Description
623 E Broadway St presents an excellent opportunity to acquire a 12-unit multifamily property in the heart of Downtown Long Beach, just steps from the East Village Arts District, Alamitos Beach, and the Long Beach Convention Center. The property features 12 studio units totaling approximately 5,020 square feet on a 3,308 square foot lot. Priced at just $125,000 per unit and $299 per square foot, this asset offers a highly attractive cost of entry in one of Long Beach's strongest rental markets. With a 6.92% current CAP rate and 8.50 GRM, the property provides strong in-place income, while market rents support a 7.75% pro forma CAP rate and 7.91 GRM, offering clear potential for increased returns. Located in a highly walkable area surrounded by shops, restaurants, and major transit lines, 623 E Broadway St combines steady cash flow with exceptional long-term upside in a prime urban corridor.
Location
State CA
County Los Angeles
Area 4 - Downtown Area, Alamitos Beach
Interior
Fireplace No
Laundry Common Area
Exterior
Pool None
Community Features Biking
Private Pool No
Building
Lot Description 11-15 Units/Acre
Story 2
Sewer Public Sewer
Water Public
New Construction No
Others
Senior Community No
Tax ID 7281014017
Acceptable Financing Conventional
Listing Terms Conventional
Special Listing Condition Standard
Listed by Woody Stahl Lyon Stahl Investment Real Est broker@lyonstahl.com
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STEVE & KRISTA: The WIDNER Team
Agent | License ID: 00680027
29811 Santa Margarita Parkway, Suite 100, Margarita, CA, 92688