Multifamily
716 Raymond Ave
716 Raymond Ave, Long Beach, CA 90804
Listing Price: $2,900,000
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.
716 Raymond Ave
Investment Highlights
- 16-Unit apartment building in Long Beach's Rose Park neighborhood offered at a 6.00 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
Listing Price: $2,900,000
Investment Highlights
- 16-Unit apartment building in Long Beach's Rose Park neighborhood offered at a 6.00 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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