12 UNIT PROJECT IN PRIME LONG BEACH
8% Cap Rate & 8.2 GRM after taking into account all construction costs!
6062 Atlantic Ave Long Beach CA 90805
$2,650,000
Price
9.77 %
Cap Rate
7.94
GRM
10
Number of Units
Offering Description:
  • 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.
Highlights
  • 12-unit project Priced at only 258k/door with 6 fully renovated 100% occupied units
  • Incredible 8.35% Cap Rate and 7.9 GRM after taking into account all construction costs
  • RTI Plans to convert 4 retail stores to 4 (1bed/1bath) residential units
  • Nearly RTI plans for 2 attached (1bed/1bath) ADUs in the garages
  • Large 9,200 SF lot with 11 open parking spaces in the back + 4 Garages
North Long Beach
  • Welcome to 6062 Atlantic, an exceptional North Long Beach location that offers the perfect blend of convenience and vibrancy. 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!
FOR MORE DETAILS CONTACT
Armin Soleimani
Realtor
(310) 666-2246
ziuroiluj@gmail.com
Lic: 01846872
Julio Ruiz
Broker
(818) 524-0706
ziuroiluj@gmail.com
Lic: 01911261