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Listed by Tyler Leeson • Marcus & Millichap RE Invest
$2,000,000
Est. payment /mo
6,384 SqFt
UPDATED:
Key Details
Property Type Single Family Home
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Square Footage 6,384 sqft
Price per Sqft $313
MLS Listing ID OC-26200969
Year Built 1924
Lot Size 6,534 Sqft
Property Sub-Type Apartment
Source California Regional Multiple Listing Service (CRMLS)
Property Description
1035 Lime Avenue is a 10-unit multifamily investment property located in Long Beach, California. Built in 1924 and situated on a 0.15-acre lot, 1035 Lime Avenue features a unit mix of 2 studios, 6 1-bed/1-bath units and 2 2-bed/1-bath units totaling approximately 6,384 square feet of net rentable area. The gated property offers a central courtyard, an on-site laundry facility and 5 garage parking spaces. The laundry facility provides existing ancillary income, while the garage parking offers additional flexibility as a separate revenue source or tenant amenity. Current ownership has completed substantial improvements to both the building systems and individual units. Work includes new copper plumbing, updated electrical systems and all-new kitchens and bathrooms throughout the property. Most units have undergone extensive renovations, with much of the interior work involving down-to-the-studs improvements. These upgrades provide a strong physical foundation and reduce the need for an incoming owner to undertake a significant renovation program. 1035 Lime Avenue is located near the East Village Arts District and Downtown Long Beach, placing residents close to an established mix of restaurants, retail, entertainment and cultural destinations. The property is also within convenient reach of the Long Beach waterfront, including the marina, shoreline recreation, dining and other coastal amenities. With substantial capital and interior improvements already completed, 1035 Lime Avenue offers an investor the opportunity to acquire an improved multifamily asset in a central Long Beach location. Its diverse unit mix, gated setting, garage parking, ancillary income sources and proximity to Downtown, East Village and the waterfront support the property's long-term appeal to renters.
Location
State CA
County Los Angeles
Area 4 - Downtown Area, Alamitos Beach
Interior
Laundry Community
Exterior
Garage Spaces 5.0
Pool None
Community Features Curbs, Gutters, Sidewalks, Street Lights
Building
Lot Description Level with Street
Sewer Public Sewer
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John R Thompson
Broker/Owner License ID: 01200900
Broker/Owner License ID: 01200900