6062 Atlantic Avenue

Long Beach CA 90805

6966 sq. ft.

9180 sq. ft.

Other

Currently for sale - view listing

Overview

Price Reduction! 12-unit project cash flowing at an amazing 8.35% Cap Rate and 7.9 GRM after taking into account all construction costs! Priced at only 258k/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 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 SF lot 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 construction cost of 4 retail conversions at 75k/unit (300k) + 2 attached ADUs at 75k/unit (150k) for a total project cost of 450k offering a remarkable Cap Rate of 8.35% and 7.9 GRM after including all construction costs.