1228 Raymond Ave Long Beach, CA 90804
Property Features for 1228 Raymond Ave
General Information
- Property type
- Multifamily properties
- Square Feet
- 4,020 SF
Building Details
- Year Built
- 1922
- Units
- 12
Listing Agent: Robert Stepp
Displayed information is deemed reliable but is not guaranteed and should be independently verified.
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
Location Insight
- Map
- Local Demand
- City
- Long Beach
- County
- Los Angeles
- State
- California
- Longitude
- -118.164872
- Latitude
- 33.7804844
Nearby Similar for Sale
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.