623 E Broadway, Long Beach, CA 90802 (MLS # 26844923)

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PRICE $2,195,000 dsIDX morgage calculator
BEDS 0
BATHS 12
HOME SIZE 5,020 sqft
LOT SIZE 3,307 sqft

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 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.

DAYS ON MARKET 2 LAST UPDATED 6/8/2026
YEAR BUILT 1923 COMMUNITY 4 - Downtown Area, Alamitos Beach
COUNTY Los Angeles STATUS Active
PROPERTY TYPE(S) Multi Family


ADDITIONAL DETAILS
AREA 4 - Downtown Area, Alamitos Beach
HEAT Wall Furnace
INTERIOR Ceiling Fan(s)
LOT 3306 sq ft
LOT DIMENSIONS 3308
PARKING On Street
STORIES 2
VIEW Yes
VIEW DESCRIPTION City Lights
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TOTAL MONTHLY PAYMENT

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Listing provided by : Julio Ruiz CalDRE: E, Global Platinum Properties, Inc.

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