6062 Atlantic Avenue
Long Beach, CA 90805
6966 sqft | 12 beds | 0.21 acres | #24458943
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.
Interior Details
- InteriorCeilingFans
Beds & Baths
- Bedrooms12
Property Details
- Stories2
Measurements
- Acres0.2107
- Square Feet6966
Construction Details
- Property TypeMulti-Family
Condition
- Year Built1946
Community and Neighborhood Details
- CountyLos Angeles
Financial Details
- Original List Price$2,850,000
Other
- MLS #24458943
Location
Legal
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Last Updated: . Source: CRMLS
Listing Courtesy
Listing Agent: Armin Soleimani (#CLW-C120232)
Listing Office: Global Platinum Properties, Inc. (#CLW-X82397)
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