6062 Atlantic Avenue
Long Beach, CA 90805
- – beds
- – baths
- – sqft
- 9,180 sqft lot
- 1946 build
- – on site
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.
Last checked:
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Checking…
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Last updated Nov 22, 2024
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MLS# 24458943 —
The Building
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Year Built:1946
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New Construction:No
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Building Area Total:6966.00
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# of Buildings:12
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Total Number Of Units:12
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Stories Total:2
Interior
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Features:Ceiling Fan(s)
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Levels:Multi/Split
Location
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Directions:Located between 60th St., and 61st St. on the East Side of Atlantic Ave.
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Latitude:33.86488400
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Longitude:-118.18488300
The Property
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Property Type:Residential Income
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Zoning:LBCNA
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Lot Size Area:9180.0000
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Lot Size Dimensions:80x115
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Lot Size Acres:0.2107
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Lot Size SqFt:9180.00
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Lot Size Source:Owner
Listing Agent
- Contact info:
- No listing contact info available
The Listing
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Special Listing Conditions:Standard
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Parcel Number:7124016005
Heating & Cooling
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Heating:1
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Heating:Wall Furnace
Appliances
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Appliances:Refrigerator
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Included:Yes
The Community
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Senior Community:No
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Association:No
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Assessments:No
Parking
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Parking:Yes
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Parking:Uncovered
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Parking Spaces:13.00
Walk Score®
Provided by WalkScore® Inc.
Walk Score is the most well-known measure of walkability for any address. It is based on the distance to a variety of nearby services and pedestrian friendliness. Walk Scores range from 0 (Car-Dependent) to 100 (Walker’s Paradise).
Bike Score®
Provided by WalkScore® Inc.
Bike Score evaluates a location's bikeability. It is calculated by measuring bike infrastructure, hills, destinations and road connectivity, and the number of bike commuters. Bike Scores range from 0 (Somewhat Bikeable) to 100 (Biker’s Paradise).
Transit Score®
Provided by WalkScore® Inc.
Transit Score measures a location's access to public transit. It is based on nearby transit routes frequency, type of route (bus, rail, etc.), and distance to the nearest stop on the route. Transit Scores range from 0 (Minimal Transit) to 100 (Rider’s Paradise).
Soundscore™
Provided by HowLoud
Soundscore is an overall score that accounts for traffic, airport activity, and local sources. A Soundscore rating is a number between 50 (very loud) and 100 (very quiet).
Sale history
| Date | Event | Source | Price | % Change |
|---|---|---|---|---|
|
10/31/24
Oct 31, 2024
|
Listed / Active | CRMLS_CA | $2,850,000 | |
|
6/11/24
Jun 11, 2024
|
Listed / Active | CRMLS_CA | ||
|
4/11/24
Apr 11, 2024
|
Price Changed | CRMLS_CA |
