12 Units 8% Cap Rate & 8.5 GRM | 6060-6068 Atlantic Ave
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12 Units 8% Cap Rate & 8.5 GRM 6060-6068 Atlantic Ave
12 Unit Apartment Building $2,850,000 ($237,500/Unit) 8.54% Cap Rate Long Beach, CA 90805
Investment Highlights
- 12-unit project Priced at only 266k/door with 6 fully renovated & 100% occupied units
- RTI Plans to convert 4 retail stores to 4 (1bed/1bath) residential units
- Large 9,200 SF lot with 9 open parking spaces in the back + 4 Garages
- Incredible 8% Cap Rate and 8.5 GRM after taking into account all construction costs
- Nearly RTI plans for 2 attached (1bed/1bath) ADUs in the garages
Executive Summary
12-unit project cash flowing at an amazing 8% Cap Rate and 8.5 GRM after taking into account all remaining construction costs! Priced at only 266k/door in the heart of Long Beach, it offers not only 6 fully renovated residential units upstairs but also 4 retail spaces (with RTI plans under construction to convert to 4 residential units) + nearly RTI plans to convert the attached garages into 2 attached (1bed/1bath) ADUs. The 6 residential units (100% occupied) have been already fully remodeled and boast new modern cabinets, flooring, lighting, new bathrooms, and significant exterior improvements. Additionally, each unit is individually metered for gas and electricity. The large 9,180 SF lot comes with ~9 open parking spaces as well as ~4 garage spaces. Price/Unit, Cap Rate & GRM are based on Total Price for the sake of conservatism, which includes the remaining construction cost of 4 retail conversions at 50k/unit (200k) + 2 attached ADUs at 75k/unit (150k) for a total project cost of 350k offering a remarkable Cap Rate of 8% and 8.5 GRM after including all construction costs.
Property Facts
| Price | $2,850,000 | Apartment Style | Low Rise |
| Price Per Unit | $237,500 | Building Class | B |
| Sale Type | Investment | Lot Size | 0.21 AC |
| Cap Rate | 8.54% | Building Size | 6,966 SF |
| Gross Rent Multiplier | 8.04 | 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 |
| Price | $2,850,000 |
| Price Per Unit | $237,500 |
| Sale Type | Investment |
| Cap Rate | 8.54% |
| Gross Rent Multiplier | 8.04 |
| 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 |
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 | - | - |
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Walk Score ®
Very Walkable (75)
Bike Score ®
Very Bikeable (78)
PROPERTY TAXES
| Parcel Number | 7124-016-005 | Improvements Assessment | $416,160 |
| Land Assessment | $832,320 | Total Assessment | $1,248,480 |
PROPERTY TAXES
Parcel Number
7124-016-005
Land Assessment
$832,320
Improvements Assessment
$416,160
Total Assessment
$1,248,480
zoning
| Zoning Code | CCR (Commercial) |
| CCR (Commercial) |
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Armin Soleimani -
Julio Ruiz -
Global Platinum Properties
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12 Units 8% Cap Rate & 8.5 GRM | 6060-6068 Atlantic Ave
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