$2,595,000
6062 Atlantic Avenue, Long Beach 90805
10
Beds
10
Baths
6,966
Square feet
9,180
Lot Size
12
# Of Units
Listing Agent
Armin Soleimani - Global Platinum Properties, Inc.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.
Facts & Features
| MLS® # | 24367527 |
|---|---|
| Price | $2,595,000 |
| Bedrooms | 10 |
| Bathrooms | 10.00 |
| Square Footage | 6,966 |
| Lot Size | 9,180 |
| Year Built | 1946 |
| Type | Residential Income |
| Status | Active |
| # Of Units | 12 |
Community Information
| Address | 6062 Atlantic Avenue |
|---|---|
| Area | 7 - North Long Beach |
| City | Long Beach |
| County | Los Angeles |
| Zip Code | 90805 |
Amenities
| Parking Spaces | 13 |
|---|---|
| Parking | Uncovered |
| Garages | Uncovered |
| Is Waterfront | No |
| Has Pool | No |
Interior
| Interior Features | Ceiling Fan(s) |
|---|---|
| Appliances | Refrigerator |
| Heating | Wall Furnace |
| Has Basement | No |
| Fireplace | No |
| # of Stories | 2 |
| Stories | Multi/Split |
Additional Information
| Date Listed | March 11th, 2024 |
|---|---|
| Days on Market | 48 |
| Zoning | LBCNA |
| Foreclosure | No |
| Short Sale | No |
| RE / Bank Owned | No |
Listing Details
| Agent | Armin Soleimani |
|---|---|
| Office | Global Platinum Properties, Inc. |