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Diego Magdaleno

diego@1visionre.com +1(714) 376-8652

$2,300,000

Est. payment - /mo

16 Beds

10 Baths

7,128 SqFt

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UPDATED:

Key Details

Property Type Single Family Home

Listing Status Active

Purchase Type For Sale

Square Footage 7,128 sqft

Price per Sqft $322

MLS Listing ID 26826345

Bedrooms 16

HOA Y/N No

Year Built 1987

Lot Size 6,494 Sqft

Property 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.

Location

State CA

County Los Angeles

Area 3 - Eastside, Circle Area

Zoning LBR2N

Interior

Heating Wall Furnace

Cooling None

Fireplace No

Exterior

Parking Features Assigned

Total Parking Spaces 12

Building

Story 2

Entry Level Two

Level or Stories Two

New Construction No

Others

Senior Community No

Tax ID 7260032018

Special Listing Condition Standard

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Listed by Jonathan Swire The Agency #01336277

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1135 Raymond AVE Long Beach, CA 90804