6062 Atlantic Avenue

Long Beach, CA 90805

About this property

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.

About this property

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.

Features and Additional Information

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$2,850,000 Active
6,966 SQFT

Presented By Coldwell Banker Commercial Real Estate Solutions

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Get in touch today! Phone: 1-760-684-8000
License #DRE: 01857050
Brokerage
Global Platinum Properties, Inc. 424-394-1030
1-424-394-1030
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Area Information

7 North Long Beach | Los Angeles County |

$ 2,850,000
This listing is play_arrow 132.7% higher than the average in the area
$ 1,225,000 in the area
6,966 SqFt
This listing is play_arrow 127.9% larger than the average in the area
3,056 SqFt in the area
$ 409 $/SqFt
This listing is play_arrow 2.2% less than the average in the area
$ 418 $/SqFt in the area
3 days on site
This listing is play_arrow 93.6% below the average in the area
47 days on site in the area

Schools in the Area

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Listed By Armin Soleimani
Brokerage: Global Platinum Properties, Inc. 424-394-1030

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