SoldJul 21, 2023

Listed by Anthony Walker and Josh Ess from Buckingham Investments, Inc.

Bought with Sam Alherech from Buckingham Investments, Inc.

Source: San Diego MLS #SB23036205

227 Lime Ave, Long Beach, CA, 90802

$2,500,000

2
4
0.09 ac.

MultiFam

30+ days on the market

Sold: Jul 21, 2023

What's around 227 Lime Ave

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.

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