728 Lime Ave new Save Request In-Person Tour Request Virtual Tour
Long Beach,CA 90813
Key Details
Property Type Apartment
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Subdivision Downtown (Dt)
MLS Listing ID SB25233581
HOA Y/N No
Year Built 1912
Lot Size 7,501 Sqft
Property Sub-Type Apartment
Property Description
Huge 6 unit campus property with three large units in front, Craftsman bungalow in the middle, and two brand new 2025 construction ADUs in the rear totalling 5707 rentable square feet on a 7500 square foot lot. Great unit mix averaging 950 square feet with one 5 bed, 2 bath unit, four 2 bed, 1 bath units, and one 1 bed, 1 bath unit. Aggressively priced at $262/square foot, 9.8X GRM and 6.2% cap rate on actual rents plus an 8% upside to 9X GRM and 6.9% cap rate on market rents. Brand new electrical main panel. Skip the smaller properties and go straight to commercial positive leverage with rates in the high 5%'s and a 6.2% cap rate on actual rents.
Great location right in Downtown Long Beach just North of the East Village Arts District. Blocks away from St. Mary's hospital, Museum of Latin American Art, rail lines, and $8 billion of new development. Only 7 blocks to the beach.
Location
State CA
County Los Angeles
Area 4 - Downtown Area, Alamitos Beach
Interior
Cooling None
Fireplaces Type None
Fireplace No
Laundry None
Exterior
Parking Features Paved
Fence Chain Link
Pool None
Community Features Suburban
Utilities Available Electricity Connected,Natural Gas Connected,Sewer Connected,Water Connected
Roof Type Composition,Flat
Total Parking Spaces 2
Private Pool No
Building
Lot Description Rectangular Lot
Story 2
Entry Level Two
Foundation Raised,Slab
Sewer Public Sewer
Water Public
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 7274020007
Energy Description 2013.0
Acceptable Financing Cash to New Loan
Listing Terms Cash to New Loan
Special Listing Condition Standard