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Nice 5 Unit Apartment Complex in Heart of Downtown

$1,600,000

1403 Lemon Ave, Long Beach, CA 90813

Active
Last Updated: 07/18/2024

3.76

Cap Rate

60,165

NOI

Details:
Cap Rate:    3.76%
NOI:    $60,165
Building Size:    2,700 sqft
Units:    5
GRM:    17.65
Year Built:    1924
Price Per Sqft:    $592.59
Price Per Unit:    $320,000
Floors:    1
Highlights:
  • 2 Parking Space Drive Way
  • 4 Garages for Additional Income
  • Value Added Opportunity
  • Not Subject to Rent Control
Description:

Nice 5 unit apartment complex in heart of downtown Long Beach

This is a very well kept complex consisting of 1 4-bedroom 2-bath detached house, 1 4-bedroom 1-bath and 3 2-bedroom 1-bath units. There are 4 garages currently used by owner for storage that could be rented for approximately $200 per month each for added income. Not subject to rent control

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Offering Memorandum
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