1026 E. Broadway

1026 E. Broadway, Long Beach, CA 90802

Sale Price

$3,900,000

Investment Overview

Units

9

Year Built

1921

Price Per SF

$533

Price Per Unit

$433,333

Current Cap Rate

3.78%

Market Cap Rate

4.58%

Current GRM

16.81

Market GRM

14.70

The Offering

1026 E. Broadway is a 9-unit investment asset in prime Alamitos Beach. The property consists of two buildings at 1026-1032 E. Broadway and 1034-1040 E. Broadway with eight 1 BD/ 1 BA units and one larger 1 BD / 1 BA unit.

Eight units have been renovated with modern fixtures and finishes, including new countertops, laminate wood flooring, stainless steel appliances, bathtubs and vanities, ceiling fans, lighting, and window coverings.

Exterior and common area renovations include a remodeled laundry room with new machines and new flooring in hallways and staircases. New landscaping includes installation of concrete hardscape and modern fencing, drought tolerant plants with drip irrigation and lighting.

On-site laundry facilities, garage storage and workshop storage provide current additional building income. There is potential to turn the 300 square foot workshop storage into an ADU for approximately $1,895 in additional monthly income.

Investment Highlights

  • 8 Units Fully Remodeled with Modern Fixtures & Finishes
  • Complete Exterior & Landscape Renovations
  • Additional Income from Onsite Laundry & Storage
  • Potential to Turn Existing Storage Space into an ADU
  • Individually Metered with In-Place RUBS Program
  • Prime Alamitos Beach Location / 94 Walk Score