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SOLD 9/21/2022

2024 Lemon Avenue, Long Beach, CA 90806$1,275,000

5
beds
5
baths
2016
ft2
· 6514
ft2 lot
$632 / ft2

Listing provided courtesy of Listing Broker: David Harrington, Matthews Real Estate Investmen
Source CRMLS;
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2024 Lemon Avenue presents an opportunity for a purchaser to follow the lead of the long-term ownership in a value-add apartment complex located in the "Poly High" neighborhood of Long Beach. As consistent management, renovations, and turnover has provided a steady increase in income - and the property currently features a rent-ready vacancy - a new investor can follow this strategy to continue adding value, raise revenue and improve operating efficiency.|6 Units Across 2 Structures - Built In 1922 - All 1 Bedroom + 1 Bathroom Units - 2,016 Gross Square Feet - Individually Metered for Electricity & Gas - Parking Lot In Rear - 5 Parking Spaces - Gated Access To Property - Corner Units (A, C, D, F) Remodeled in 2018-19 - 6,514 Square Foot Lot - LBR1N Zoning - One Vacancy As of 8/1/22.

HOA

No HOA

On market

3 months

Year built

1922

Property type

Multi-Family

Parking

5

MLS

22164893

Price / Sq.Ft.

$632 / ft2

Status

Closed

Buyer’s Brokerage Commission

2%

Home details for 2024 Lemon Avenue

Interior Features & Layout
Appliances
•   
Appliances: Refrigerator, Range, Oven
•   
Has Appliances
•   
Security Features: Gated Community
•   
Laundry: 1
Fireplace Info
•   
Has Fireplaces
•   
Fireplace Details: Bath, Dining Room, Gas Starter, Gas, Living Room
Rooms Info
•   
Room Information: Walk-In Closet
Interior Size
•   
Building Area Total: 2016.00
Property, Lot, Community & Exterior Features
Building Info
•   
Entry Location: Ground Level - no steps
•   
Zoning: LBR1N
•   
Stories Total: 1
Parking Info
•   
Parking Available: 1
•   
Parking Features: Uncovered, Side by Side, Gated
•   
Uncovered Spaces: 5.00
Lot Info
•   
Lot Features: Front Yard, Back Yard
•   
Lot Size Acres: 0.1495
•   
Lot Size Dimensions: 50x130
•   
Lot Size Area: 6514.0000
•   
Lot Size Units: Square Feet
Community Info
•   
Number Of Buildings: 2
•   
Total Units: 6
Property Type
•   
Architectural Style: Bungalow
Property Features
•   
Property Condition: Updated/Remodeled
Exterior Features
•   
Direction Faces: East
Listing Details, Costs & Financing Information
Financial Info
•   
Gross Operating Income: 89104.00
•   
Vacancy Allowance Rate: 1.00
•   
Total Expenses: 31058.00
•   
Gross Multiplier: 13.88
Tax/Assessment Info
•   
Gross Income: 91860.00
Lease Info
•   
Net Operating Income: 58046.00
Listing Info
•   
Status: Closed
Multi Unit Information
Unit 3 Information
•   
Unit 3 Bedrooms: 1
•   
Unit 3 Actual Rent: 1395.00
•   
Unit 3 Total Units: 1
•   
Unit 3 Furnished Units: Unfurnished
•   
Unit 3 Bathrooms: 1
•   
Unit 3 Total Rent: 1395.00
Unit 2 Information
•   
Unit 2 Actual Rent: 1350.00
•   
Unit 2 Bedrooms: 1
•   
Unit 2 Total Units: 1
•   
Unit 2 Furnished Units: Unfurnished
•   
Unit 2 Bathrooms: 1
•   
Unit 2 Total Rent: 1350.00
Unit 1 Information
•   
Unit 1 Bedrooms: 1
•   
Unit 1 Total Units: 2
•   
Unit 1 Furnished Units: Unfurnished
•   
Unit 1 Bathrooms: 1
•   
Unit 1 Actual Rent: 1295.00
•   
Unit 1 Total Rent: 1295.00
Unit 4 Information
•   
Unit 4 Actual Rent: 925.00
•   
Unit 4 Total Units: 1
•   
Unit 4 Furnished Units: Unfurnished
•   
Unit 4 Total Rent: 925.00
•   
Unit 4 Bathrooms: 1
•   
Unit 4 Bedrooms: 1
Unit 5 Information
•   
Unit 5 Actual Rent: 0.00
•   
Unit 5 Total Units: 1
•   
Unit 5 Furnished Units: Unfurnished
•   
Unit 5 Total Rent: 0.00
•   
Unit 5 Bathrooms: 1
•   
Unit 5 Bedrooms: 1
Multi Unit Information
•   
# Of Units: 13
School Neighborhood & Directions
School Info
•   
Directions: North of PCH
Other
Calculation
•   
Dom: 86

Neighborhood snapshot

15
Properties for sale
12
Median days on market
$490.20
Median sold price/sqft
102.50%
Sold/List %
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walk score® :

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bike score® :

Property History for 2024 Lemon Avenue

09/21/2022
09/21/2022
CRMLS #22164893
sold
CRMLS #22164893
$1,275,000
08/31/2022
08/31/2022
CRMLS #22164893
pending
CRMLS #22164893
$1,275,000
06/06/2022
06/06/2022
CRMLS #22164893
active
CRMLS #22164893
$1,275,000

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