227 LIME AVENUE, LONG BEACH, CA 90802

  • 3,424 sqft
  • Lot Size: 3,750 sqft
  • Built in 1923
  • MLS #SB23036205
For Sale $2,650,000

Description

10 + 1 non-conforming 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. 450 square foot bonus non-conforming free standing unit not included in square footage, may be eligible for permitting through Long Beach Amnesty Ordinance or as an ADU. 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.

FACTS / FEATURES

  • Built in 1923
  • Lot Size: 3,750 sqft
  • Parking: 2 spaces total

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Listing Provided by Anthony Walker, Buckingham Investments, Inc
Based on information from California Regional Multiple Listing Service, Inc. as of March 23, 2023. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.