Commercial For Sale | Multifamily | Apartment building / Low Rise / Garden Style / 1-3 stories high
6062 Atlantic Avenue . North Long Beach , CA 90805
For sale 10 Unit building with 6 residential units and 4 retails priced at only 259k/door located at Long Beach, CA 90805. For more information contact the listing agents, Listed by Julio Ruiz •DRE #01911261 • Global Platinum Properties, Inc. •818-524-0706 or 310-666-2246 (agent) •ziuroiluj@gmail.com (agent) Listed by Armin Soleimani •DRE #01846872 • Global Platinum Properties, Inc.
Posted: 08/28/2023 5:38 pm
| On HOMEiZ: 258 days |
Updated: 3 weeks ago
| Views: 543
Location Map
Property Type
Price reduced
Property Price
$2595000
$
N/A
9,180.00
Sq. Ft.
$426
6086
2.5%
5.2%
$0
$134940
13.40
1.25%
$32438
Property Location & Description
For sale 10 Unit building with 6 residential units and 4 retails priced at only 259k/door located at Long Beach, CA 90805. For more information contact the listing agents, Listed by Julio Ruiz •DRE #01911261 • Global Platinum Properties, Inc. •818-524-0706 or 310-666-2246 (agent) •ziuroiluj@gmail.com (agent) Listed by Armin Soleimani •DRE #01846872 • Global Platinum Properties, Inc.
Rent Control
FOR SALE - ACTIVE
6062 Atlantic Ave,
Long Beach, CA 90805
$2,495,000
Est. $17,392/moGet pre-approved
6
Beds
10
Baths
6,086
Sq Ft
map-entry
Price drop
List price was lowered by $100K.
About this home
100k Price Reduction! 10-unit building located in the heart of Long Beach, offering not only 6 fully renovated vacant residential units but also 4 retail spaces (with plans to convert to 4 residential units), all priced at an amazing $249k per door. The numbers speak for themselves with a remarkable 5.2% Cap Rate and a 13.4 GRM from day 1, with upside potential for even greater returns with projected figures of a 7.7% Cap Rate and a 9.9 GRM on Proforma. And if that wasn't enough to pique your interest, there are preliminary plans to convert the attached garages into 2 attached (1bed/1bath) ADUs, further improving the numbers to only 207k/door, 9.5% Cap Rate, and 8.2 GRM. On top of that, there are plans in place to convert the 4 retail stores into 4 additional residential units - perfect for maximizing rental income potential. But wait, there's more! The unit mix is easy to rent out, consisting of six spacious one-bedroom and one-bathroom apartments alongside four large storefronts. What sets this property apart is that each unit has its own gas and electricity metering, ensuring hassle-free management for both tenants and landlords alike. The 6 residential units have been fully renovated and boast new modern cabinets, flooring, lighting, new bathrooms, as well as significant exterior improvements including brand-new stairs and decks. Situated on a generous lot spanning over 9,200 square feet, this property offers ample space for tenants' vehicles with nine open parking spots at the rear plus an additional four garages that hold potential for conversion into ADUs as well. Don't let this chance slip through!
Situated on the famous Atlantic Boulevard, this property boasts a prime spot on a bustling corridor teeming with life. Here,
you will find yourself surrounded by a myriad of grocery stores, restaurants serving delectable cuisine from around the world, top-notch schools for all education levels, and an array of essential services catering to your every need. The icing on the cake is the easy access to various public transportation options that ensure
seamless connectivity throughout the city.
For those who prefer driving, both the 710
freeway and 405 freeway are within reach,
providing effortless commutes in any
direction you desire. And if that's not
enough reason to call this place home, its
close proximity to Downtown Los Angeles,
Orange County's vibrant attractions and
entertainment hubs , as well as stunning
beaches just minutes away make it truly
irresistible.
10
$259500
No.
Description
No. Units
Sq. Ft.
Avg. Mo. Rent
1.
0+1
4
2.
1+1
6
3.
4.
5.
7124-016-005
RMU3A
Wood & Stucco
2
1946
Very good
Individually metered for Gas & Electricity
10 Unit building with 6 residential units and 4 retails in Long Beach priced at only 259k/door
Incredible 5% Cap Rate and 13.9 GRM with upside to 7.5%Cap Rate and 10.3 GRM on Proforma
Easy to Rent Unit Mix consisting of 6 (1bed/1bath) and 4 large store fronts
Plans to convert 4 retail stores to 4 (1bed/1bath) residential units + 2 attached (1bed/1bath) ADUs in the garages
Property Information
Sewer
Sewer System (Public)
Parking
Off-street
On-street
Assigned Parking
12
Investment Overview
Investor
Energy Efficiency
No
No Data
N/A
N/A
No
Yes
No
No
Neighborhood lifestyle
Urban Core
More information
Listing Presented by
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