3522-3536 E Broadway 12 Unit Apartment Building $3,262,800 CAD ($271,900 CAD/Unit) 4.94% Cap Rate Long Beach, CA 90803

The subject is a twelve-unit apartment complex with a prime location in the very-desirable Belmont Heights neighborhood of Long Beach, California. The Property includes three, two-story woodframe and stucco apartment buildings constructed in 1923 and renovated on multiple occasions. The buildings total 7,562 square feet in size and are situated on a level rectangular 6,189 square foot parcel located on the southwest corner of East Broadway and Loma Avenue. The Property has a great unit mix consisting of five studio and seven one bedroom/one bath apartment units ranging to approximately 650 square feet. Some units have balconies.
East Broadway is a busy traffic corridor throughout the city and is developed with a mix of retail and office buildings as well as single-family homes and small apartment buildings. Belmont Heights s one of the area's most sought-after coastal submarkets with a broad tenant base of young professionals, families and long-term residents. Woodrow Wilson High School is located less than one mile northeast of the Property. The 229-acre, city-owned Recreation Park is located one mile to the northeast and features include a community center, two golf courses, a tennis center, fishing pond and a baseball stadium. The heart of trendy Belmont Shore is less than three-quarters of a mile to the east. California State University, Long Beach is located less than two miles to the northeast. City Beach, Bluff Park and Belmont Pier are a quarter-mile to the south. Long Beach Municipal Airport is located three miles to the north and has non-stop flights to twenty-one cities nationwide as well as one-stop flights to 400 cities worldwide. Anduril Industries, a cutting-edge defense technology company specializing in artificial intelligence applications has recently announced that it is commencing a $1 billion redevelopment of land adjacent to the Airport, including 750,000 square feet of office space plus 435,000 square feet of industrial/research and development space. The project is planned to be completed in mid-2027 and is expected to create 5,500 new direct jobs at the site plus thousands of indirect construction, services and supply chain jobs.
This is the first offering for sale of the Property since the current Owner acquired it in 2002. The Property is fully-occupied and rarely has vacant apartment units. Current rental rates are below market and the Property is subject only to State of California rent control. Most tenants occupy units on a month-to-month basis. See the attached spreadsheet for current and projected financial indicators.