Renovated Apartment
For Sale
$2,000,000
1035 Lime Ave, Long Beach, CA 90813
Gated community with a courtyard, on-site laundry, and garage parking.
Property Size6,384 SF
Lot Size0.15 Acres
Days on Market47
Property Features for 1035 Lime Ave
General Information
Standard status
Active
Size
6,384 SF
Net Rentable
6,384 SF
Total Parking Spaces
5
Lot size
0.15 Acres
Property subtype
Multifamily
Site & Location
Neighborhood
Saint Marys
Units
Unit Mix
2 x studio, 6 x 1BR/1BA, 2 x 2BR/1BA
Multifamily Units
10
Amenities
central courtyard
on-site laundry facility
gated property
10 Units | 6,384 SF: Mix of studio, 1-bed, and 2-bed layouts.
Extensively Renovated: Down-to-the-studs upgrades with new kitchens, baths, copper plumbing, and electrical.
Extra Income: On-site laundry facility and 5 garage parking spaces.
Prime Location: Minutes to Downtown Long Beach, East Village Arts District, and the waterfront.
Secure Community: Gated entry featuring a central resident courtyard.
Turnkey Investment: Substantial capital improvements minimize future maintenance and CapEx.
Building Details
Building Size
6,384 SF
Year Built
1924
Units
10
Listing Agency:
Marcus & Millichap RE Invest
Listed By:
Tyler Leeson · License #License(s): CA: 01451551
(714) 713-9086
Source:
Marcusmillichap
Added: Sep 16
Changed: Oct 26
Last Checked: Oct 30 at 10:36AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Marcus & Millichap RE Invest
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Investment Insights
Based on property information with market context.
This 10-unit apartment building occupies a 0.15-acre lot and provides approximately 6,384 square feet of net rentable area. The unit mix includes 2 studios, 6 one-bedroom/one-bath units, and 2 two-bedroom/one-bath units. Property features include controlled access, a central courtyard, an on-site laundry facility, and 5 garage parking spaces.
Built in 1924, the property has received extensive work to its building systems and residences. Improvements include copper plumbing, electrical updates, and new kitchens and bathrooms throughout, with many interiors rebuilt from the framing stage. The laundry and garage spaces provide additional functional components for the property.
The address is near Long Beach’s East Village Arts District and Downtown, with access to restaurants, retail, entertainment, and cultural destinations. The Long Beach waterfront, marina, shoreline recreation, and coastal dining are also nearby.
Built in 1924, the property has received extensive work to its building systems and residences. Improvements include copper plumbing, electrical updates, and new kitchens and bathrooms throughout, with many interiors rebuilt from the framing stage. The laundry and garage spaces provide additional functional components for the property.
The address is near Long Beach’s East Village Arts District and Downtown, with access to restaurants, retail, entertainment, and cultural destinations. The Long Beach waterfront, marina, shoreline recreation, and coastal dining are also nearby.
Key Highlights
- 10‑unit apartment building on a 0.15‑acre lot
- Approximately 6,384 square feet of net rentable area
- Unit mix includes 2 studios, 6 1‑bed/1‑bath units, and 2 2‑bed/1‑bath units
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$135,222
Cap Rate
6.76%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,704,440
$2.7M
Cap Rate 7%
$1,931,743
$1.9M
Cap Rate 9%
$1,502,467
$1.5M
Market Conditions
NOI Build-Up for 6,384 SF
Gross rent
$256.6K $40.20/SF
− Vacancy
−$10.8K −$1.69/SF
EGI
$245.9K $38.51/SF
− OpEx
−$110.6K −$17.33/SF
NOI
$135.2K $21.18/SF
Area
ZIP 90813
Vacancy
4.20%
Lease Rate
$40.20 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,704,440
Cap Rate 7%
$1,931,743
Cap Rate 9%
$1,502,467
Alternative Uses
Best Use
Apartment 5plus
$1.93M
$1.69M – $2.25M
NOI $135,222 @ 7.0% cap · market cap 6.76%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$2.10M
$1.83M – $2.45M
NOI $146,735 @ 7.0% cap · market cap 7.34%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
10
Residential units
Location Intelligence
Trade Area within ½ mile
3,845
Businesses Nearby
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Business Placement
Demographics for 90813, CA
54,565
Population
18,603
Households
2.9
Avg Household Size
32
Median Age
16%
College-Educated
63%
High-School Grad
3.1 sq mi
ZIP Area
17,602
Density / Sq Mi
$50,302
Median Household Income
$31,450
Median Earnings
$1,578
Median Rent
$543,700
Median Home Value
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - Gated community with a courtyard, on-site laundry, and garage parking.
Where is this apartment building located?
The property is located at 1035 Lime Ave Long Beach, CA.
What is the asking price?
The asking price for this property is $2,000,000.
What are key features of this property?
This property features: 10‑unit apartment building on a 0.15‑acre lot; Approximately 6,384 square feet of net rentable area; Unit mix includes 2 studios, 6 1‑bed/1‑bath units, and 2 2‑bed/1‑bath units
