1228 Raymond Ave Long Beach, CA 90804
- Apartment buildings
- 4,020 SF
- 0.15 lot acres
Current Use by Public Records
- Apartment buildings
Property Details for 1228 Raymond Ave
- Year built
- 1922
- Construction
- WOOD
- Lot size
- 0.15 lot acres
- Property size
- 4,020 SF
- Zone code
- LBCCP
- Property type
- Apartment buildings
- APN
- 7260-031-011
- APU
- 7260031011
Description
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.
Value Estimation
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Long Beach
- County
- Los Angeles
- State
- California
- Longitude
- -118.164
- Latitude
- 33.7821
- CBSA code
- 31080
- CBSA name
- LOS ANGELES-LONG BEACH-ANAHEIM, CA METROPOLITAN STATISTICAL AREA
