623 E Broadway, Long Beach, CA — listing photo 1
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FOR SALE

623 E Broadway

Long Beach, CA 90802
12 Baths
5,020 Sq Ft
Built 1923
$2,050,000
Price ReducedWas $2,075,000 — $2,050,000 (-$25,000)

Property Overview

Huge 200k Price Reduction! 12 Renovated Non-Rent Controlled units only ~3 blocks away from the Ocean cash flowing at an amazing Current Cap Rate of 7% from day 1 with easily achievable upside to 8.5% Cap Rate on Proforma. Priced at only $170k per unit for a Non-LA-City rent controlled asset allowing significant 8.7% annual rent increases (5%+CPI) paving a clear way to reach market rents and the 8.5% 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.

Home Details

Property type
Residential Income
Year built
1923
Living area
5,020 sq ft
Lot size
3,308 sq ft
Days on market
31
MLS status
Active
Zoning
LBPD30

Features & Amenities

Interior

  • Ceiling Fans

Parking

  • On Street

Community, Schools & Utilities

Community

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CityLights

Utilities

Heating
WallFurnace
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Location & Neighborhood

623 E Broadway

Long Beach, CA 90802

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Frequently Asked Questions About 623 E Broadway

Property type: Residential Income

The current asking price is $2,050,000. Pricing is subject to change and may vary based on market conditions, negotiations, and property updates. Contact our team to verify current pricing.
Yes. Use the Book Visit action or contact form to request an in-person or virtual tour of 623 E Broadway. Our team will confirm availability and timing.
This 12 bathrooms property offers approximately 5,020 square feet of living space. It was built in 1923. Review the listing details and disclosures, then independently verify material features before making a decision.
The property is in Long Beach, California. Review the map, visit at relevant times of day, and verify schools, commute routes, services, noise, hazards, and local rules for the exact address.
Financing depends on the buyer, lender, property type, condition, appraisal, insurance, and association documents. A qualified lender can confirm available programs and costs for this Long Beach property.
The MLS currently reports the property as Active. It has been listed for 31 days. Status can change, so verify availability before relying on it.

What clients say

“Reza was the best agent we have ever worked with.”Russell & Susan McQueen

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Listing Agent

Name: Armin Soleimani
MLS ID: CLW-C120232

Available property

$2,050,000

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Data provided by California Regional Multiple Listing Service, Inc. ("CRMLS"). Information is for viewer's personal, non-commercial use. All data should be independently verified for accuracy.