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227 Lime, Long Beach 90802

  • 10 + 1 non-conforming units in the heart of the East Village Arts District priced at only $231K per door
  • 14.4X gross on actual rents plus an 18% upside to a market GRM of 12.3
  • Market cap rate of 5.2% 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)
  • 1 studio and 1 one bedroom unit just remodeled and rented at $1520 and $1595 respectively
  • Just completed exterior refresh and paint job
  • 450 square foot bonus non-conforming free standing unit to be delivered vacant at close, not included in square footage, may be eligible for permitting through Long Beach Amnesty Ordinance
  • 2 parking spaces behind the building with enough space to replace with 2 ADUs
current

Download Offering Memorandum

UNITS: 11

GROSS RENT MULTIPLIER: 14.4

CAP RATE: 4.2%

PRICE

$2,550,000

ANNUAL INCOME

$173,568

ANNUAL NOI

$105,929

ANNUAL EXPENSE

$61,961

Rental Cost Details

# OF UNITS # OF BEDROOMS # OF BATHS ACTUAL RENT TOTAL RENT PRO FORMA TOTAL PRO FORMA
111$1,074$1,074$1,595$1,595
101$1,520$1,520$1,520$1,520
111$1,840$1,840$1,595$1,595
101$1,115$1,115$1,495$1,495
101$1,280$1,280$1,495$1,495
101$1,395$1,395$1,495$1,495
111$1,411$1,411$1,595$1,595
111$1,595$1,595$1,595$1,595
111$1,045$1,045$1,595$1,595
101$954$954$1,495$1,495
111$0$0$1,595$1,595
TOTAL # OF UNITS TOTAL # OF BEDROOMS TOTAL # OF BATHS GRAND TOTAL RENT GRAND TOTAL PRO FORMA
11611 $13,229 $17,070