6062 Atlantic Avenue
Long Beach, CA 90805
Active for $2,595,000
Beds: 12 Baths: 12 Structure Size: 6,966 sqft Lot Size: 9,180 sqft
| MLS | 24402803 |
| Year Built | 1946 |
| Property Type | |
| County | Los Angeles |
| Status | Active |
| Active | $2,595,000 |
| Structure Size | 6,966 sqft |
| Lot Size | 9,180 sqft |
| Beds | 12 |
| Baths | 12 |
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.
Listing information courtesy of: Armin Soleimani, Global Platinum Properties, Inc. . *Based on information from the Association of REALTORS/Multiple Listing as of 09/19/2024 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.
Location
Contact a Local Realtor®
Patricia Sarkisyan
REALTOR®
Direct: 818.731.0091
Email: Email Me
DRE: 01966170
DRE #01873088
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