1403 Lemon Avenue, Long Beach, California 90813, Long Beach, 90813 - 0 bed, 0 bath
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Long Beach, California 90813
This Multifamily Investment Property represents a strategic acquisition in a rapidly appreciating Long Beach submarket, featuring a List Price of $1,300,000 positioned near its $1,255,020 Fair Market Value. Currently operating at an impressive 8.76% Cap Rate with 100% occupancy, the property delivers immediate cash flow from a diverse five-unit mix, including a detached 4-bedroom front house. While the Poor Condition Rating necessitates capital for system upgrades, it facilitates significant upside for forced appreciation and rent optimization. This stabilized asset is an ideal entry for Buy-and-Hold Investors or Value-Add Specialists.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 1403 Lemon Avenue Subject | $1,300,000* List Price | 0 | 0 | 2,700 | $465 | - |
A 1731 Gaviota Avenue Active | $1,200,000 List Price | 0 | 0 | 2,094 | $573 | 0.6 mi |
* Subject property listed price vs sold prices of comps.
Property is extensive renovation needed.
Built in 1924, this property is 100 years old. The listing explicitly states that 'realizing this upside will require additional capital investment for improvements and renovations post-acquisition' and mentions 'room for value-add improvements.' The exterior images show an aged property, with one image displaying a blue tarp, often indicative of deferred maintenance. Given its age and the clear need for substantial capital investment for renovations, it's highly likely that major systems, kitchens, and bathrooms are significantly outdated and require substantial rehabilitation, aligning with a 'Poor' condition score.
The property boasts an impressive 8.76% cap rate and is currently operating at full occupancy, providing strong in-place cash flow for investors.
With below-market rents and room for value-add improvements, there is substantial upside potential for rental increases and long-term appreciation.
The property features a diverse unit mix, including a detached 4-bedroom house, another 4-bedroom unit, and three 2-bedroom units, maximizing rental appeal and minimizing vacancy risk.
Built in 1924, the property is nearly a century old, which may imply potential for aging infrastructure, higher maintenance costs, and the need for system upgrades.
While offering value-add potential, realizing this upside will require additional capital investment for improvements and renovations post-acquisition.
The property's listing history shows multiple price adjustments, including significant reductions before a recent increase, which could indicate challenges in market valuation or buyer reception.
Welcome to 1403 Lemon Avenue, an outstanding multifamily investment located in the vibrant, rapidly appreciating area of Long Beach, California. This well-positioned five-unit income property offers investors a rare blend of strong in-place cash flow, potential for long-term value appreciation, and the benefit of 100% occupancy—all in one of Southern California’s most dynamic coastal cities. Positioned on a 6,519 square foot lot, the property consists of five distinct units with a combined living area of approximately 2,700 square feet. The unit mix includes: • One detached 4-bedroom, 2-bath front house, offering the feel and privacy of a single-family residence. • One 4-bedroom, 1-bath unit, perfect for larger households or shared living scenarios. • Three 2-bedroom, 1-bath units, ideal for small families, professionals, or long-term tenants. This unit diversity not only maximizes rental appeal across a broad demographic but also minimizes vacancy risk, ensuring a reliable income stream for the savvy investor. Strong Income with Upside Potential Currently operating at full occupancy, 1403 Lemon Ave delivers an impressive 8.76% cap rate—a rare find in today’s Southern California market. With below-market rents in place and room for value-add improvements, there’s still significant upside potential for rental increases over time, particularly as the Long Beach rental market continues to strengthen. For investors seeking a stabilized asset with future growth potential, this property offers both: strong existing cash flow and long-term opportunity for rent optimization and appreciation. Parking & Storage: Valuable Add-Ons The property includes four garages and two uncovered driveway parking spaces, a premium amenity in this densely populated urban neighborhood. These spaces could potentially generate additional income if rented separately or bundled with leases—another layer of return on your investment. Garages may also appeal to owner-users, short-term rental hosts, or tenants needing extra storage. Prime Location Near Downtown Long Beach
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 0.0 | 2.0 | 6% |
| Baths | 0.0 | 1.0 | 6% |
| Square foot | 2,700 | 1,027 | 94% |
| Lot Size | 6,603 | 4,004 | 78% |
| Price | $1.30M | $602.5K | 94% |
| Price per sq ft | $481 | $680 | 22% |
| Built year | 1924 | 1922 | 83% |
| HOA | $0 | $0 | 50% |
| Days on market | 316 | 170 | 94% |
Dec 11, 2025
$1,300,000
$1,195,000
+9% Price Increase
Initial Listing
Nov 22, 2025
$1,195,000
$1,299,000
-8% Price Drop
Initial Listing
Sep 6, 2025
$1,450,000
Initial Listing
Sep 6, 2025
$1,299,000
$1,450,000
-10% Price Drop
Initial Listing
Jun 10, 2025
$1,480,000
Initial Listing
May 22, 2001
$181,500
Public Record
Dec 1, 2000
$139,000
Public Record
Feb 28, 1997
$212,000
Public Record
Nov 25, 1996
$105,000
Public Record