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… Read More 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. Read Less
Property listed by Steven M. Bogoyevac, Broker, Steven Bogoyevac 310-259-7556
Listing Snapshot
Days Online
0
Last Updated
Property Type
MixedUse
Lot Size
0.21 Acres
Year Built
1946
MLS Number
PW26097416
Additional Details
Building
Built in 1946, 2 buildings, 2 stories, Entry level: 1, Entry location: 1
Community
Urban
Expenses
Operating: $78,417
Income
Gross Income: $330,794, Gross ScheduledIncome: $330,794, Net Operating Income: $242,454
Based on information from California Regional Multiple Listing Service, Inc. as of and/or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
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