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1228 Raymond Ave Long Beach, CA 90804

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For Sale
$2,600,000

Eastside Multifamily Investment Opportunity

Property size:
4,020 SF

Property Features for 1228 Raymond Ave

General Information

Property type
Multifamily properties
Square Feet
4,020 SF

Building Details

Year Built
1922
Units
12

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Listing Contact
Robert Stepp
Robert Stepp

Listing Agent: Robert Stepp

Displayed information is deemed reliable but is not guaranteed and should be independently verified.

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Property Insight Report

Overview

This 12-unit apartment building in Long Beach, California, presents a compelling investment opportunity. Located at 1228 Raymond Avenue, this property boasts 4,020 square feet on a 6,534 square foot lot (APN 7260-031-011) and was built in 1922. The property features updated systems including electrical and plumbing, a newer roof, and significant recent renovations. All 12 units include new cabinets, fixtures, windows, granite countertops, and tile floors. Refrigerators are included in each unit. A security camera system is also in place. The asking price is $2,600,000, representing a price per unit of $216,667. The current Net Operating Income (NOI) is $163,058, yielding a 6.27% capitalization rate. A pro-forma NOI of $185,871 projects a 7.15% cap rate. Six units are currently subject to an affordable rent covenant with the City of Long Beach, expiring in April 2030. City of Long Beach Affordable rent covenants are available for review. This turnkey property offers a strong return on investment and potential for future appreciation. The property may be purchased individually or in conjunction with other available properties.
Property Profile Insight Report Location Intelligence

Current Use by Public Records

Commercial real estate

Suggested Use

Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Gym & Fitness Center Grocery & Convenience Store

Zoning and permitted uses should be independently verified with local authorities.

Location Insight

  • Map
  • Local Demand
City
Long Beach
County
Los Angeles
State
California
Longitude
-118.164872
Latitude
33.7804844

FAQs

What type of property is this?
Multifamily property - Eastside Multifamily Investment Opportunity
Where is this multifamily property located?
The property is located at 1228 Raymond Ave Long Beach, CA.
What is the asking price?
The asking price for this property is $2,600,000.
What are key features of this property?
This property features: Turnkey 12-unit apartment building with updated electrical, plumbing, and roof.; 6.27% cap rate, 10.71 GRM.; Potential for portfolio acquisition; can be purchased individually or with other properties at 718 Chestnut Avenue and/or 908 Martin Luther King Blvd.
More about this property
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