$2,595,000 - 6062 Atlantic Avenue, Long Beach
- 10Beds
- 10Baths
- 6,966SQ. Feet
- 0.21Acres
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.
Sales Agent
Sam SmithBeach Cities Real EstatePhone: 562-355-8228 Cell: 562-355-8228 Contact Agent NowEssential Information
- MLS® #:24367527
- Price:$2,595,000
- Bedrooms:10
- Bathrooms:10.00
- Square Footage:6,966
- Acres:0.21
- Year Built:1946
- Type:Residential Income
- Status:Active
- Listing Agent:Armin Soleimani
- Listing Office:Global Platinum Properties, Inc.
Community Information
- Address:6062 Atlantic Avenue
- Area:7 - North Long Beach
- City:Long Beach
- County:Los Angeles
- Zip Code:90805
Amenities
- Parking Spaces:13
- Parking:Uncovered
- Garages:Uncovered
Interior
- Interior Features:Ceiling Fan(s)
- Appliances:Refrigerator
- Heating:Wall Furnace
- # of Stories:2
- Stories:Multi/Split
Additional Information
- Date Listed:March 11th, 2024
- Days on Market:51
- Zoning:LBCNA
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Based on information from California Regional Multiple Listing Service, Inc. as of May 2nd, 2024 at 10:51am CDT. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.