Address: 625 E Broadway, Long Beach, CA 90802, East Village Arts District

Property Type: Apartment · Multifamily Property
Units: 12
Cap: near a 6 cap after 4 vacant units (Seller was in the hospital for 6 months)

Property Overview:
Prime location located less than 5 blocks from downtown and the beach. This 12-unit multifamily property is an exceptional investment opportunity to fill 4 vacant units and to raise rents on the other 8. Eight of the twelve units have been renovated, featuring new flooring, upgraded kitchen countertops, modern cabinetry, and updated fixtures, making them highly attractive to tenants. The property also offers controlled access for added security and is situated near walking and biking trails, enhancing its appeal to active residents.
-GRM of 12.24 with an (upside GRM of 11 if rented to section 8.)
-Cap rate of 5.8% with an (upside cap rate of 6.59 if rented to section 8.)

Location: Tenants will be drawn to the vibrant array of cafes, galleries, bars, restaurants, the Long Beach Art Walk, and more. More demand will arise from the billions of dollars in new developments that are transforming Long Beach, including the Shoreline Gateway, the city's tallest building.

Strong Upside Potential: With a mix of renovated units and an unbeatable location, this property offers excellent potential for strong rental income and future appreciation.

Don't miss out on this unique opportunity! Whether you're looking to expand your portfolio or secure a lucrative multifamily property, this Long Beach gem checks all the boxes. Contact us today for more details and to schedule a viewing!

Comps: 227 Lime Ave, Long Beach, CA 90802 - LAST SOLD ON JUL 21, 2023 FOR $2,500,000
This comp is only 3,424 sq/ft which is 1,803 sq/ft smaller (34% smaller) than subject property. 11 units in the heart of the East Village Arts District priced at only $240k per door. High yield property for this area at an actual GRM of 13.06 and in place cap rate of 4.8% with an upside to a market GRM of 12. Market cap rate of 5.4%