623 East Broadway Active Save Request In-Person Tour Request Virtual Tour
Long Beach,CA 90802
Key Details
Property Type Single Family Home
Sub Type Commercial/Residential
Listing Status Active
Purchase Type For Sale
Square Footage 5,020 sqft
Price per Sqft $298
MLS Listing ID PW-25236421
Year Built 1923
Lot Size 3,308 Sqft
Property Sub-Type Commercial/Residential
Source California Regional Multiple Listing Service (CRMLS)
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 11.74% pro forma CAP rate and 5.94 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
Laundry Common Area
Exterior
Pool None
Community Features Biking
Building
Lot Description 11-15 Units/Acre
Sewer Public Sewer