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Listed by Steven Bogoyevac • Steven M. Bogoyevac, Broker
$3,395,000
Est. payment /mo
6,966 SqFt
UPDATED:
Key Details
Property Type Single Family Home
Sub Type Commercial/Residential
Listing Status Active
Purchase Type For Sale
Square Footage 6,966 sqft
Price per Sqft $487
Subdivision North Long Beach
MLS Listing ID PW-26097416
Year Built 1946
Lot Size 9,180 Sqft
Property Sub-Type Commercial/Residential
Source California Regional Multiple Listing Service (CRMLS)
Property Description
6068 Atlantic Avenue is a fully renovated turnkey 12-unit apartment community located along the rapidly evolving Atlantic Avenue corridor in Long Beach, an area experiencing significant public and private redevelopment investment. This turnkey asset offers investors immediate cash flow at an attractive 7.14% cap rate from day one.
The property consists of two buildings and features a unit mix of twelve one-bedroom/one-bath units, including four newly converted retail-to-residential units, and two brand-new attached ADUs. Each unit was fully vacated, extensively renovated, and repositioned to achieve market rents, minimizing near-term capital requirements.
Recent upgrades include new electrical and plumbing systems, dual-pane windows, modernized interiors and exteriors, and individual water heaters for each unit. The property is separately metered for gas and electricity, helping to reduce operating expenses.
Additionally, preliminary plans to construct eight one-bedroom ADUs in the rear parking area present a compelling value-add opportunity to substantially boost the asset's revenue. Buyer to verify ADU potential.
This offering combines stable in-place income with meaningful upside in one of Long Beach's targeted growth corridors.
The property consists of two buildings and features a unit mix of twelve one-bedroom/one-bath units, including four newly converted retail-to-residential units, and two brand-new attached ADUs. Each unit was fully vacated, extensively renovated, and repositioned to achieve market rents, minimizing near-term capital requirements.
Recent upgrades include new electrical and plumbing systems, dual-pane windows, modernized interiors and exteriors, and individual water heaters for each unit. The property is separately metered for gas and electricity, helping to reduce operating expenses.
Additionally, preliminary plans to construct eight one-bedroom ADUs in the rear parking area present a compelling value-add opportunity to substantially boost the asset's revenue. Buyer to verify ADU potential.
This offering combines stable in-place income with meaningful upside in one of Long Beach's targeted growth corridors.
Location
State CA
County Los Angeles
Area 7 - North Long Beach
Interior
Laundry None
Exterior
Pool None
Community Features Urban
Building
Lot Description Rectangular Lot
Sewer Public Sewer
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John R Thompson
Broker/Owner | License ID: 01200900
Broker/Owner License ID: 01200900