6062 Atlantic Ave Long Beach, CA 90805
Active
$2,850,000
12 Units
12 Beds
12 Baths
6,966 Area(sq.ft.)
9,180 Lot Size(sq.ft.)
| Type | # of Units | Bedroom | Bath | Furnished | Rent | Actual Rent | Projected Rent |
|---|---|---|---|---|---|---|---|
| Unit 1 | 6 | 1 | 1 | No | $ 2,395 | n/a | $ 2,395 |
| Unit 2 | 2 | 1 | 1 | No | $ 2,395 | $ 2,221 | $ 2,395 |
| Unit 3 | 1 | 1 | 1 | No | $ 2,395 | $ 2,096 | $ 2,395 |
| Unit 4 | 1 | 1 | 1 | No | $ 2,395 | $ 2,395 | $ 2,395 |
| Unit 5 | 1 | 1 | 1 | No | $ 2,395 | $ 2,300 | $ 2,395 |
| Unit 6 | 1 | 1 | 1 | No | $ 2,395 | $ 2,200 | $ 2,395 |
| 6 | 12 | 12 | 12 | $ 28,740 | $ 13,433 | $ 28,740 |
| MLS #: | 24-458943 |
| Days On Market: | 22 |
| County: | Los Angeles |
| Property Type: | Residential Income |
| Price per ft2: | $ 409 |
| Price per unit: | $ 237,500 |
| Year Built: | 1946 |
Property 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 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.Interested in this Listing?
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Income Details
| Vacancy Rate: | 6% |
| Gross Operating Income: | $ 323,627 |
| Total Annual Expense: | $ 66,215 |
| Net Operating Income: | $ 257,412 |
| Gross Annual Income: | $ 333,636 |
| Cap Rate: | 8.04% |
| Gross Rent Multiplier: | 8.54 |
Structure
| Type of Units: | Misex-Use |
| Buildings: | 12 |
| Levels: | Multi/Split |
Land & Parking
| Zoning: | LBCNA |
| Parking Garage: | Uncovered |
| Total Parking: | 13 |
Interior
| AC/Cooling: | Ceiling Fan |
| Equipment: | Ceiling Fan, Refrigerator |
| Heating: | Wall |
Exterior
Detailed Map
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