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2035 Lemon Avenue, Long Beach, CA 90806
6
beds
6
baths
3700
ft2
· 6515
ft2 lot
$1,098,000
$297 / ft2
Listing provided courtesy of Eva Wong, Pegasus Financial Inc..
Source CRMLS.
Well maintained 5-units income property located on a nice residential street. Great mix comprised of a spacious (1) 2bed/2ba 1510 SF house built in 1919 and (4) 1bed/1ba apartment building built in 1960. House has formal Living, Dining and Family Rooms, open Kitchen with granite countertops, direct access to 1 car garage. Periodic updates for house include central air, hardwood and tile floors, newer roof and windows. The four apartment units each has formal living room, spacious bedroom, and kitchen with dining area. Two of the units recently remodeled with new kitchens, granite counters and cabinets, bathrooms with new fixtures, new water heaters and laminate flooring. Each unit is individually metered for electricity and gas. Backyard has new wrought iron gate. 1 car garage plus two parking spaces in rear, additional parking in the driveway and street parking. All units are rented with tenants paying full rent. Low operating expenses with upside rent to achieve more income and additional value. 4.63% CAP at current rents, 6.31% CAP with pro forma rents. Fantastic turnkey investment opportunity. Buyer to conduct own due diligence. Please do not disturb tenants.
HOA
$—/month
On market
2 months
Year built
1960
Property type
Condo
Parking
3
MLS
TR21037882
Price / Sq.Ft.
$297 / ft2
Status
Active Under Contract
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Property Details
Interior Features & Layout
Appliances
•   
Laundry Details: Individual Room, See Remarks
•   
Appliances: Free-Standing Range, Disposal, Range Hood, Water Heater
•   
Has Appliances
•   
Laundry: 1
Rooms Info
•   
Average3 Bed Area Units: Square Feet
•   
Average Studio Area Units: Square Feet
•   
Average2 Bed Area Units: Square Feet
•   
Average1 Bed Area Units: Square Feet
•   
Room Information: Kitchen, Living Room
Interior Features
•   
Interior Features: Granite Counters
Flooring
•   
Flooring: Carpet, Laminate, Tile, Wood
Interior Size
•   
Building Area Total: 3700.00
Property, Lot, Community & Exterior Features
Community Info
•   
Road Frontage Type: City Street
•   
Road Surface Type: Maintained, Paved
•   
Number Of Buildings: 2
•   
Total Units: 5
Parking Info
•   
Garage Spaces: 1.00
•   
Uncovered Spaces: 2.00
Building Info
•   
Building Area Units: Square Feet
•   
Zoning: LBR1N
•   
Year Built Source: Assessor
Lot Info
•   
Lot Features: Front Yard, Lot 6500-9999
•   
Lot Size Source: Assessor
•   
Elevation Units: Feet
•   
Lot Size Acres: 0.1496
•   
Lot Size Area: 6515.0000
•   
Lot Size Units: Square Feet
Property Features
•   
Fencing: Block
•   
Property Condition: Turnkey
•   
Common Walls: No Common Walls
Utilities & Other Information
Utilities
•   
Number Of Separate Electric Meters: 5
•   
Utilities: Electricity Connected, Natural Gas Connected, Water Connected
•   
Number Of Separate Gas Meters: 5
•   
Number Of Separate Water Meters: 1
Water & Sewer Info
•   
Water Source: Public
•   
Sewer: Public Sewer
Assesments Information
•   
Assessments: Unknown
Listing Details, Costs & Financing Information
Financial Info
•   
Operating Expense Percent: 32.00
•   
Tax Area: 5500
•   
Water Sewer Expense: 2375.00
•   
Tax Annual Amount: 12200.00
•   
Licenses Expense: 265.00
•   
Maintenance Expense: 2649.00
•   
Cap Rate: 4.63
•   
Trash Expense: 0.00
•   
New Taxes Expense: 0.00
•   
Insurance Expense: 1970.00
•   
Professional Management Expense: 3705.00
•   
Total Expenses: 24124.00
•   
Gross Scheduled Income: 75000.00
•   
Tax Block: B
•   
Operating Expense: 24124.00
•   
Gardener Expense: 960.00
•   
Gross Multiplier: 14.64
Tax/Assessment Info
•   
Gross Income: 75000.00
•   
Tax Year: 2020
•   
Taxes: 12271.0
Lease Info
•   
Net Operating Income: 50876.00
Listing Info
•   
Status: Active Under Contract
Multi Unit Information
Unit 3 Information
•   
Unit 3 Bedrooms: 1
•   
Unit 3 Actual Rent: 950.00
•   
Unit 3 Total Units: 1
•   
Unit 3 Furnished Units: Unfurnished
•   
Unit 3 Garage Spaces: 0.00
•   
Unit 3 Bathrooms: 1
•   
Unit 3 Total Rent: 950.00
Unit 2 Information
•   
Unit 2 Actual Rent: 1050.00
•   
Unit 2 Bedrooms: 1
•   
Unit 2 Total Units: 1
•   
Unit 2 Furnished Units: Unfurnished
•   
Unit 2 Bathrooms: 1
•   
Unit 2 Garage Spaces: 0.00
•   
Unit 2 Total Rent: 1050.00
Unit 1 Information
•   
Unit 1 Bedrooms: 2
•   
Unit 1 Total Units: 1
•   
Has Attached Garage
•   
Unit 1 Furnished Units: Unfurnished
•   
Unit 1 Garage Spaces: 1.00
•   
Unit 1 Bathrooms: 2
•   
Unit 1 Actual Rent: 1850.00
•   
Unit 1 Total Rent: 1850.00
Unit 4 Information
•   
Unit 4 Actual Rent: 1200.00
•   
Unit 4 Total Units: 1
•   
Unit 4 Furnished Units: Unfurnished
•   
Unit 4 Total Rent: 1200.00
•   
Unit 4 Bathrooms: 1
•   
Unit 4 Garage Spaces: 0.00
•   
Unit 4 Bedrooms: 1
Unit 5 Information
•   
Unit 5 Actual Rent: 1200.00
•   
Unit 5 Total Units: 1
•   
Unit 5 Furnished Units: Unfurnished
•   
Unit 5 Total Rent: 1200.00
•   
Unit 5 Garage Spaces: 0.00
•   
Unit 5 Bathrooms: 1
•   
Unit 5 Bedrooms: 1
Multi Unit Information
•   
# Of Units: 5
School Neighborhood & Directions
Location
•   
Subdivision: Other (OTHR)
•   
Community Features: Sidewalks
School Info
•   
Directions: W/Orange Ave; E/MLK Jr.; North/E 20th St.; South/E 21st St.
Other
Calculation
•   
Dom: 50
•   
Cdom: 50
The information contained in this listing has not been verified by Flyhomes and should be verified by the buyer.

Data last updated: Apr 20, 2021 12:10am
Neighborhood snapshot
44
Properties for sale
7
Median days on market
$417.22
Median sold price/sqft
101.51%
Sold/List %
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Property History
02/28/2021
02/28/2021
CRMLS #TR21037882
active
CRMLS #TR21037882
$1,098,000
+21.06%
08/01/2017
08/01/2017
Public Record
sold
Public Record
$907,000
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