$ 2,850,000
6062 Atlantic AVE Long Beach, CA 90805
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$ 2,850,000
Est. payment /mo
New
6062 Atlantic AVE Long Beach, CA 90805
12 Beds
12 Baths
6,966 SqFt
UPDATED:
10/31/2024 10:51 PM
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 6,966 sqft
Price per Sqft $409
MLS Listing ID 24458943
Bedrooms 12
HOA Y/N No
Year Built 1946
Lot Size 9,178 Sqft
Property Description
12-unit project cash flowing at an amazing 8% Cap Rate and 8.5 GRM after taking into account all remaining construction costs! Priced at only 266k/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 under construction 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 SFlot 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 remaining construction cost of 4retail conversions at 50k/unit (200k) + 2 attached ADUs at 75k/unit(150k) for a total project cost of 350k offering a remarkable Cap Rate of 8% and 8.5 GRM after including all construction costs.
Location
State CA
County Los Angeles
Area 7 - North Long Beach
Zoning LBCNA
Interior
Interior Features Ceiling Fan(s)
Heating Wall Furnace
Fireplace No
Appliance Refrigerator
Exterior
Garage Uncovered
Parking Type Uncovered
Total Parking Spaces 13
Building
Story 2
Entry Level Multi/Split
Level or Stories Multi/Split
New Construction No
Others
Senior Community No
Tax ID 7124016005
Special Listing Condition Standard
Listed by Armin Soleimani • Global Platinum Properties, Inc.