6062 Atlantic AVE Active Save Request In-Person Tour Request Virtual Tour
Long Beach,CA 90805
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 6,966 sqft
Price per Sqft $372
MLS Listing ID 24402803
Bedrooms 12
HOA Y/N No
Year Built 1946
Lot Size 9,178 Sqft
Acres 0.2107
Property 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.
Location
State CA
County Los Angeles
Area 7 - North Long Beach
Zoning LBCNA
Interior
Interior Features Ceiling Fan(s)
Heating Wall Furnace
Fireplace No
Appliance Refrigerator
Exterior
Garage Uncovered
Parking Type Uncovered
Total Parking Spaces 13
Building
Story 2
Entry Level Multi/Split
Level or Stories Multi/Split
New Construction No
Others
Senior Community No
Tax ID 7124016005
Special Listing Condition Standard