2545 BroadwayLong Beach, CA 90803
- Mixed-use properties
- 10,401 SF
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
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
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
FAQs
- How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?
- Please email our support team at [email protected] and they will add the team member.
- How do I access a private listing?
- Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.
- How can I contact the broker?
- We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
- How do I unsubscribe from emails?
- At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].