Marcus & Millichap is pleased to present the opportunity to acquire 360 Lime Avenue, a renovated, 42-unit multifamily investment property located in Long Beach, one of the premier housing markets in Southern California.
360 Lime is in the heart of the East Village Arts District of Downtown Long Beach. This neighborhood is a vibrant, eclectic pocket within the city with boutique stores, art galleries, coffee shops and restaurants. The East Village is known for its walkability, and 360 Lime provides great access to all its amenities.
The 33,949 gross square foot property consists of studio, one- and two-bedroom floor plans. Numerous units have large wrap-around patios which provide private outdoor spaces for tenants. Originally built in 1964, 360 Lime offers amenities including a communal courtyard, custom barbecues, individual garage parking, on-site laundry facilities, controlled access, ceiling fans, vinyl floors, quartz countertops and more.
Historically known for its status as the preeminent harbor city on the West Coast, Long Beach continues to gain notoriety as an exciting and vibrant waterfront destination. Long Beach’s world-class port, prestigious university, unique business market, and unmatched local attractions have made it one of Southern California’s most desirable markets. Additionally, 360 Lime sits adjacent to some of the city’s highest concentration of new developments. These include numerous new residential and commercial developments that are revitalizing the landscape of the Downtown Long Beach.
Given the overall strength of the apartment market in Long Beach, and specifically the fundamentals within East Village Arts, 360 Lime offers an investor the ability to capture quality tenants seeking an exceptional living experience within a vibrant neighborhood. The areas surrounding the property provides tenants convenient access to a wide variety of activities, employment, transportation and retail amenities. This overall demand for well-located, upgraded apartments will be a key driver in the continued growth and success at 360 Lime.