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 SFlot 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 4retail 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 Details
Property Features
Property Information:
Year Built: 1946
Stories: 2
Living Area: 6,966 SqFt
Listing Office:
Office Name: Global Platinum Properties, Inc.
Office Phone: (424) 394-1030
Listing Agent: Armin Soleimani
Interior Features
Interior Information:
Appliances: Refrigerator
Interior: Ceiling Fan(s)
Bedroom and Bathroom Information:
Total Bedroom Count: 12
Exterior Features
Parking Information:
Parking: Uncovered
Lot Features
Lot Information:
Lot Size: 0.21 Acres
Utilities
Utilities Information:
Heating: Wall Furnace
Other
Directions Information:
Directions: Located between 60th St., and 61st St. on the East Side of Atlantic Ave.
Price Information
Listing Price Info
Price Summary:
List Price: $2,850,000
Price Per SqFt: $409/SqFt
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Housing Market Comparison
See how this home compares to others in Long Beach, CA.
This property is $2.0M more than the Median Sold Price and $225/SqFt less than other homes in Long Beach, CA.
Based on homes sold in the last 12 months
MLS Details
MLS Information:
MLS Name: CRMLS
MLS Number: #24458943
Listing Office:
Office Name: Global Platinum Properties, Inc.
Office Phone: (424) 394-1030
Listing Agent: Armin Soleimani
Based on information from California Regional Multiple Listing Service, Inc. 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. The data contained herein is copyrighted by CRMLS and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited.
The information being provided by California Regional Multiple Listing Service, Inc. (“CRMLS”) is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Any information relating to a property referenced on this web site comes from CRMLS. Properties may or may not be listed by the office/agent presenting the information. Real estate listings held by brokerage firms other than this broker are marked with the Internet Data Exchange logo and detailed information about them includes the names of the listing brokers and listing agents. MLS search engine provided by IHR Technology Services. This data is updated every 2 hours. Some properties appearing for sale on this display may subsequently have sold and may no longer be available. Data displayed may be a portion of, and not a complete set of all listings published in the MLS. Last updated on: 12/31/2024, 5:10:57 AM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.
Property Sales & Tax
We're sorry, we currently don't have sales or tax history data for this listing.
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Schools
Schools Nearby
The school rating is a score out of 10, where 10 is the highest and 1 is the lowest. Assigned schools have a bold outline.
We're sorry, we currently don't have assigned school data for this listing.
Nearby Schools
5
/10
Grant Elementary School
1225 E 64th St
Distance between this listing and this school0.68 miles
Public District Grades KG-5
4
/10
Bret Harte Elementary School
1671 E Phillips St
Distance between this listing and this school0.86 miles
Public District Grades KG-5
5
/10
Addams Elementary School
5320 Pine Ave
Distance between this listing and this school0.90 miles
Public District Grades KG-5
Nearby Schools
5
/10
Lindbergh STEM Academy
1022 E Market St
Distance between this listing and this school0.80 miles
Public District Grades 6-8
4
/10
Colin Powell Academy
150 W Victoria St
Distance between this listing and this school1.08 miles
Public District Grades KG-8
2
/10
Hamilton Middle School
1060 E 70th St
Distance between this listing and this school1.15 miles
Public District Grades 6-8
Nearby Schools
3
/10
Jordan High School
6500 Atlantic Ave
Distance between this listing and this school0.52 miles
Public District Grades 9-12
3
/10
Cesar Chavez Continuation High School
15301 S San Jose Ave
Distance between this listing and this school1.98 miles
Public District Grades 9-12
3
/10
Thurgood Marshall
15301 S San Jose Ave
Distance between this listing and this school1.98 miles
The neighbors living near this home have an average income of $72,522. Typical income of Long Beach, CA residents is between $35k-100k annually. Typical family type is married, with kids. Typical level of education for residents in this area is high school diploma.
All data provided by Home Junction and Claritas
Frequently Asked Questions About 6062 Atlantic Ave
What is the listing price of this property?
The listing price of 6062 Atlantic Ave property is $2,850,000.
What type of property is this?
The property 6062 Atlantic Ave is a house located in Long Beach, California, 90805.
Is this property for sale now?
Active Listing: 6062 Atlantic Ave is For Sale (Active/New) which means the seller is accepting offers.
How many bedrooms and bathrooms does this property have?
The property at 6062 Atlantic Ave has 12 bedrooms and 12 bathrooms.
What is the square footage of this property?
The property 6062 Atlantic Ave is 6,966 SqFt (source: MLS/tax record).
Which year was this property built?
The year of construction for 6062 Atlantic Ave is 1946.
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This home is located at 6062 Atlantic Ave in Long Beach, CA and zip code 90805 in the The Harbor neighborhood. This 6,966 square foot home, which was built in 1946, sits on a 0.21 acre lot. Features: 12 bedrooms, 12 bathrooms. It has been listed on Rocket Homes since October 31, 2024 and is currently priced at $2,850,000.
Over 66 listings were sold over their listed price in November 2024 in Long Beach, CA. In the same period over 64 listings were sold below the listed price and 32 listings were sold for the listed price. The inventory of homes for sale in Long Beach, CA between October 2024 and November 2024 decreased by 10.6%. While the average time on the market in November 2024 was 35 days, the median list price was $825,128.
From Rocket Homes Real Estate and based on county public records data.
Based on information from California Regional Multiple Listing Service, Inc. 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. The data contained herein is copyrighted by CRMLS and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. 
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