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1135 Raymond Ave
For Sale $2,300,000 ($322.67 per Sq Ft)
$2,300,000 ($322.67 per Sq Ft)
- 8 Units
- 7,128 Sq Ft
- 6,495 Sq Ft
- Unknown Cap Rate
Description
HIGHLY COVETED 1980'S CONSTRUCTION - PRICED AT 10.3 GRM AND 6.4% 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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Amenities
Garage
Pool
Garden
Security System
Internet
Telephone
Heating
Fireplace
Balcony & Patio
TV / Cable
Laundry
Hardwood Floors
Spa
Air Conditioning
Solar Power
Floor Plan
Great Views
Natural Light
Quiet
Water View
Elevator
Guest Unit(s)
Furnished
220 Volt
Property Details
| List Price | $2,300,000 |
| Property Type | Multi-Family |
| Usable Sqft | 7,128 |
| Number of Stories | 2 stories |
| Parking Spots | 0 spots |
| Year Built | 1987 |
| Last Sold | Unknown |
| Sold Price | Unknown |
| APN # | 7260032018 |
| MLS # | 26826345 |
| Property ID | 322879340 |
| Lot Sqft | 6,495 |
| Zoning | LBR2N |
| Total Units | 8 |
| Days on Market | 59 |
| Original List Price | $2,600,000 |
| Date Updated | June 15, 2026 |
| Date Created | April 28, 2026 |
| Unit # | Beds | Baths | Current Rent | Proforma Rent |
| Unit #1 | 2 | 2.00 | $2,295 | $2,295 |
| Unit #2 | 1 | 1.00 | $1,795 | $1,795 |
| Unit #3 | 2 | 1.00 | $2,095 | $2,095 |
| Gross Income (Yr) | $ 199,000 |
| Operating Expenses | $ 71,000 |
| Net Income (Yr) | $ 133,000 |
| Cap Rate | 5.70% |
Listing Provided By
Jonathan Swire an agent of . Lic #01336277
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