tomo logo

$2,850,000

Beds
12
sq ft
6,966

6062 Atlantic Ave, Long Beach, CA 90805

6062 Atlantic Ave

Long Beach, CA 90805

  • 14 days on market
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.

Details

Property type

Lot size

9,180 sq ft

Price per sq ft

$410

Year built

1946

HOA

No

Price History

10/31/2024
CLAW

CLAW #24458943

Listed
$2,850,000
+9.83%
10/25/2024
CLAW

CLAW #24402803

Removed
$2,595,000
06/11/2024
CLAW

CLAW #24402803

Listed
$2,595,000

Schools & Community

Neighborhood: 

North Long Beach

Elementary school: 

Unknown

Middle school: 

Unknown

High school: 

Unknown

Status: Active

Tomo last checked: 11/14/2024 at 9:00 AM

Listing updated: 11/08/2024 at 5:15 AM

Listed by: Armin Soleimani, Global Platinum Properties, Inc. Phone #: (424) 394-1030

MLS: CLAW #24458943

CLAW logo

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