6062 Atlantic Avenue

Long Beach, CA 90805

$2,850,000

List Price

12

bed Beds

12

shower Baths

6,966 sqft

straighten / sqft

1946

calendar_month Built

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.

Listing Information

List Price $2,850,000
Status Active
MLS 24458943
Type Residential Income
Year Built 1946
Lot Size 9,180
Structure Size 6,966
DOM 22
Courtesy Of Global Platinum Properties, Inc.
Listing Agent Armin Soleimani DRE#01846872
Co-Listing Agent Julio Ruiz DRE#01911261

Interior Features

Total Bedroom
Bedrooms 12
Total Bathroom
Bathrooms 12
Additional Information
Additional Features Ceiling Fan(s)

Exterior Information

Maps

Listing information courtesy of: Armin Soleimani, Julio Ruiz, Global Platinum Properties, Inc. 310-666-2246. *Based on information from the Association of REALTORS/Multiple Listing as of Nov 22nd, 2024 at 9:04 PM 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.