6068 Atlantic Avenue, Long Beach, CA 90805
- $3,295,000
- 12
- BD
- 12
- BA
- 6,966
- SqFt
- List Price
- $3,295,000
- Price Change
- ▼ $100,000 1783575994
- Status
- ACTIVE
- MLS#
- 26844723
- Year Built
- 1946
- Bedrooms
- 12
- Bathrooms
- 12
- Living Sq. Ft
- 6,966
- Lot Size
- 9,180
- Acres
- 0.21
- Days on Market
- 49
- Property Type
- Multifamily
- Stories
- Multi Level
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.
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Additional Information
- Appliances
- Refrigerator
- Heat
- Wall Furnace
- Interior Features
- Ceiling Fan(s)
- Attached Structure
- Detached
- Number Of Units Total
- 12
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.