2545 BroadwayLong Beach, CA 90803

  • Mixed-use properties
  • 10,401 SF
For Sale
$3,000,000 View listing

Property Details for 2545 Broadway

Year built
1946
Construction
WOOD
Lot size
0.22 AC
Property size (Sq ft)
10,401 SF
Zone code
LBCNP
Property type
Mixed-use properties
Property subtype
Other investment properties
APN
7263-016-014
APU
7263016014

Description

This exceptional mixed-use property, located at 2545 E Broadway in Long Beach, California's desirable Bluff Park area, presents a compelling investment opportunity. The 10,401 square foot building comprises two structures on a 9,446 square foot lot, featuring a blend of residential and commercial space. Currently boasting 100% occupancy with three tenants, the property includes three storefront retail units and seven residential units (two one-bedroom and five two-bedroom apartments). The current Net Operating Income (NOI) stands at $143,186, yielding a 4.77% cap rate. However, a pro-forma analysis projects a significantly higher NOI of $224,178 and a 7.47% cap rate, reflecting substantial value-add potential. Built between 1936 and 1956, the well-maintained buildings offer on-site laundry and a central courtyard. Further upside potential exists through the addition of accessory dwelling units (ADUs), leveraging the existing large storage room and rear garage parking. The property's prime corner location and large unit sizes contribute to its strong appeal. All SB721 inspections are complete. The asking price is $3,000,000, translating to a price per square foot of $288.43. This is a rare chance to acquire a well-positioned, income-producing asset in a thriving Long Beach neighborhood. The property is offered as a gross lease. The Los Angeles County Assessor's Parcel Number (APN) is 7263-016-014.

Valuation
by Paperhouses methods

Valuation date:
Dec 11, 2024
  • CAP approach

    CAP return
    Valuation
    6%
    $2,562,792
    6.5%
    $2,365,655
    7%
    $2,196,679
  • Comparable approach

    Method
    Valuation
    Relative Method
    $3,317,711
    Geo Method
    $3,317,711
  • Alternative Use

    Use
    Valuation
    Residential
    $2,933,412
    Hospitality
    $2,686,990
    Educational
    $2,235,544
    Medical
    $2,312,428
    Retail
    $3,477,512
2545 Broadway, Long Beach, California

Location Insight

City
Long Beach
County
Los Angeles
State
California
Latitude
33.7664
Longitude
-118.162
CBSA code
31080
CBSA name
LOS ANGELES-LONG BEACH-ANAHEIM, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2024
$11,604
$266,793
$411,935
$678,728
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