5320 Lime Avenue, Long Beach, California 90805, Long Beach, 90805 - bed, bath
ACTIVE$1,875,000
5320 Lime Avenue, Long Beach, California 90805
0Bed
0Bath
6,048Sqft
7,553Lot
Price Vs. Estimate
Estimation data not available
Key pros and cons
Top Pros:
High Unit Count & Income Potential: Comprising two residential income buildings with a total of 11 one-bedroom, one-bathroom units, this property offers substantial and diversified rental income potential.
Top Cons:
Aging Infrastructure: Built in 1956, the property's age suggests potential for outdated internal systems (e.g., plumbing, electrical) that may require significant capital investment in the future, despite recent exterior updates.
Compared to the nearby listings
Compared against 0 nearby listings
More Insights
Built in 1956 (69 years old).
Condition: Built in 1956, this property's age (68 years) and the explicit mention of 'Aging Infrastructure' as a weakness strongly suggest that the interior components, particularly kitchens and bathrooms, are significantly outdated and likely require substantial rehabilitation. While the exterior benefits from newer paint and a 3-year-old roof, the absence of interior photos for 11 units indicates these areas are not a selling point and are likely in need of major renovation to meet modern standards and tenant expectations. This aligns with the 'Poor' category, which describes properties requiring substantial repairs and rehabilitation due to outdated major components.
Year Built
1956
Close
-
List price
$1.88M
Original List price
$2.38M
Price/Sqft
$310
HOA
-
Days on market
-
Sold On
-
MLS number
RS25137950
Home ConditionPoor
Features
View-
About this home
Two Residential Income Buildings! Both 5220 and 5334 Lime Ave, each with separate parcial, will be sold together. Consisting of a total of 11 one bedroom and one bathroom units, with three (3) one care garages and 11 parking spaces and Laundry room with coin washer and dryer. This is a very well maintained property! Newer exterior paint and new roof (3 +/- years old). Property is centrally located near schools, shopping and easy freeway access. All current tenant are long-term tenants.
Condition Rating
Poor
Built in 1956, this property's age (68 years) and the explicit mention of 'Aging Infrastructure' as a weakness strongly suggest that the interior components, particularly kitchens and bathrooms, are significantly outdated and likely require substantial rehabilitation. While the exterior benefits from newer paint and a 3-year-old roof, the absence of interior photos for 11 units indicates these areas are not a selling point and are likely in need of major renovation to meet modern standards and tenant expectations. This aligns with the 'Poor' category, which describes properties requiring substantial repairs and rehabilitation due to outdated major components.
Pros & Cons
Pros
High Unit Count & Income Potential: Comprising two residential income buildings with a total of 11 one-bedroom, one-bathroom units, this property offers substantial and diversified rental income potential.
Recent Capital Improvements: The property benefits from recent upgrades including newer exterior paint and a new roof (approximately 3 years old), reducing immediate capital expenditure for a new owner.
Stable Tenant Base & Amenities: All current tenants are long-term, indicating stability and reduced turnover. On-site coin-operated laundry facilities provide an additional income stream and tenant convenience.
Strategic Location: Centrally located in Long Beach, the property offers easy access to schools, shopping, and freeways, enhancing its appeal to prospective tenants and ensuring consistent demand.
Ample Parking Provisions: The property includes three 1-car garages and 11 additional parking spaces, providing excellent parking solutions for tenants, a significant advantage in multi-unit properties.
Cons
Aging Infrastructure: Built in 1956, the property's age suggests potential for outdated internal systems (e.g., plumbing, electrical) that may require significant capital investment in the future, despite recent exterior updates.
Homogeneous Unit Mix: All 11 units are 1-bedroom, 1-bathroom, which limits the tenant demographic to singles or couples and restricts the potential for rent diversification or attracting larger households.
Significant Price Reductions: The property has undergone multiple price reductions from its original list price, which may indicate initial overvaluation or market resistance, potentially impacting its perceived value.