NOT LISTED FOR SALE

451 N Lemon St Orange, CA 92866

14 Beds
9 Baths
6,804 Sq Ft
0.45 Acres

Last Sold April 07, 2022

Last sale price $2,100,000 $309 Per Sq Ft

9 Days on Market

Highlights

  • No Units Above
  • Property is near public transit
  • Lawn
  • 0.45 Acre Lot
  • Traditional Architecture
  • No HOA

About This Home

As of April 2022

We are pleased to present this single-story 8 Unit Project-Based HUD apartment complex in the prime real estate location of Old Towne Orange. This property is located less than 2 blocks from Chapman University, and just 4 1/2 blocks from the Old Towne Circle. The complex boasts One (1) 3 Bed / 2 Bath, Four (4) 2 Bed / 1 Bath Units, and Three (3) 1 Bed / 1 Bath Units. There are a total of 11 parking spaces on-site, with 3 shared and each unit has a dedicated space, in addition, the entire roof was replaced in 2021. The units are on 19,626 Square Feet of land and have 6,804 Livable Square Feet. This is an opportunity you won't want to miss.

Last Agent to Sell the Property

Daniel Gray

First Team Real Estate License #02011152 Listed on: 11/01/2021

First Team Real Estate

Last Buyer's Agent

Larry Sangiorgio

First Team Real Estate License #01419541

First Team Real Estate

Property Details

Home Type

  • Multi-Family

Year Built

  • Built in 1954

Lot Details

  • 0.45 Acre Lot
  • No Units Above
  • End Unit
  • No Units Located Below
  • Two or More Common Walls
  • Masonry wall
  • Wrought Iron Fence
  • Wood Fence
  • Landscaped
  • Rectangular Lot
  • Level Lot
  • Lawn
  • Density is 6-10 Units/Acre

Home Design

  • Traditional Architecture
  • Property Attached
  • Slab Foundation
  • Fire Rated Drywall
  • Frame Construction
  • Composition Roof
  • Stucco

Interior Spaces

  • 6,804 Sq Ft Home
  • 1-Story Property
  • Double Pane Windows

Kitchen

  • Gas Range
  • Range Hood
  • Disposal

Flooring

  • Carpet
  • Laminate
  • Vinyl

Bedrooms and Bathrooms

  • 14 Bedrooms
  • 9 Bathrooms

Laundry

  • Laundry Room
  • Laundry in Kitchen
  • Washer and Gas Dryer Hookup

Parking

  • 4 Open Parking Spaces
  • 11 Parking Spaces
  • 7 Carport Spaces
  • Parking Available
  • Driveway
  • Guest Parking
  • Assigned Parking

Outdoor Features

  • Exterior Lighting
  • Shed
  • Rain Gutters

Location

  • Property is near public transit

Utilities

  • Heating System Uses Natural Gas
  • Wall Furnace
  • Natural Gas Connected
  • Water Heater
  • Phone Available
  • Cable TV Available

Listing and Financial Details

  • Tenant pays for cable TV, electricity, telephone
  • Tax Lot 18
  • Tax Tract Number 169
  • Assessor Parcel Number 03914329
  • $1,970 per year additional tax assessments

Community Details

Overview

  • No Home Owners Association
  • 3 Buildings
  • 8 Units

Recreation

  • Park
  • Bike Trail

Building Details

  • 7 Leased Units
  • Rent Control
  • 8 Separate Electric Meters
  • 1 Separate Gas Meter
  • 1 Separate Water Meter
  • Insurance Expense $12,492
  • Professional Management Expense $9,747
  • Trash Expense $1,452
  • Water Sewer Expense $3,300
  • Operating Expense $34,152
  • Gross Income $108,516
  • Net Operating Income $67,008

Property Details

Home Type

Multi-Family

Year Built

Built in 1954

Lot Details

0

Listing Details

  • Assessments: Yes
  • CapRate: 2.20
  • Price Per Unit: 237500
  • Professional Management Expense: 9747.00
  • Property Attached: Yes
  • Road Frontage Type: City Street
  • Road Surface Type: Paved
  • View: No
  • Water Sewer Expenses: 3300.00
  • Architectural Style: Traditional
  • Property Sub Type: Commercial/Residential
  • Property Type: Residential Income
  • Parcel Number: 03914329
  • Year Built: 1954
  • Special Features: None

Interior Features

  • Fireplace: No
  • Stories: 1
  • Common Walls: 2+ Common Walls, End Unit, No One Above, No One Below
  • Flooring: Carpet, Laminate, Vinyl
  • Appliances: Yes
  • Entry Level: 1
  • Levels: One
  • Price Per Square Foot: 308.64
  • Room Type: All Bedrooms Down, Kitchen, Main Floor Bedroom
  • Window Features: Double Pane Windows

Exterior Features

  • Foundation: Slab
  • Other Structures: Shed(s)
  • Fence: Yes
  • Fencing: Masonry, Wood, Wrought Iron
  • Pool Private: No
  • Roof: Composition
  • Spa: No
  • Construction Materials: Drywall Walls, Frame, Stucco

Garage/Parking

  • Carport Spaces: 7.00
  • Parking: Yes
  • Parking Features: Assigned, Carport, Asphalt, Guest
  • Total Parking Spaces: 11.00
  • Uncovered Spaces: 4.00

Utilities

  • Utilities: Cable Available, Electricity Connected, Natural Gas Connected, Phone Available, Sewer Connected, Water Connected
  • Heating: Yes
  • Laundry: Yes
  • Appliances: Disposal, Gas Range, Range Hood, Refrigerator, Water Heater
  • Electric: Electricity - On Property
  • Heating Type: Electric, Natural Gas, Wall Furnace
  • Laundry Features: Gas Dryer Hookup, In Kitchen, Washer Hookup
  • Sewer: Public Sewer
  • Trash Expense: 1452.00
  • Water Source: Public

Condo/Co-op/Association

  • Association: No
  • Senior Community: No
  • Community Features: Biking, Curbs, Gutters, Park, Sidewalks, Street Lights

Lot Info

  • Land Lease: No
  • Lot Features: 6-10 Units/Acre, Landscaped, Lawn, Lot 10000-19999 Sqft, Rectangular Lot, Level, Near Public Transit
  • Lot Size Sq Ft: 19626.00
  • Lot Size Acres: 0.4506

Rental Info

  • Tenant Pays: Cable TV, Electricity, Telephone

Multi Family

  • Average1 Bed Area: 650 Square Feet
  • Average2 Bed Area: 908 Square Feet
  • Average3 Bed Area: 1037 Square Feet
  • Gross Income: 108516.00
  • Gross Multiplier: 17.50
  • Gross Scheduled Income: 108516.00
  • Insurance Expense: 12492.00
  • Lot Size Area: 19626.0000 Square Feet
  • Net Operating Income: 67008.00
  • Number Of Separate Electric Meters: 8
  • Number Of Separate Gas Meters: 1
  • Number Of Separate Water Meters: 1
  • Number Of Units Leased: 7
  • Number Of Units Total: 8
  • Number With Carpet: 8
  • Number With Disposal: 8
  • Number With Patio: 8
  • Number With Range: 8
  • Number With Refrigerator: 8
  • Operating Expense: 41508.00
  • Rent Control: Yes
  • Total Actual Rent: 8131.00
  • Total Expenses: 34152.00

Tax Info

  • Tax Area: 08-0010
  • Tax Census Tract: 060590759.013001
  • Tax Lot: 18
  • Tax Tract Number: 169
  • TaxOtherAnnualAssessmentAmount: 1970.00

Range of Values:

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Home Values in the Area

Source: Public Records

Average Home Value in this Area





Source: Public Records

Property History

Date Event Price Change Sq Ft Price
04/07/2022 04/07/22 Sold $2,100,000 +10.5% $309 / Sq Ft
11/10/2021 11/10/21 Pending -- -- --
11/01/2021 11/01/21 For Sale $1,900,000 -- $279 / Sq Ft
Source: California Regional Multiple Listing Service (CRMLS)

Tax History Compared to Growth

Source: Public Records

Agents Affiliated with this Home

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Map

Source: California Regional Multiple Listing Service (CRMLS)

MLS Number: PW21234242

California Regional Multiple Listing Service (CRMLS)