Active
6062 Atlantic Avenue
Long Beach CA, 90805
$2,595,000
$372.52 per sqft
Active
12 Beds
12 Baths
6,966 sqft
Residential
Built in 1946
Listed by Armin Soleimani with Global Platinum Properties, Inc. 424-394-1030
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.
24367527
MLSⓇ ID
March 11, 2024
Listed
May 9, 2024
Updated
Map
6062 Atlantic Avenue
Long Beach CA, 90805
Interior Features
Total Stories
2
Bedrooms
12
Total Bathrooms
12
Interior Features
Ceiling Fan(s)
Appliances
Refrigerator
Fireplace
No
Cooling
No
Heating
Yes
Heating Description
Wall Furnace
Exterior/Building Features
Lot Size
0.21 Acres
Other Property Details
Area Name
7 - North Long Beach
Days on Market
31
Garage
No
Parking
Uncovered
Parking Total
13
View
No
County
Los Angeles
Pool
No
Zoning
LBCNA
Buyer Agency Compensation
2.5%
Listing History
Date | Event | Price |
|---|---|---|
4/12/2024 | Price Change | $2,595,000 -3% |
Listing Contact: 424-394-1030
Based on information from the California Regional Multiple Listing Service (CRMLS) as of 5/9/2024. 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, the 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. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. Any offer of compensation is made only to participants of the MLS where the listing is filed.
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Data last updated on 5/9/2024 at 1:35 PM UTC