$2,595,000 Price Analysis   ♡   Long Beach, CA 90805 12 bed 12 bath 6,966 SqFt ($372/SqFt) 9,180SqFt lot. Built 1946 Listed 2024-06-11 | Ⓧ USDA Ineligible due to price & location near Long Beach |
Price Reduction!
12-unit project cash flowing at an astounding 8.5% Cap Rate and 7.7 GRM after taking into account all construction costs. Priced at 253k/door in the heart of Long Beach, it offers not 6 fully renovated residential units upstairs but also 4 retail spaces (with RTI plans 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 lar ge 9, 180 SF lt comes with ~9 open parking spaces as well as ~4 garage spaces. Price/Unit, Cap Rate and GRM are based on Total Price for the sake of conservatism, which includes the construction cost of 4 retail conversions at 75k/unit (300k) + 2 attached ADUs at 75k/unit (150k) for a total project cost of 450k offering a remarkable Cap Rate of 8.5% and 7.7 GRM after including all construction costs.
Presented by Armin Soleimani at
Global Platinum Properties, Inc.
Property MLS #24-402803 from TheMLSCLAW
Full Bathrooms: 12
Heating Features: Wall
Lot Size Dimensions: 80x115
Lot Size Source: Owner
Lot Size Square Feet: 9180
Parking Total: 13
Calculated Total Monthly Association Fees: 0
Number of Units: 12
Unit Features: 1 BedsTotal: 1, 1 BathsTotal: 1, 1 SquareFeet: 2395, 2 BedsTotal: 1, 2 BathsTotal: 1, 2 SquareFeet: 2395, 3 BedsTotal: 1, 3 BathsTotal: 1, 3 SquareFeet: 2395, 4 BedsTotal: 1, 4 BathsTotal: 1, 4 SquareFeet: 2395, 5 BedsTotal: 1, 5 BathsTotal: 1, 5 SquareFeet: 2395, 6 BedsTotal: 1, 6 BathsTotal: 1, 6 SquareFeet: 2395, 7 BedsTotal: 1, 7 BathsTotal: 1, 7 SquareFeet: 2395, 8 BedsTotal: 1, 8 BathsTotal: 1, 8 SquareFeet: 2395, 9 BedsTotal: 1, 9 BathsTotal: 1, 9 SquareFeet: 2395, 10 BedsTotal: 1, 10 BathsTotal: 1, 10 SquareFeet: 2395
County: Los Angeles
Cap Rate: 8.52
Directions: Located between 60th St., and 61st St. on the East Side of Atlantic Ave.
Source Property Type: Residential Income
Area: North Long Beach
Source Neighborhood: North Long Beach
Parcel Number: 7124-016-005
Postal Code Plus 4: 3013
Zoning: LBCNA
Source System Name: C2C
$2,595,000
TheMLSCLAW
Listing removed 2024-06-07
$0
TheMLSCLAW
Relisted 2024-06-03
$2,595,000
TheMLSCLAW
Listing removed 2024-06-01
$0
TheMLSCLAW
Price Changed 2024-04-12
$2,595,000
TheMLSCLAW
Listed 2024-03-12
$2,650,000
TheMLSCLAW
Listing removed 2024-03-09
$0
TheMLSCLAW
Price Changed 2024-02-08
$2,650,000
TheMLSCLAW
Listed 2024-01-10
$2,750,000
TheMLSCLAW
Listing removed 2024-01-05
$0
TheMLSCLAW
Listed 2023-12-08
$2,750,000
TheMLSCLAW
Listing removed 2023-12-06
$0
TheMLSCLAW
Listing removed 2023-11-17
$0
TheMLSCLAW
Listing removed 2023-11-17
$0
TheMLSCLAW
Relisted 2023-11-15
$2,350,000
TheMLSCLAW
Relisted 2023-11-15
$2,350,000
TheMLSCLAW
Listed 2023-11-08
$2,750,000
TheMLSCLAW
Listing removed 2023-11-07
$0
TheMLSCLAW
Listing removed 2023-11-07
$0
TheMLSCLAW
Listed 2023-11-02
$2,350,000
TheMLSCLAW
Listing removed 2023-10-13
$0
TheMLSCLAW
Listed 2023-10-13
$2,350,000
TheMLSCLAW
Price Changed 2023-09-26
$2,350,000
TheMLSCLAW
Listed 2023-09-14
$2,495,000
TheMLSCLAW
Listing removed 2023-09-12
$0
TheMLSCLAW
Price Changed 2023-08-23
$2,495,000
TheMLSCLAW
Listed 2023-08-04
$2,595,000
TheMLSCLAW
Year Built: 1946
Levels: Multi Levels
Living Area Source: Owner
Property Age: 78
Levels or Stories: 2
Building Total Stories: 2
Year Built Source: Vendor Enhanced
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The property loan eligibility may be subject to additional requirements beyond geographical location including but not limited to the condition of the property. Speak with a real estate professional to find out more about the eligibility of a specific property.