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Listed by Armin Soleimani - DRE #01846872 - Global Platinum Properties, Inc. 424-394-1030 Listing Courtesy of: DRE #01911261

$2,850,000

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6062 Atlantic Avenue Long Beach, CA 90805

Cluster Residence

12 Beds

12 Baths

6,966 Sq. Ft.

0.21 Acre Lot

Property Activity

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Last updated on 1/8/2025 3:27 AM

Listing Details

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 construct...ion 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. Continue reading

MLS#

24458943

Property Type

Cluster

Status

Bedrooms

Bathrooms

Year Built

1946

Square Feet

6,966 sq. ft

Lot Size