Long Beach, CA 90805 6062 Atlantic Ave
$2,595,000
21 more
Presented By: Armin Soleimani with Global Platinum Properties, Inc.
Home Details
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.
Presented By: Armin Soleimani with Global Platinum Properties, Inc.
Interior Features for 6062 Atlantic Ave
Bedrooms
Total Bedrooms12
Bathrooms
1/4 Baths0
3/4 Baths0
Full Baths
Half Baths
Total Baths12
Other Interior Features
Heating Y/NYes
Total Stories2
General for 6062 Atlantic Ave
AppliancesRefrigerator
Cap Rate8.52
CityLong Beach
CountyLos Angeles
Days on Market8
DirectionsLocated between 60th St., and 61st St. on the East Side of Atlantic Ave.
Gross Income333636
HOA / Comm AssnNo
HeatingWall Furnace
Interior FeaturesCeiling Fan(s)
LevelsMulti/Split
Lot Size Square Feet9180
Lot Size UnitsSquare Feet
MLS Area7 - North Long Beach
Net Operating Income259496
New ConstructionNo
NumberOfUnitsTotal12
Property TypeResidential Income
Senior Community Y/NNo
Standard StatusActive
StatusActive
Year Built1946
ZoningLBCNA
Exterior for 6062 Atlantic Ave
Building Area Total6966
Lot Dimensions80x115
Lot Size Acres0.2107
Lot Size Area9180
Lot Size SourceOwner
Number of Buildings12
Parking FeaturesUncovered
Total Parking13
Additional Details
Price History
Stephen Pliaconis
Pliaconis Realty Group REALTOR® DRE 02015480