1135 Raymond Avenue, Long Beach, CA 90804
- $2,289,000
- 16
- BD
- 10
- BA
- 7,128
- SqFt
- List Price
- $2,289,000
- Price Change
- ▼ $11,000 1783378319
- Status
- ACTIVE
- MLS#
- 26826345
- Year Built
- 1987
- Bedrooms
- 16
- Bathrooms
- 10
- Living Sq. Ft
- 7,128
- Lot Size
- 6,495
- Acres
- 0.15
- Days on Market
- 90
- Property Type
- Multifamily
- Stories
- Two Levels
Property Description
HIGHLY COVETED 1980'S CONSTRUCTION - PRICED AT 10.3 GRM AND 6.6% CAP ON MARKET RENTS. 9 units in Long Beach built in 1987, NOT subject to rent control, only subject to AB 1482 rent control - maximum annual increase of 5% + CPI (currently 8.7% total). Located in a great location on the East side. Long Beach has undergone major redevelopment with over $8BB of new projects in the past few years. The property is professionally managed and well maintained with onsite laundry. It also features onsite parking for every unit - a rarity in parking impacted Long Beach. The property features an excellent unit mix of 1 and 2 bed units with rents approximately 10% below market. Built in 1987 this property features copper plumbing and modern electrical. Qualified Buyers can obtain a new loan fixed at 5.40% for 5 years, Interest Only. Anduril Industries, a cutting-edge defense technology company specializing in AI applications announced that it is commencing a $1 billion redevelopment of land adjacent to the LB Airport. The project is planned to be completed in mid-2027 and is expected to create 5,500 new direct jobs at the site plus thousands of indirect construction and supply-chain service jobs. The City also approved a $38MM revamp of Long Beach Airport in preperation for the 2028 Olympic games.
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Additional Information
- Heat
- Wall Furnace
- Cooling Description
- None
- Attached Structure
- Detached
- Number Of Units Total
- 8
Listing courtesy of Listing Agent: Jonathan Swire (jon@jonswire.com) from Listing Office: The Agency.
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Based on information from California Regional Multiple Listing Service, Inc. as of . This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.