I have a localized rash near the right side of my stomach, right next to my belly button. It consists of some small, slightly raised red bumps.

Periumbilical rash. May be folliculitis (bacterial rash) eczema or zoster- shingles -herpetic rash- this is usually associated with pain and treated with acyclovir and sometimes prednisone if severe pain, rarely could be fungal. Follow up with doctor.
Viral. I suspect an eruption due to a viral infection which could be mild shingles(herpes zoster) or herpes simplex. Since these would be treatable, I recommend that you be examined by a physician or dermatologist for diagnosis and treatment.

Related Questions

Rash on my stomach that is raised red patches almost like red bumps, but are more patchy. Began after running by river & city water got weird smell.

Superficial skin. infection? Strange that not entering the water or river could give you enough contact or exsposure to cause enough irritation on the skin to start infection. Or maybe this was a chemical irritant? But then you would think it should also be on any exposed skin. You need to see if it clears on it's own. An OTC steriod cream might help. Read more...

I have a rash on stomach, back, and shoulder. It's red bumps that are individual and not together. They are raised up and are now starting to itch.

See a doctor. Some itchy rashes are allergy, some viral, some bacterial - a doctor will probably be able to determine the general cause and prescribe or refer. Good luck. Read more...
Folliculitis. It sounds as though it could be a folliculitis which is an inflammation around the hair follicles. They're little red bumps which may or may not be itchy. Usually a salicylic acid or benzoyl peroxide wash will take care of it. It can also be a form of eczema which can be aggravated by salicylic acid or benzoyl peroxide. It's probably best to see a dermatologist. Read more...