Multifamily Property for Sale in Long Beach, CA

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Multifamily Property
  • Location: Long Beach, CA 90805

Description

Marcus & Millichap is pleased to present 6068 Atlantic Avenue, 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 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. Investment Highlights: • Turnkey 12-Unit Asset with Immediate Cash Flow: Fully renovated property achieving a strong 7.14% cap rate from day one. • Unit Mix: Twelve 1-bed/1-bath units, including four newly completed retail-to-residential conversions and two newly constructed attached ADUs. • Extensive Capital Improvements: Upgrades include new electrical and plumbing systems, dual-pane windows, modern interiors/exteriors, and individual water heaters. • Significant Value-Add Potential: A new investor may explore potential to develop eight one-bedroom ADU's and significantly boost the asset's income potential (buyer to verify). • Prime Location on Atlantic Avenue Corridor: Situated along a key Long B

Market Context

This multifamily in Long Beach, CA is listed for sale. It is offered at an approximate 7.1% capitalization rate, a key benchmark for income-producing multifamily assets. It has been on the market for 38 days. Compare it against other multifamily listings for sale in Long Beach, CA — <a href="/search/sale/multifamily/california/long-beach">view the full market</a>.

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