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Multifamily

716 Raymond Ave

716 Raymond Ave, Long Beach, CA 90804

Listing Price: $2,950,000

Cap Rate
5.88%
Number of Units
16
GRM
10.34
Price/Unit
$184,375
Price/Gross SF
$459.07
Gross SF
6,426

Investment Overview

Marcus & Millichap is pleased to present to market 716 Raymond Avenue, a 16-unit apartment building in Long Beach, California. With strong rents in place, this asset is an ideal acquisition opportunity for an investor looking for cash flow in a dense coastal rental market. Assumable financing is available.

716 Raymond Avenue is a 1923 construction with 14 studios and two one-bedroom/one-bath units. Most units have single-story floor plans, and all are separately metered for gas and electricity. The building features on-site laundry and six single-car garages; both amenities generate additional income. The property has been well-maintained, and the electrical has been recently updated.

In-place rents are strong and offer four percent potential upside. Additionally, a new investor may want to explore the potential to convert the garages to ADU’s (buyer to verify).

716 Raymond Avenue is well-located in Eastside Long Beach’s Rose Park neighborhood near the intersection of 7th Street and Junipero Avenue. Tenants enjoy convenient proximity to Junipero Beach (a four-minute drive) and easy access to retail.

Investment Highlights

  • 16-Unit apartment building in Long Beach's Rose Park neighborhood offered at a 5.88 Percent cap rate on current rents
  • Mix of 14 studios and two one-bedroom/one-bath units
  • Assumable financing available
  • Property features on-site laundry and six single-car garages; both amenities generate additional income
  • Potential to convert garages to adu's (buyer to verify)
  • Electrical has been recently updated
  • Located near the intersection of 7th Street and Junipero, offering convenient proximity to Junipero Beach (a four-minute drive) and steps to a DD's Discounts for easy retail access
  • Offered as part of a portfolio along with 1043 and 1048 Coronado Avenue; 716 Raymond may be acquired separately

Exclusively Listed By

Financing By

Multifamily

716 Raymond Ave

Listing Price: $2,950,000

Cap Rate
5.88%
Number of Units
16
GRM
10.34
Price/Unit
$184,375
Price/Gross SF
$459.07
Gross SF
6,426

Investment Highlights

  • 16-Unit apartment building in Long Beach's Rose Park neighborhood offered at a 5.88 Percent cap rate on current rents
  • Mix of 14 studios and two one-bedroom/one-bath units
  • Assumable financing available
  • Property features on-site laundry and six single-car garages; both amenities generate additional income
  • Potential to convert garages to adu's (buyer to verify)
  • Electrical has been recently updated
  • Located near the intersection of 7th Street and Junipero, offering convenient proximity to Junipero Beach (a four-minute drive) and steps to a DD's Discounts for easy retail access
  • Offered as part of a portfolio along with 1043 and 1048 Coronado Avenue; 716 Raymond may be acquired separately

Investment Overview

Marcus & Millichap is pleased to present to market 716 Raymond Avenue, a 16-unit apartment building in Long Beach, California. With strong rents in place, this asset is an ideal acquisition opportunity for an investor looking for cash flow in a dense coastal rental market. Assumable financing is available. 716 Raymond Avenue is a 1923 construction with 14 studios and two one-bedroom/one-bath units. Most units have single-story floor plans, and all are separately metered for gas and electricity. The building features on-site laundry and six single-car garages; both amenities generate additional income. The property has been well-maintained, and the electrical has been recently updated. In-place rents are strong and offer four percent potential upside. Additionally, a new investor may want to explore the potential to convert the garages to ADU’s (buyer to verify). 716 Raymond Avenue is well-located in Eastside Long Beach’s Rose Park neighborhood near the intersection of 7th Street and Junipero Avenue. Tenants enjoy convenient proximity to Junipero Beach (a four-minute drive) and easy access to retail.

Exclusively Listed By

Financing By

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