623 E Broadway, Long Beach, CA 90802
623 E Broadway, Long Beach, CA 90802
623 E Broadway, Long Beach, CA 90802
20
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$2,250,000
Est. payment /mo
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12 Baths
5,020 SqFt
Active

623 E Broadway Long Beach, CA 90802

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Todd Kingsley

Todd Kingsley

+1(310) 710-8633

UPDATED:

Key Details

Property Type Multi-Family

Sub Type Multi-Family

Listing Status Active

Purchase Type For Sale

Square Footage 5,020 sqft

Price per Sqft $448

MLS Listing ID 26684117

Year Built 1923

Lot Size 3,308 Sqft

Acres 0.0759

Property Sub-Type Multi-Family

Property Description

12 Renovated Non-Rent Controlled units only ~3 blocks away from the Ocean cash flowing at an amazing Current Cap Rate of 6% from day 1 with easily achievable upside to 7.5% Cap Rate on Proforma. Priced at only 187k 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 7.5% 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.

Location

State CA

County Los Angeles

Area Downtown Area, Alamitos Beach

Zoning LBPD30

Rooms

Other Rooms None

Interior

Heating Wall

Cooling Ceiling Fan

Equipment Ceiling Fan

Exterior

Parking Features On street

View Y/N Yes

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Building

Level or Stories Two

Others

Special Listing Condition Standard

TheMLS (CLAW)
The multiple listings information is provided by The MLSTM/CLAW from a copyrighted compilation of listings. The compilation of listings and each individual listing are ©2026 The MLSTM/CLAW. All Rights Reserved.

The information provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All properties are subject to prior sale or withdrawal. All information provided is deemed reliable but is not guaranteed accurate, and should be independently verified.

Listed by Global Platinum Properties, Inc.

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Todd Kingsley

Todd Kingsley

Agent | License ID: 02118744

+1(310) 710-8633

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