6062 Atlantic Avenue

Long Beach, CA 90805

$2,850,000
Price
12
Beds
12
Baths
6,966 Sq. Ft.
$409 / Sq. Ft.
6,966
Sq. Ft.
$409
per Sq. Ft.

Description

12-unit project cash flowing at an amazing 8% Cap Rate and 8.5 GRM after taking into account all remaining construction costs! Priced at only 266k/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 under construction 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...12-unit project cash flowing at an amazing 8% Cap Rate and 8.5 GRM after taking into account all remaining construction costs! Priced at only 266k/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 under construction 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 SFlot 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 remaining construction cost of 4retail conversions at 50k/unit (200k) + 2 attached ADUs at 75k/unit(150k) for a total project cost of 350k offering a remarkable Cap Rate of 8% and 8.5 GRM after including all construction costs.
  1. Listed by Armin Soleimani • DRE #01846872 • Brokerage DRE #01911261 • Global Platinum Properties, Inc.
  2. Listed by Julio Ruiz • DRE #01911261 • Brokerage DRE #01911261 • Global Platinum Properties, Inc.

Property Details for 6062 Atlantic Avenue

Zoning
LBCNA
Parcel Number
7124016005
Total Units
12.0
Living Area
6966
Source Living Area
Owner
Area
North Long Beach (7)
Vacancy Rate
6 Units
Lot Size Area
9180
LISTING UPDATED: 11/22/2024 12:56 PM

Property Details for 6062 Atlantic Avenue

StatusActive
MLS #24-458943
Days on Market23
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built1946
Lot Size0.21 AC / 9,180 SF
CountyLos Angeles County

Building Information for 6062 Atlantic Avenue

Stories2Residences-Year Built1946Building Size-Lot Size0.21 AC / 9,180 SF

Property Information for 6062 Atlantic Avenue

Community / Development
Community / Development
  • Number Of Units: 12
  • Senior Community: No
Structure Info
Structure Info
  • Year Built Source: Vendor Enhanced
  • Number Of Stories: 2
  • Number Of Buildings: 12
  • Type Of Units: Misex-Use
Contract Info
Contract Info
  • Disclosures: None
  • Listing Type: Exclusive Agency
  • Service Level: Full Service
Income & Expenses Information
Income & Expenses Information
  • Scheduled Actual: Scheduled
  • Gross Operating Income: $323,627
  • Net Operating Income: $257,412.00
  • Gross Income: $333,636
  • Cap Rate: 8.04%
  • Gross Rent Multiplier: $8.54
  • Total Annual Expense: 66215
Land / Lot Info
Land / Lot Info
  • Lot Acreage: 0.2108
  • Lot Size Square Feet: 9180
  • Lot Size Dimensions: 80x115
  • Source Lot Size Dimensions: Vendor Enhanced
Parking Details
Parking Details
  • Parking Garage: Uncovered
  • Total Parking: 13
  • Parking Features: Uncovered
Interior Features
Interior Features
  • Levels: Multi/Split
  • Cooling Type: Ceiling Fan
  • Heating: Wall Furnace
  • Heating Type: Wall
  • Equipment: Ceiling Fan, Refrigerator
  • Interior Features: Ceiling Fan(s)
Exterior Features
Exterior Features
  • New Construction: No
  • Other Structures: None
Lease Terms
Lease Terms
  • Entry Date: 10-31-2024
Unit Details
Unit 1 Information
  • Unit Beds: 1
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $2,395.00
  • Unit Actual Rent: $.00
  • Unit Projected Rent: $2,395.00
  • Like Units: 6
Unit 2 Information
  • Unit Beds: 1
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $2,395.00
  • Unit Actual Rent: $2,221.00
  • Unit Projected Rent: $2,395.00
  • Like Units: 2
Unit 3 Information
  • Unit Beds: 1
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $2,395.00
  • Unit Actual Rent: $2,096.00
  • Unit Projected Rent: $2,395.00
  • Like Units: 1
Unit 4 Information
  • Unit Beds: 1
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $2,395.00
  • Unit Actual Rent: $2,395.00
  • Unit Projected Rent: $2,395.00
  • Like Units: 1
Unit 5 Information
  • Unit Beds: 1
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $2,395.00
  • Unit Actual Rent: $2,300.00
  • Unit Projected Rent: $2,395.00
  • Like Units: 1
Unit 6 Information
  • Unit Beds: 1
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $2,395.00
  • Unit Actual Rent: $2,200.00
  • Unit Projected Rent: $2,395.00
  • Like Units: 1
Unit Details
  • Unit Type Type: 2106, 2107, 2108, 2109, 2110, 2111
Tax and Assessed Info
Tax and Assessed Info
  • Assessed Improvement Value: $264,568.00
  • Assessed Improvement Percent: 39.45
  • Assessed Land Value: $406,136.00
  • Assessed Land Percent: 60.55
  • Assessed Total Value: $670,704.00

Property History for 6062 Atlantic Avenue

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Schools near 6062 Atlantic Avenue

This home is within Long Beach Unified School District.
Rating
School
Type
Grades
Distance
Public - K to 5
Public - 6 to 8
Public - 9 to 12
Charter - 6 to 8
Rating
School
Distance
Harte Elementary School
PublicK to 5

Lindbergh Middle School
Public6 to 8

Jordan High School
Public9 to 12

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

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6062 Atlantic Avenue is a multi-family home for sale in Long Beach, CA 90805. This property was listed for sale on October 31, 2024 by Global Platinum Properties, Inc., it's currently listed at $2,850,000. This listing's school district is Long Beach Unified School District. Nearby schools include Harte Elementary School, Lindbergh Middle School and Jordan High School. 6062 Atlantic Avenue is a 12-bed, 12-bath, 6,966 sqft multi-family home built in 1946.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. Offers of compensation are subject to change at the discretion of the seller. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Global Platinum Properties, Inc., Armin Soleimani, DRE #01846872; Global Platinum Properties, Inc., Julio Ruiz, DRE #01911261

Based on information from one of the following Multiple Listing Services: CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.