623 E Broadway, Long Beach, CA 90802

$2,195,000 Approx. USD 0 beds, 12 baths
5,020 sqft

Reduced by $55,000 on 5/11/2026

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Brochure

Photo of Jimmy Harmantzis

Marketed By Jimmy Harmantzis REALTOR® - Broker Associate 949-212-2023 m
949-212-2023 o
Lic#: 01234982
NRDS ID: 641526390
JimmyHarmantzis@bhhscal.com Mission Viejo Office
23120 Alicia Parkway, Suite 100
Mission Viejo, CA 92692
Phone: 949-768-1000
Fax: 949-587-0915

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Agent Remarks

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.

Listing Details

Property type: (Multi-Family)

Status: Active

MLS# 26684117

List price is $2,195,000 Reduced by $55,000 on 5/11/2026

Price: $2,195,000

Beds: 0

Baths: 12

Built in 1923

5,020 sqft

2 stories

0.08 acres