$ 2,250,000
-
$2,250,000
Price -
0
Bed -
12
Bath -
5,020
SqFt
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About the Listing X82397 - C120232
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.
Listing Highlights
Status
Active
Days on Site
29
Property Type
Multi-Family
MLS ®
26684117
Year Built
1923
Total Square Footage
5,020
Lot/Acreage
0.08
County
Los Angeles
Interior Details
- Bedrooms: 0
- Bathrooms: 12 Full
- Appliances:
- Air Cond: Ceiling Fan
- Heating: Wall
- Fireplaces:
- Floor:
- Above Ground Sq Ft:
- Below Ground Sq Ft: n/a
- Basement:
- Other:
- Water:
Exterior Details
- Garage Capacity: N/A
- Parking Spaces: 0
- Zoning: LBPD30
- Roof:
- Others:
- Sewer:
- Parking Features: On street
Financial Details
- Tax Amount: N/A
- Taxes w/Assessments: N/A
- Tax/Property ID: N/A
- Tax Year: N/A
Payment Calculator
Monthly Payment
- in Principal and Interest
- in Taxes
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Questions About..
623 E Broadway Long Beach, CA 90802
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