UPDATED:
12/20/2024 02:21 PM
Key Details
Property Type Multi-Family
Sub Type Quadruplex
Listing Status Active
Purchase Type For Sale
Subdivision North Long Beach (Nlb)
MLS Listing ID PW24251736
Construction Status Updated/Remodeled,Turnkey
HOA Y/N No
Year Built 1953
Lot Size 4,260 Sqft
Property Description
This beautifully remodeled 4-unit property is a rare gem in Long Beach, offering both newly constructed ground-floor units and fully renovated top-floor units. With a mix of two 3-bedroom, 2-bath units (735 sq. ft. each) and two 2-bedroom, 1-bath units (600 sq. ft. each), this property delivers modern living spaces that are move-in ready.
Key Features:
All units available for you to take full control by setting new market rents from day one. Using the City of Long Beach Housing Authority payment standards, the projected annual income is $139,608.
Strong Financials: Enjoy a projected cap rate above 6.5% and a gross rent multiplier of 10.5, based on potential market rents.
Turnkey Condition: All units have been upgraded with top-to-bottom renovations, including in-unit laundry hookups and energy-efficient mini-split systems.
Parking: Ample parking is available in both the front and rear of the property.
Zoning & Development Potential:
This property is situated in an RMU-3-A zoning area, allowing for high-density residential development. Options include:
Re-permit the ADU as a primary unit by paying applicable fees.
Add up to 3-4 detached ADUs in the front or center open spaces for additional rental income.
Maximize Density: Explore the potential to develop 30-50 units with density bonuses, making this property an excellent covered land play for future growth.
Whether you're looking for a fully renovated, income-generating property or a site with incredible redevelopment potential, 6089 Atlantic Ave checks all the boxes. Don't miss this unique opportunity to invest in Long Beach's thriving real estate market.
Contact us today for more details or to schedule a showing!
Location
State CA
County Los Angeles
Area 7 - North Long Beach
Zoning LBCNA
Interior
Heating Ductless
Cooling Ductless
Flooring Vinyl
Fireplace No
Appliance Electric Range
Laundry Electric Dryer Hookup, Gas Dryer Hookup
Exterior
Parking Features Concrete, Driveway, On Site
Pool None
Community Features Street Lights
Utilities Available Sewer Connected, Water Connected
View Y/N No
View None
Total Parking Spaces 8
Private Pool No
Building
Lot Description 0-1 Unit/Acre
Faces East
Story 2
Sewer Public Sewer
Water Public
Architectural Style Modern, Traditional
New Construction No
Construction Status Updated/Remodeled,Turnkey
Others
Senior Community No
Tax ID 7125035016
Acceptable Financing Cash, Conventional, 1031 Exchange, FHA, Fannie Mae
Listing Terms Cash, Conventional, 1031 Exchange, FHA, Fannie Mae
Special Listing Condition Standard
