Long Beach, CA 90805,6064 Atlantic AVE
Long Beach, CA 90805,6064 Atlantic AVE
Long Beach, CA 90805,6064 Atlantic AVE
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Diego Magdaleno

Diego Magdaleno

+1(714) 376-8652
$3,495,000
Est. payment /mo
12 Beds
12 Baths
6,966 SqFt
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UPDATED:

Key Details

Property Type Single Family Home

Listing Status Active

Purchase Type For Sale

Square Footage 6,966 sqft

Price per Sqft $501

MLS Listing ID 25625353

Bedrooms 12

HOA Y/N No

Year Built 1946

Lot Size 9,178 Sqft

Property Description

Huge Price Reduction! 100% Renovated 12-unit apartment building cash flowing at an amazing current 7% Cap Rate from day 1. Preliminary plans to add 8 detached ADUs to achieve a remarkable 10% Cap Rate, 7.7 GRM, and 212k/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.

Location

State CA

County Los Angeles

Area 7 - North Long Beach

Zoning LBCNA

Interior

Interior Features Ceiling Fan(s)

Heating Wall Furnace

Fireplace No

Appliance Refrigerator

Exterior

Parking Features Uncovered

Total Parking Spaces 13

Building

Story 2

Entry Level Multi/Split

Level or Stories Multi/Split

New Construction No

Others

Senior Community No

Tax ID 7124016005

Special Listing Condition Standard

Read Less Info
CRMLS – RECore
Listed by Julio Ruiz Global Platinum Properties, Inc.
Diego Magdaleno

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