2035 Lemon Avenue, Long Beach, CA 90806

About this property

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.

Listing description from the May 2021 sale, as reported to CRMLS.

Sale history

$1,115,000

Sold May 2021 · listed $1,098,000, on market February 2021 · MLS #TR21037882 · Source: CRMLS

Listing Agent: Eva Wong · Listing Office: Pegasus Financial Inc. · Contact: 626-833-6820 · Bought with: Maria Sarmiento · West Foothills Market Center Inc

$907,000

Sold August 2017 · listed $899,000, on market May 2017 · MLS #17234702 · Source: CRMLS

Listing Agent: Martin Watkins · Listing Office: Watkins Realty & Investments · Contact: 310-301-3090 · Bought with: Subscriber Non · Non-Participant Office

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