6062 Atlantic Avenue, Long Beach, CA 90805
- $2,350,000
- 6
- BD
- 10
- BA
- 6,086
- SqFt
- List Price
- $2,350,000
- Price Change
- ▼ $145,000 1695791470
- Status
- ACTIVE
- MLS#
- 23311159
- Year Built
- 1946
- Bedrooms
- 6
- Bathrooms
- 10
- Living Sq. Ft
- 6,086
- Lot Size
- 9,180
- Acres
- 0.21
- Days on Market
- 21
- Property Type
- Multifamily
- Stories
- Multi Level
Property Description
Huge 250k Price Reduction! 10-unit building cash flowing at an amazing 6% Cap Rate and 11.9 GRM from day 1! Priced at only 235k/door in the heart of Long Beach, it offers not only 6 fully renovated residential units but also 4 retail spaces (with plans to convert to 4 residential units) offering an incredible upside to 8.25% Cap Rate and 9.3 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 195k/door, 10.1% Cap Rate, and 7.7 GRM. The 6 residential units (3 vacant) 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.
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Additional Information
- Appliances
- Refrigerator
- Heat
- Wall Furnace
- Interior Features
- Ceiling Fan(s)
- Attached Structure
- Detached
- Number Of Units Total
- 10
Listing courtesy of Listing Agent: Armin Soleimani (arminsoleimani@gmail.com) from Listing Office: Global Platinum Properties, Inc..
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Based on information from California Regional Multiple Listing Service, Inc. as of . This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.