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500k Price Reduction! 100% Renovated 12-Units 6060-6068 Atlantic Ave 12 Unit Apartment Building $3,395,000 ($282,917/Unit) 7% Cap Rate Long Beach, CA 90805
Investment Highlights
- Amazing current 7% Cap Rate from day 1
- Preliminary Plans to add 8 detached ADUs
- 207k/unit after taking into account all construction costs
- Large 9,200 SF lot with 11 open parking spaces in the back
- 4 brand-new retail to apartment conversions
Executive Summary
Huge 500k 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 10.3% Cap Rate, 7.6 GRM, and 207k/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.
Financial Summary (Actual - 2026) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$330,794
|
$47.49
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$9,924
|
$1.42
|
| Effective Gross Income |
$320,870
|
$46.06
|
| Taxes |
$45,957
|
$6.60
|
| Operating Expenses |
$32,460
|
$4.66
|
| Total Expenses |
$78,417
|
$11.26
|
| Net Operating Income |
$242,453
|
$34.81
|
Financial Summary (Actual - 2026)
| Gross Rental Income | |
|---|---|
| Annual | $330,794 |
| Annual Per SF | $47.49 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $9,924 |
| Annual Per SF | $1.42 |
| Effective Gross Income | |
|---|---|
| Annual | $320,870 |
| Annual Per SF | $46.06 |
| Taxes | |
|---|---|
| Annual | $45,957 |
| Annual Per SF | $6.60 |
| Operating Expenses | |
|---|---|
| Annual | $32,460 |
| Annual Per SF | $4.66 |
| Total Expenses | |
|---|---|
| Annual | $78,417 |
| Annual Per SF | $11.26 |
| Net Operating Income | |
|---|---|
| Annual | $242,453 |
| Annual Per SF | $34.81 |
Property Facts
| Price | $3,395,000 | Apartment Style | Low-Rise |
| Price Per Unit | $282,917 | Building Class | B |
| Sale Type | Investment | Lot Size | 0.21 AC |
| Cap Rate | 7% | Building Size | 6,966 SF |
| Gross Rent Multiplier | 10.6 | Average Occupancy | 75% |
| 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 | $3,395,000 |
| Price Per Unit | $282,917 |
| Sale Type | Investment |
| Cap Rate | 7% |
| Gross Rent Multiplier | 10.6 |
| 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 | 75% |
| No. Stories | 2 |
| Year Built/Renovated | 1946/2023 |
| Parking Ratio | 1.29/1,000 SF |
| Zoning | CCR - Commercial |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 12 | $2,149 | - |
1 1
Moderately walkable
60/100
Exceptionally drivable
100/100
Some public transit
40/100
Moderately bikeable
70/100
Property Taxes
| Parcel Number | 7124-016-005 | Total Assessment | $1,273,449 (2025) |
| Land Assessment | $848,966 (2025) | Annual Taxes | $45,957 ($6.60/SF) |
| Improvements Assessment | $424,483 (2025) | Tax Year | 2026 |
Property Taxes
Parcel Number
7124-016-005
Land Assessment
$848,966 (2025)
Improvements Assessment
$424,483 (2025)
Total Assessment
$1,273,449 (2025)
Annual Taxes
$45,957 ($6.60/SF)
Tax Year
2026
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