6068 Atlantic Ave, Long Beach, CA 90805
- $3,295,000
- 12
- BD
- 12
- BA
- 6,966
- SqFt
- List Price
- $3,295,000
- Price Change
- ▼ $100,000 1783575500
- MLS#
- 26844723
- Year Built
- 1946
- Bedrooms
- 12
- Bathrooms
- 12
- Living Sq. Ft
- 6,966
- Lot Size
- 9,180
- Days on Market
- 51
- Property Type
- Multifamily
- Stories
- 2
Property Description
Huge 600k Price Reduction! 100% Renovated 12-unit apartment building cash flowing at an amazing current 7.25% Cap Rate from day 1. Preliminary plans to add 8 detached ADUs to achieve a remarkable 10.5% Cap Rate, 7.4 GRM, and 202k/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.
Additional Information
- Other Buildings
- None
- Heat
- Wall
- Cooling
- Ceiling Fan
- Number of Cars in Garage
- Uncovered
Mortgage Calculator
Courtesy of Global Platinum Properties, Inc., Armin Soleimani - CA DRE#01846872
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