6064 Atlantic Ave, Long Beach, CA 90805
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6064 Atlantic Ave, Long Beach, CA 90805
6064 Atlantic Ave, Long Beach, CA 90805
6064 Atlantic Ave, Long Beach, CA 90805
6064 Atlantic Ave, Long Beach, CA 90805
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$ 3,395,000
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Price Dropped by $100K

6064 Atlantic Ave Long Beach, CA 90805

12 Beds

12 Baths

6,966 SqFt


UPDATED:

Key Details

Property Type Multi-Family

Sub Type Multi-Family

Listing Status Active

Purchase Type For Sale

Square Footage 6,966 sqft

Price per Sqft $487

MLS Listing ID 26651517

Bedrooms 12

Year Built 1946

Lot Size 9,180 Sqft

Acres 0.2108

Property Sub-Type Multi-Family

Property Description

Huge 500k Price Reduction! 100% Renovated 12-unit apartment building cash flowing at an amazing current 7% Cap Rate from day 1. Preliminary plans to add 8 detached ADUs to achieve a remarkable 10.3% Cap Rate, 7.6 GRM, and 207k/unit after taking into account all construction costs (~745k assuming $225/SF). The property features an easy to rent unit mix of 12 (1-bed/1bath) units including 4 brand-new retail to apartment conversions as well as 2-brand new attached ADUs. Turnkey opportunity where every single unit was vacated, completely renovated, and leased at market rent with additional upside by building 8 detached ADUs in the back parking lot. The property is separately metered for gas and electrical utilities and each unit has its own individual water heater to further reduce operating costs. The property has undergone major capital improvements including updated electrical, plumbing, brand-new windows, interiors, exteriors, etc. The fully remodeled units boast new modern cabinets, flooring, lighting, new bathrooms, and more.

Location

State CA

County Los Angeles

Area North Long Beach

Zoning LBCNA

Rooms

Other Rooms None

Interior

Heating Wall

Cooling Ceiling Fan

Equipment Ceiling Fan, Refrigerator

Exterior

Parking Features Uncovered

Garage Spaces 13.0

Building

Story 2

Level or Stories Multi/Split

Others

Special Listing Condition Standard


TheMLS (CLAW)
Listed by Global Platinum Properties, Inc.

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6064 Atlantic Ave