6062 Atlantic Avenue, Long Beach, CA 90805
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Listed Price :
$2,595,000
-
Beds :
12
-
Baths :
12
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Property Size :
6,966 sqft
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Year Built :
1946
Property Description
Price Reduction! 12-unit project cash flowing at an amazing 8.5% Cap Rate and 7.7 GRM after taking into account all construction costs! Priced at only 253k/door in the heart of Long Beach, it offers not only 6 fully renovated residential units upstairs but also 4 retail spaces (with RTI plans to convert to 4 residential units) + nearly RTI plans to convert the attached garages into 2 attached (1bed/1bath) ADUs. The 6 residential units (100% occupied) have been already fully remodeled and boast new modern cabinets, flooring, lighting, new bathrooms, and significant exterior improvements. Additionally, each unit is individually metered for gas and electricity. The large 9,180 SF lot comes with ~9 open parking spaces as well as ~4 garage spaces. Price/Unit, Cap Rate & GRM are based on Total Price for the sake of conservatism, which includes the construction cost of 4 retail conversions at 75k/unit (300k) + 2 attached ADUs at 75k/unit (150k) for a total project cost of 450k offering a remarkable Cap Rate of 8.5% and 7.7 GRM after including all construction costs.
Interior Features
| Bedroom Information |
| Bedrooms |
12 |
| Bathroom Information |
| Bathrooms |
12 |
| Interior Information |
| Features |
Ceiling Fan(s) |
Listing Information
| Address |
6062 Atlantic Avenue |
| City |
Long Beach |
| State |
CA |
| Zip |
90805 |
| County |
Los Angeles |
| Listing Agent |
Armin Soleimani DRE #01846872 |
| Co-Listing Agent |
Julio Ruiz DRE #01911261 |
| Courtesy Of |
Global Platinum Properties, Inc. |
| List Price |
$2,595,000 |
| Status |
Hidden |
| Type |
Residential Income |
| Structure Size |
6,966 |
| Lot Size |
9,180 |
| Year Built |
1946 |
Listing information courtesy of: Armin Soleimani, Julio Ruiz, Global Platinum Properties, Inc.. *Based on information from the Association of REALTORS/Multiple Listing as of Sep 30th, 2024 at 6:32 PM and/or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
