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 25, 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 5/25/2024. 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.

©2024 California Regional Multiple Listing Service (CRMLS) all rights reserved.

Data last updated on 5/25/2024 at 1:47 AM UTC

 

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