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1228 Raymond Ave 12 Unit Apartment Building $2,600,000 ($216,667/Unit) 6.27% Cap Rate Long Beach, CA 90804
INVESTMENT HIGHLIGHTS
- Turnkey Property with Updated Systems
- May be purchased individually or combined with other Affordable deals at 718 Chestnut Avenue and/or 908 MLK Blvd.
- 6.27% Cap Rate / 10.71 GRM at Current Rents
EXECUTIVE SUMMARY
1228 Raymond Avenue is a 12-unit Affordable multifamily property in the Eastside neighborhood of Long Beach.
This turnkey property features newer roofing, plus all updated systems, including electrical and plumbing. The current owner has installed new cabinets, fixtures, windows, granite countertops, and sturdy tile floors in all units, in addition to a security camera system. All units include refrigerators, owned by seller.
The Affordable rent covenant with the city of Long Beach, which affects 6 units, expires in 5.5 years (April 2030). City of Long Beach Affordable rent covenants available for buyer review upon request.
1228 Raymond Avenue is offered at a 6.27% cap rate and 10.71 GRM based on current rents.
This turnkey property features newer roofing, plus all updated systems, including electrical and plumbing. The current owner has installed new cabinets, fixtures, windows, granite countertops, and sturdy tile floors in all units, in addition to a security camera system. All units include refrigerators, owned by seller.
The Affordable rent covenant with the city of Long Beach, which affects 6 units, expires in 5.5 years (April 2030). City of Long Beach Affordable rent covenants available for buyer review upon request.
1228 Raymond Avenue is offered at a 6.27% cap rate and 10.71 GRM based on current rents.
PROPERTY FACTS
| Price | $2,600,000 | Apartment Style | Low-Rise |
| Price Per Unit | $216,667 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.15 AC |
| Cap Rate | 6.27% | Building Size | 4,020 SF |
| Gross Rent Multiplier | 10.71 | No. Stories | 1 |
| No. Units | 12 | Year Built | 1922 |
| Property Type | Multifamily | Opportunity Zone |
Yes
|
| Property Subtype | Apartment | ||
| Zoning | CCP - Commercial | ||
| Price | $2,600,000 |
| Price Per Unit | $216,667 |
| Sale Type | Investment |
| Cap Rate | 6.27% |
| Gross Rent Multiplier | 10.71 |
| No. Units | 12 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.15 AC |
| Building Size | 4,020 SF |
| No. Stories | 1 |
| Year Built | 1922 |
| Opportunity Zone |
Yes |
| Zoning | CCP - Commercial |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Microwave
- Tile Floors
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
- Family Room
- Framed Mirrors
SITE AMENITIES
- 24 Hour Access
- Private Bathroom
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 12 | - | - |
1 1
Walk Score®
Walker's Paradise (90)
PROPERTY TAXES
| Parcel Number | 7260-031-011 | Improvements Assessment | $459,692 |
| Land Assessment | $735,512 | Total Assessment | $1,195,204 |
PROPERTY TAXES
Parcel Number
7260-031-011
Land Assessment
$735,512
Improvements Assessment
$459,692
Total Assessment
$1,195,204
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1228 Raymond Ave
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