CA > Long Beach
Long Beach, CA 90805,6062 Atlantic Ave
Long Beach, CA 90805,6062 Atlantic Ave
Long Beach, CA 90805,6062 Atlantic Ave
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Shawn Kormondy

Shawn Kormondy

+1(323) 638-7567
$2,850,000
Est. payment /mo
12 Beds
12 Baths
6,966 SqFt
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UPDATED:

11/08/2024 07:01 AM

Key Details

Property Type Multi-Family

Sub Type Multi-Family

Listing Status Active

Purchase Type For Sale

Square Footage 6,966 sqft

Price per Sqft $409

MLS Listing ID 24-458943

Bedrooms 12

Year Built 1946

Lot Size 9,180 Sqft

Acres 0.2108

Property 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.

Location

State CA

County Los Angeles

Area North Long Beach

Zoning LBCNA

Rooms

Other Rooms None

Interior

Heating Wall

Cooling Ceiling Fan

Equipment Ceiling Fan, Refrigerator

Exterior

Garage Uncovered

Garage Spaces 13.0

Building

Story 2

Level or Stories Multi/Split

Others

Special Listing Condition Standard

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Listed by Global Platinum Properties, Inc.

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Shawn Kormondy

+1(323) 638-7567

Agent | License ID: 01451888

Agent License ID: 01451888

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