623 E Broadway, Long Beach, CA, 90802
About This Home
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.
Getting Around
Walker's Paradise
Excellent Transit
Very BikeableSchools
Construction
Condition
- Year built: 1923
Type & Style
- Home type: MultiFamily
- Property subType: Multi Family
Interior
Bedrooms & Bathrooms
- Bathrooms: 12
Features
- Ceiling Fan(s)
Heating & Cooling
- Heating features: Wall
- Cooling features: Ceiling Fan(s)
Interior Area
- Total structure area: 5,020
- Total interior livable area: 5,020 sqft
Property
Details
- Zoning: LBPD30
- Special condition: Standard
Features
- Levels: Two
- Has view: Yes
- View description: City
Lot
- Lot size: 3,306 sqft
Parking
- Parking features: On Street
- Has uncovered spaces: Yes
Climate Risk is Financial Risk
Every home has a financial story beyond the listing price. Below, you’ll see the climate risks that could affect this property — and in Bills & Affordability, how those risks may influence repairs, insurance, utilities, and long-term value.
Biggest Threats for This Home
- Earthquake
- Inland Flooding
- Heat Wave
- Wildfire
How This Home’s Risks Compare
FEMA Declared Disasters in Los Angeles County and California
Understanding the Costs
Financial advisors generally recommend spending no more than 30% of your gross household income on housing costs. In practice, many households stretch to 35% or beyond — especially in high-cost markets.
Estimated Costs Today
| Monthly | Annual | |
|---|---|---|
| Mortgage | $10,821 | $129,852 |
| Home Insurance * | $745 | $8,940 |
| Property Taxes | $1,194 | $14,328 |
| Electricity | $1,076 | $12,917 |
| Total | $13,836 | $166,032 |
Income You'd Need if You Spent...
California FAIR Plan Programs
How Costs Could Change Over Time
Climate risk is quickly impacting all of the major home ownership costs. Adjust the growth rates and percentage of income spent on housing below to see how your housing costs could change over the next 10 years — and what income you'd need to keep up.
Comparing Against the Market
Price Per Sq Ft
vs Other Active Listings
Avg $/sqft
vs Homes Sold Last Month
Median $/sqft
Current Market Trends
Median Price Per Square Foot
The median price per square foot of homes sold in this area each month. Compare this to this listing's price per square foot to gauge whether the home is priced in line with recent sales.
Historicals for This Listing
Zestimate History ($/sqft)
Price History
| Date | Event | Price |
|---|---|---|
| 2026-05-11 | Price change | $2,195,000 |
| 2026-04-08 | Listed for sale | $2,250,000 |
| 2025-12-03 | Sold | $1,300,000 |
| 2025-11-24 | Pending sale | $1,500,000 |
| 2025-10-09 | Listed for sale | $1,500,000 |
| 2019-11-16 | Listing removed | $1,150 |
| 2019-08-21 | Listed for rent | $1,150 |
| 2019-05-21 | Listing removed | $1,000 |
| 2019-05-13 | Listed for rent | $1,000 |
| 2019-03-05 | Listing removed | $1,000 |
| 2019-02-28 | Listed for rent | $1,000 |
| 2019-01-21 | Listing removed | $1,000 |
| 2019-01-09 | Listed for rent | $1,000 |
| 2018-11-15 | Listing removed | $1,000 |
| 2018-07-25 | Listed for rent | $1,000 |
| 2018-04-19 | Listing removed | $1,000 |
| 2018-02-24 | Listed for rent | $1,000 |
| 2017-09-23 | Listing removed | $1,050 |
| 2017-07-25 | Listed for rent | $1,050 |
| 2017-06-12 | Listing removed | $1,050 |
| 2017-05-25 | Price change | $1,050 |
| 2017-05-08 | Listed for rent | $1,100 |
| 2016-03-16 | Listing removed | $950 |
| 2016-01-31 | Listed for rent | $950 |
| 2015-07-10 | Listing removed | $950 |
| 2015-07-08 | Listed for rent | $950 |
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