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6068 Atlantic Ave, Long Beach, CA 90805

$3,225,000

•

12
bed
12
bath
6,966
Sqft ($463/Sqft)

Multi-family for sale 2 days

About 6068 Atlantic Ave

Property type Multi-family

Neighborhood

Year built 1946

HOA fee $0/month

Lot size 9,180 Sqft

Movoto estimate

Property description

Huge ~700k 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 10.8% Cap Rate, 7.3 GRM, and 198k/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.

Listed by

Listing Agent - Julio Ruiz

Listing Office - Global Platinum Properties, Inc.

Source: The MLS

MLS#26103536 • last updated 1 day ago

Movoto checked The MLS for data 4 minutes ago

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Overview
Levels/Style	Multi/Split
MLS #	26103536
Type	Residential Income
Status	Active
SqFt	6966
Lot Size (SqFt)	9180
Lot Size (Acres)	0.2108
Year Built	1946

Interior
Total # of Baths	12
Total # of Bedrooms	12

Exterior
# Parking Spaces	13
Parking Desc	Uncovered
Add'l Structures	None

Amenities / Utilities
Equipment	Ceiling Fan, Refrigerator

Location
County	Los Angeles
Zoning	LBCNA
APN	7124-016-005

Multifamily Details
Unit 5: # Baths	1, 1
Unit 8: Furnished	No
Unit 9: Furnished	No
Unit 3: Furnished	No
Unit 1: Furnished	No
Unit 6: Furnished	No
Unit 7: Furnished	No
Unit 4: Furnished	No
Unit 5: Furnished	No
Unit 10: Furnished	No
Unit 11: # Baths	1
Unit 11: Projected Rent	2267
Unit 9: Projected Rent	2267
Unit 8: Projected Rent	2267
Unit 3: Projected Rent	2267
Unit 1: Projected Rent	2267
Unit 7: Projected Rent	2267
Unit 10: # Beds	1
Unit 10: Actual Rent	2270
Unit 7: # Baths	1
Unit 9: # Beds	1
Unit 8: # Beds	1
Unit 1: # Beds	1
Unit 7: # Beds	1
Unit 6: # Beds	1
Unit 4: # Beds	1
Unit 7: Rent	2267
Unit 1: Rent	2267
Unit 2: Rent	2267
Unit 3: Rent	2267
Unit 4: Rent	2267
Unit 5: Rent	2267
Unit 6: Rent	2267
Unit 8: Rent	2267
Unit 9: Rent	2267
Unit 2: Furnished	No
Unit 11: Furnished	No
Unit 10: Projected Rent	2267
Unit 2: Projected Rent	2267
Unit 6: Projected Rent	2267
Unit 5: Projected Rent	2267
Unit 4: Projected Rent	2267
Unit 3: # Beds	1
Unit 2: # Beds	1
Unit 2: # Baths	1
Unit 3: # Baths	1
Unit 11: # Beds	1
Unit 1: # Baths	1
Unit 4: # Baths	1
Unit 8: # Baths	1
Unit 9: # Baths	1
Unit 5: # Beds	1
Unit 4: Actual Rent	2469
Unit 7: Actual Rent	1835
Unit 2: Actual Rent	2345
Unit 3: Actual Rent	1785
Unit 8: Actual Rent	2362
Unit 9: Actual Rent	1710
Unit Type	2106, 2107, 2108, 2109, 2110, 2111, 2112, 2113, 2114, 2115, 2116
Unit 5: Actual Rent	2816
Unit 6: Actual Rent	1797
Unit 1: Actual Rent	2587
Unit 10: Rent	2267
Unit 11: Rent	2267
Unit 10: # Baths	1
Total # Of Buildings	12
Net Operating Income	225897
Cap Rate	7
Vacancy Rate	2 Units
Gross Income	306587
Gross Operating Income	297389
Gross Rent Multiplier	10.5
Total Annual Expenses	71552