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227 Lime Ave, Long Beach, CA 90802
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227 Lime Ave Long Beach, CA 90802

$2,500,000 Sold Price as of 07/21/2023
  • 6 Beds
  • 11 Baths
  • 3,424 Sq.Ft.
Sold
$2,500,000 Sold Price as of 07/21/2023 Refinance Your Mortgage
Map preview of 227 Lime Ave, Long Beach, CA 90802

Property Overview: 227 Lime Ave Long Beach, CA has 6 bedrooms, 11 bathrooms, 3,424 living square feet and 3,750 square feet lot size. Call an Ardent Real Estate Group agent with any questions you may have.

Agent Remarks: 11 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. 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.

Listed by Anthony Walker | BRE #01908153 | Buckingham Investments, Inc
Co-listed by Josh Ess | BRE #02035659 | Buckingham Investments, Inc
Last checked: 3 minutes ago | Last updated: July 21st, 2023 | Source CRMLS | DOM: 31

Home details

Lot Sq. Ft
3,750
HOA Dues
$0/mo
Year built
1923
Garage
--
Property Type:
Apartment
Status
Sold
MLS#
SB23036205
City
Long Beach
County
Los Angeles
Time on Site
566 days
Multi-Family Unit Breakdown
Unit Mix Summary
  • Total # of Units: 11
  • Total # of Buildings: 1
  • # of Electric Meters: 11
  • # of Gas Meters: 11
  • # of Water Meters: 1
Unit Breakdown 1
  • # of Units: 1
  • # of Beds: 0
  • # of Baths: 1
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $1,049
  • Total Rent: $1,049
  • Pro Forma/Market Rent: $1,595
Unit Breakdown 2
  • # of Units: 1
  • # of Beds: 1
  • # of Baths: 1
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $1,595
  • Total Rent: $1,595
  • Pro Forma/Market Rent: $1,695
Unit Breakdown 3
  • # of Units: 1
  • # of Beds: 1
  • # of Baths: 1
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $1,480
  • Total Rent: $1,480
  • Pro Forma/Market Rent: $1,695
Unit Breakdown 4
  • # of Units: 1
  • # of Beds: 0
  • # of Baths: 1
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $1,595
  • Total Rent: $1,595
  • Pro Forma/Market Rent: $1,595
Unit Breakdown 5
  • # of Units: 1
  • # of Beds: 0
  • # of Baths: 1
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $1,395
  • Total Rent: $1,395
  • Pro Forma/Market Rent: $1,595
Unit Breakdown 6
  • # of Units: 1
  • # of Beds: 0
  • # of Baths: 1
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $1,395
  • Total Rent: $1,395
  • Pro Forma/Market Rent: $1,595
Unit Breakdown 7
  • # of Units: 1
  • # of Beds: 1
  • # of Baths: 1
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $1,695
  • Total Rent: $1,695
  • Pro Forma/Market Rent: $1,695
Unit Breakdown 8
  • # of Units: 1
  • # of Beds: 1
  • # of Baths: 1
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $1,595
  • Total Rent: $1,595
  • Pro Forma/Market Rent: $1,695
Unit Breakdown 9
  • # of Units: 1
  • # of Beds: 1
  • # of Baths: 1
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $1,695
  • Total Rent: $1,695
  • Pro Forma/Market Rent: $1,695
Unit Breakdown 10
  • # of Units: 1
  • # of Beds: 1
  • # of Baths: 1
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $1,695
  • Total Rent: $1,695
  • Pro Forma/Market Rent: $1,695
Unit Breakdown 11
  • # of Units: 1
  • # of Beds: 0
  • # of Baths: 1
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $1,495
  • Total Rent: $1,495
  • Pro Forma/Market Rent: $1,595
Multi-Family Income/Expense Information
Property Income and Analysis
  • Cap Rate: 4.8%
  • Gross Rent Multiplier: 13.06
  • Gross Scheduled Income: $200,208
  • Net Operating Income: $127,186
  • Gross Operating Income: $192,898
  • Vacancy Allowance: $10,010
Annual Expense Breakdown
  • Total Operating Expense: $65,712
  • Electric: $1,724
  • Gas/Fuel: $1,724
  • Licenses: $400
  • New Taxes: $33,125
  • Trash: $1,724
  • Gardener: $600
  • Insurance: $4,400
  • Maintenance: $9,645
  • Professional Management: $9,645
  • Water/Sewer: $1,724

Property Details for 227 Lime Ave

Interior Features
Laundry Information
  • No Laundry
  • None
Interior Features
  • Levels: Two
Exterior Features
Exterior Features
  • No Pool
  • Pool Features: None
Lot Details / Garage and Parking
Parking/Garage Information
  • # of Parking Spaces: 2
Lot Information
  • Lot Features: 0-1 Unit/Acre
  • Lot Size Source: Assessor
  • Common Interest: Community Apartment
Property Information
  • Common Walls: 2+ Common Walls
  • Total # of Units: 11
  • Parcel Number: 7281014010
  • Year Built Source: Public Records
  • Property is Attached
Homeowners Association, Utilities, Taxes / Assessments
Utilities Information
  • Sewer: Public Sewer
  • Water Source: Public
Location / Neighborhood
Location Information
  • Subdivision Name: Other (OTHR)
  • Other Subdivision Name: -
  • Directions: West side of street on Lime.
Neighborhood Information
  • Community Features: Urban
View more facts & features

Local Long Beach Agent

Sale History for 227 Lime Ave

Last sold for $2,500,000 on July 21st, 2023

  • July, 2023

  • Jul 21, 2023

    Date

    Sold

    CRMLS: SB23036205

    $2,500,000

    Price

  • Mar 3, 2023

    Date

    Active

    CRMLS: SB23036205

    $2,650,000

    Price

  • August, 2022

  • Aug 15, 2022

    Date

    Canceled

    CRMLS: SB22155199

    $2,550,000

    Price

  • Jul 14, 2022

    Date

    Active

    CRMLS: SB22155199

    $2,550,000

    Price

  • Listing provided courtesy of CRMLS

    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.

  • September, 2019

  • Sep 12, 2019

    Date

    Expired

    CRMLS: PW18223390

    $2,400,000

    Price

  • Sep 12, 2018

    Date

    Active

    CRMLS: PW18223390

    $2,400,000

    Price

  • Listing provided courtesy of CRMLS

    Two Story 10 plus 1 non-conforming unit apartment complex in the heart of Downtown Long Beach. 5 Junior 1 Bed 1 Bath 5 Studios 1 Larger Non Conforming 1 Bedroom 1 Bath Long Term ownership with rents below market, approxiamately 35% Long Beach is NOT subject to rent control *Part of a 6 Building, 58 Unit Portfolio*

  • May, 2018

  • May 22, 2018

    Date

    Canceled

    CRMLS: RS18037279

    $1,800,000

    Price

  • Mar 13, 2018

    Date

    Price Change

    CRMLS: RS18037279

    $1,800,000

    Price

  • Feb 16, 2018

    Date

    Active

    CRMLS: RS18037279

    $2,000,000

    Price

  • Listing provided courtesy of CRMLS

    Two Story 10 plus 1 non-conforming unit apartment complex located in the heart of Downtown Long Beach. Unit mix comprised of (5) Junior 1 Bed / 1 Bath, (5) Studio and (1) Larger Non-Conforming 1 Bed / 1 Bath units. Long term ownership with rents roughly 35% below market. Building shares laundry across the street with its sister building 236 Lime Ave. Long Beach is NOT subject to rent control. *Part of 6 Building, 58 Unit Portfolio*

  • February, 2011

  • Feb 15, 2011

    Date

    Sold (Public Records)

    Public Records

    --

    Price

  • March, 2000

  • Mar 8, 2000

    Date

    Sold (Public Records)

    Public Records

    --

    Price

Show More

Tax History for 227 Lime Ave

Assessed Value (2020): $252,140
Year Land Value Improved Value Assessed Value
2020 $82,905 $169,235 $252,140

Home Value Compared to the Market

This property vs the competition

227 Lime Ave sold on July 21, 2023 for 223.57% higher than the current median sold price for the city of Long Beach which is $819,000. The median sold price per/sqft for Long Beach is $628 and this home is sold at $773.95 per/sqft which puts the price per square foot 23.24% higher than the current median sale per square foot for the city of Long Beach.

About 227 Lime Ave

Detailed summary of property

227 Lime Ave is a apartment that recently sold in Long Beach, CA 90802. This apartment offered 6 bedrooms, 11 bathrooms, roughly 3,424 living square feet, and sits on an approximately 3,750 square foot lot. 227 Lime Ave was first listed on ArdentRealEstateGroup.com on March 4, 2023. The homeowner sold the property for $2,500,000. Home in Long Beach are selling for a median price of $819,000 and a median price per square foot of $628. Based on Ardent Real Estate Group's Long Beach Market Data, this home is sold 223.57% higher than the current median priced home. Local homes that are currently for sale include 321 W Hill St, 3316 E 3rd St and 10 Redondo Ave. While the average home in Long Beach, CA is selling in 62 days, 227 Lime Ave has a days on market of 31 days. There are currently 778 homes for sale in the Long Beach real estate market and 416 of them are single family homes while 337 of them are condos and 23 are townhomes. For more information on this home for sale at 227 Lime Ave Long Beach, CA 90802 contact Ardent Real Estate Group and we will put you in touch with one of our Long Beach agents.

Public Facts for 227 Lime Ave

Public county record property details
Beds
--
Baths
10
Year built
1923
Sq. Ft.
3,434
Lot Size
3,749
Stories
--
Type
Apartment House (5+ Units)
Pool
No
Spa
No
County
Los Angeles
Lot#
15
APN
7281-014-010

The source for these homes facts are from public records.

90802 Real Estate Sale History (Last 30 days)

Last 30 days of sale history and trends
Median List Price
$569,000
Median List Price/Sq.Ft.
$660
Median Sold Price
$515,000
Median Sold Price/Sq.Ft.
$619
Total Inventory
173
Median Sale to List Price %
100.39%
Avg Days on Market
43
Loan Type
Conventional (60.71%), FHA (7.14%), VA (0%), Cash (14.29%), Other (17.86%)

Thinking of Selling?

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(714) 706-1823

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Based on information from California Regional Multiple Listing Service, Inc. as of 2019. 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.

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