6062 Atlantic Avenue, Long Beach, CA 90805
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- MLS#: 24402803 ( )
- Street Address: 6062 Atlantic Avenue
- Viewed: 7
- Price: $2,595,000
- Price sqft: $0
- Waterfront: No
- Year Built: 1946
- Bldg sqft: 0
- Days On Market: 195
- Additional Information
- County: LOS ANGELES
- City: Long Beach
- Zipcode: 90805
- Provided by: Global Platinum Properties, Inc.
- Contact: Armin Armin
- DMCA Notice
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DescriptionPrice 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.
Property Location and Similar Properties
Features
Appliances
- Refrigerator
Building Area Total
- 6966.00
Country
- US
Heating
- Wall Furnace
Interior Features
- Ceiling Fan(s)
Levels
- Multi/Split
Netoperatingincome
- 259496.00
Number Of Buildings
- 12
Parcel Number
- 7124016005
Parking Features
- Uncovered
Postalcodeplus4
- 3013
Sourcesystemkey
- 24-402803:CLAW
Totalexpenses
- 64131.00
Year Built
- 1946
Zoning
- LBCNA