625 E Broadway 12 Unit Apartment Building $2,300,000 ($191,667/Unit) 7.06% Cap Rate Long Beach, CA 90802

625 E Broadway offers a rare opportunity to acquire a well-maintained 12-unit asset in East Village, Long Beach’s most artistic and walkable neighborhood. The property consists of twelve 1-bedroom, 1-bath units across 6,888 square feet, with interiors ranging from 469 to 680 square feet.
Three units are currently vacant and rent-ready, allowing investors to achieve a 7.06 percent cap rate and 9.21 GRM immediately upon lease-up. No renovations or repositioning are required. The pro forma is not speculative — it’s immediate, supported by current market rents of $1,695 per month, nearby comps, and existing tenant levels.
Even at in-place rents, the asset generates a solid 5.28 percent cap rate and 12.31 GRM, giving investors both stability and upside from day one.
All units are separately metered for electricity. Ownership currently covers water, gas, sewer, and trash. The electrical system has been upgraded with modern Cutler-Hammer breakers, digital SCE meters, and individual breaker setups per unit. A main service disconnect is also in place for added safety and compliance.
With low historical turnover, efficient layouts, and a high-demand location near transit, dining, and the beach, this asset is positioned for steady cash flow and long-term growth. Ideal for a 1031 exchange, long-term holder, or yield-focused investor seeking stability, efficiency, and location-driven demand.