Silva Babaian  Realtor, Real Estate Agent, Granada Hills, CA

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    6062 Atlantic Avenue, Long Beach, CA 90805
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    6062 Atlantic Avenue
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    • MLS#: 24458943 ( )
    • Street Address: 6062 Atlantic Avenue
    • Viewed: 7
    • Price: $2,850,000
    • Price sqft: $0
    • Waterfront: No
    • Year Built: 1946
    • Bldg sqft: 0
    • Days On Market: 53
    • Additional Information
    • County: LOS ANGELES
    • City: Long Beach
    • Zipcode: 90805
    • Provided by: Global Platinum Properties, Inc.
    • Contact: Armin Armin
    • California Regional MLS IDX
    • DMCA Notice
    • 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.
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    Features
    Appliances
    1. Refrigerator
    Building Area Total
    1. 6966.00
    Country
    1. US
    Heating
    1. Wall Furnace
    Interior Features
    1. Ceiling Fan(s)
    Levels
    1. Multi/Split
    Netoperatingincome
    1. 257412.00
    Number Of Buildings
    1. 12
    Parcel Number
    1. 7124016005
    Parking Features
    1. Uncovered
    Postalcodeplus4
    1. 3013
    Sourcesystemkey
    1. 24-458943:CLAW
    Totalexpenses
    1. 66215.00
    Year Built
    1. 1946
    Zoning
    1. LBCNA
    Headshot for Associate Silva Babaian
    1. Silva Babaian / Realtor
    2. Coldwell Banker Exclusive
    3. CalBRE Lic # 01365805
    4. Mobile: 818.414.6744
    5. Fax: 818.338.5836