219 Broadway Long Beach, CA 90802

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.