227 Lime Ave, Long Beach 90802
- 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
current
Download Offering Memorandum
UNITS: 11
GROSS RENT MULTIPLIER: 13.06
CAP RATE: 4.8%
PRICE
$2,650,000
ANNUAL INCOME
$200,208
ANNUAL NOI
$127,186
ANNUAL EXPENSE
$65,712
Rental Cost Details
| # OF UNITS | # OF BEDROOMS | # OF BATHS | ACTUAL RENT | TOTAL RENT | PRO FORMA | TOTAL PRO FORMA |
| 1 | 1 | 1 | $1,695 | $1,695 | $1,695 | $1,695 |
| 1 | 0 | 1 | $1,495 | $1,495 | $1,595 | $1,595 |
| 1 | 1 | 1 | $1,480 | $1,480 | $1,695 | $1,695 |
| 1 | 0 | 1 | $1,595 | $1,595 | $1,595 | $1,595 |
| 1 | 0 | 1 | $1,395 | $1,395 | $1,595 | $1,595 |
| 1 | 0 | 1 | $1,395 | $1,395 | $1,595 | $1,595 |
| 1 | 1 | 1 | $1,695 | $1,695 | $1,695 | $1,695 |
| 1 | 1 | 1 | $1,595 | $1,595 | $1,695 | $1,695 |
| 1 | 1 | 1 | $1,695 | $1,695 | $1,695 | $1,695 |
| 1 | 0 | 1 | $1,049 | $1,049 | $1,595 | $1,595 |
| 1 | 1 | 1 | $1,595 | $1,595 | $1,695 | $1,695 |
| TOTAL # OF UNITS | TOTAL # OF BEDROOMS | TOTAL # OF BATHS | GRAND TOTAL RENT | GRAND TOTAL PRO FORMA | ||
| 11 | 6 | 11 | $16,684 | $18,145 |
