6064 Atlantic Ave new Save Request In-Person Tour Request Virtual Tour
Long Beach,CA 90805
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 $559
MLS Listing ID 25572705
Bedrooms 12
Year Built 1946
Lot Size 9,180 Sqft
Acres 0.2108
Property Sub-Type Multi-Family
Property Description
100% Renovated 12-unit apartment building cash flowing at an amazing current 6% Cap Rate from day 1. Preliminary plans to add 8 detached ADUs to achieve a remarkable 9.2% Cap Rate, 8.3 GRM, and 228k/unit after taking into account all construction costs (~660k assuming $200/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