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12 Renovated Units 6.75% Cap w upside to 10% 6060-6068 Atlantic Ave 12 Unit Apartment Building $3,575,000 ($297,917/Unit) 6.75% Cap Rate Long Beach, CA 90805
INVESTMENT HIGHLIGHTS
- 12 Renovated units cash flowing at an amazing 6.75% Cap Rate from Day 1
- Existing 12 units include 4 brand-new retail to apartment conversions and 2 brand-new attached ADUs
- Plans for 8 ADUs to achieve 10% Cap Rate, 7.7 GRM, and 211k/unit after 660k in construction costs
EXECUTIVE SUMMARY
Price Reduction! 100% Renovated 12-unit apartment building cash flowing at an amazing current 6.75% Cap Rate from day 1. Preliminary plans to add 8 detached ADUs to achieve a remarkable 10% Cap Rate, 7.7 GRM, and 211k/unit after taking into account all construction costs (~660k assuming $200/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.
PROPERTY FACTS
| Price | $3,575,000 | Apartment Style | Low-Rise |
| Price Per Unit | $297,917 | Building Class | B |
| Sale Type | Investment | Lot Size | 0.21 AC |
| Cap Rate | 6.75% | Building Size | 6,966 SF |
| Gross Rent Multiplier | 10.92 | Average Occupancy | 50% |
| No. Units | 12 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1946/2023 |
| Property Subtype | Apartment | Parking Ratio | 1.29/1,000 SF |
| Zoning | CCR - Commercial | ||
| Price | $3,575,000 |
| Price Per Unit | $297,917 |
| Sale Type | Investment |
| Cap Rate | 6.75% |
| Gross Rent Multiplier | 10.92 |
| No. Units | 12 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 0.21 AC |
| Building Size | 6,966 SF |
| Average Occupancy | 50% |
| No. Stories | 2 |
| Year Built/Renovated | 1946/2023 |
| Parking Ratio | 1.29/1,000 SF |
| Zoning | CCR - Commercial |
AMENITIES
UNIT AMENITIES
- Cable Ready
- Microwave
- Heating
- Kitchen
- Hardwood Floors
- High Speed Internet Access
- Oven
- Tub/Shower
- Family Room
- Window Coverings
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 12 | - | - |
1 1
Walk Score®
Very Walkable (77)
Bike Score®
Very Bikeable (78)
PROPERTY TAXES
| Parcel Number | 7124-016-005 | Improvements Assessment | $424,483 |
| Land Assessment | $848,966 | Total Assessment | $1,273,449 |
PROPERTY TAXES
Parcel Number
7124-016-005
Land Assessment
$848,966
Improvements Assessment
$424,483
Total Assessment
$1,273,449
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12 Renovated Units 6.75% Cap w upside to 10% | 6060-6068 Atlantic Ave
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