Dr. Dre -- Straight Outta Malibu ... But Still Reppin' for C-O-M-P-T-O-N (PHOTOS)

Dr. Dre celebrated his new album "Compton" the only way a near-billionaire from Compton should -- by chillin' on his balcony ... in Malibu.

With a skywriter above his head giving the Doc props for his latest album -- expected to debut at #2 -- Dre hung out with some friends Monday at his crib in the 'Bu ... no doubt toasting the record and pre-partying for the "Straight Outta Compton" premiere.