1135 Raymond AvenueLong Beach, CA 90804

Description

PRICE REDUCED - HIGHLY COVETED 1980'S CONSTRUCTION - PRICED AT 9.8 GRM AND 7.0% CAP ON MARKET RENTS for 80's construction. 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 6.1% 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.

Property Information

Property type

Residential Income

Year built

1987

Stories

2

Living area

7,128 Sq Ft

Lot size

0.15 acres

Lot dimensions

50x130

Parking spaces

12

Zoning

LBR2N

Days on market

168

MLS^® Listing#

26826345

Property Features

Cooling

None

Heating

Wall Furnace

Parking

Assigned

Financial Details

HOA

None

Parcel number

7260032018

Directions

9 Units in Long Beach built in 1987.