219 BroadwayLong Beach, CA 90802

Property Details for 219 Broadway

Year built

1929

Construction

TILT-UP CONCRETE

Lot size

0.08 AC

Property size (Sq ft)

3,600 SF

Zone code

LBPD30

Property type

Office buildings

APN

7280-019-015

APU

7280019015

Description

This 5,200 square foot vacant commercial building, located at 219 E Broadway in Long Beach, CA 90802, presents a compelling owner-user or value-add investment opportunity. The property, built in 1921 with renovations in 1941 and 2016, features a 3,600 square foot ground floor and a 1,600 square foot mezzanine, constructed of reinforced brick. The asking price is $1,818,180, representing a price per square foot of $349.65 and a pro-forma cap rate of 6.54%, with a pro-forma NOI of $118,896. The property sits on a 3,636 square foot lot and is zoned LBPD30. Significant recent development in the immediate area includes approximately 4,700+ new apartment units, with an additional 1,620 units under construction within a short distance. This prime location benefits from high foot traffic, with the nearby Promenade North boasting approximately 346,322 annual visits (AlphaMaps 2024), and a traffic count of 10,515 AADT (AlphaMaps 2022) on E Broadway. The roof was replaced around February 2015, and electrical and plumbing upgrades were completed between 2016 and 2018. This property is located in an Opportunity Zone, offering potential tax advantages for investors. The building is currently vacant, allowing for immediate customization to suit a variety of uses, including medical office, restaurant, or bar.

• CAP approach

  CAP return

  Valuation

  6%

  $854,384

  6.5%

  $788,663

  7%

  $732,330

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,148,328

  Geo Method

  $1,148,328

• Alternative Use

  Use

  Valuation

  Residential

  $977,942

  Hospitality

  $895,789

  Educational

  $745,286

  Medical

  $770,918

  Retail

  $1,159,334

Location Insight

City

Long Beach

County

Los Angeles

State

California

Latitude

33.7695

Longitude

-118.191

CBSA code

31080

CBSA name

LOS ANGELES-LONG BEACH-ANAHEIM, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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