6062 Atlantic Ave Active Save Request In-Person Tour Request Virtual Tour
Long Beach,CA 90805
Key Details
Property Type Multi-Family
Sub Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 6,966 sqft
Price per Sqft $409
MLS Listing ID 24-458943
Bedrooms 12
Year Built 1946
Lot Size 9,180 Sqft
Acres 0.2108
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 North Long Beach
Zoning LBCNA
Rooms
Other Rooms None
Interior
Heating Wall
Cooling Ceiling Fan
Equipment Ceiling Fan, Refrigerator
Exterior
Parking Features Uncovered
Garage Spaces 13.0
Building
Story 2
Level or Stories Multi/Split
Others
Special Listing Condition Standard