227 Lime Avenue, Long Beach, CA 90802

About this property

11 units in the heart of the East Village Arts District priced at only $240k per door. High yield property for this area at an actual GRM of 13.06 and in place cap rate of 4.8% with an upside to a market GRM of 12. Market cap rate of 5.4% less than three blocks to the beach in a coastal walkable Downtown location. Unit mix comprised of 5 studios and 6 one-bedroom units (1 non-conforming). 7 out of 11 units fully upgraded including new kitchens, bathrooms, vinyl floors, paint, and lighting. Just completed exterior refresh and paint job. 2 parking spaces behind the building with enough space to replace with 1 ADU. Located less than 3 blocks to the beach in the East Village Arts District, one of the trendiest neighborhoods in Long Beach. In close proximity to billions of dollars in new development including Shoreline Gateway, Long Beach's new tallest building. Tenants can enjoy cafes, galleries, bars, restaurants, the Long Beach Art Walk, and much more only steps from the front door.

Listing description from the July 2023 sale, as reported to CRMLS.

Sale history

$2,500,000

Sold July 2023 · listed $2,650,000, on market March 2023 · MLS #SB23036205 · Source: CRMLS

Listing Agent: Anthony Walker · Listing Office: Buckingham Investments, Inc · Contact: 310-561-4776 · Bought with: Sam Alherech · Buckingham Investments, Inc

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