Renovated 12-Unit Apartment
For Sale
$3,395,000
6068 Atlantic Ave, Long Beach, CA 90805
Two-building multifamily property with upgraded systems, separately metered utilities, and attached ADUs.
Property Size6,966 SF
Days on Market109
Property Features for 6068 Atlantic Ave
General Information
Standard status
Active
Size
6,966 SF
Property subtype
Multifamily
Units
Unit Mix
12 x 1BR/1BA
Multifamily Units
12
Additional Details
Cap Rate
7.14%
Amenities
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 Beach redevelopment corridor benefiting from ongoing public and private investment, driving long-term appreciation potential.
Building Details
Building Size
6,966 SF
Buildings
2
Units
12
Listing Agency:
(424) 405-3826
Listed By:
Steve "Bogie" Bogoyevac · License #License(s): CA: 01332755
(424) 405-3826
Source:
Marcusmillichap
Added: May 14
Changed: Aug 30
Last Checked: Aug 30 at 4:03AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Steve "Bogie" Bogoyevac
Investment Insights
Based on property information with market context.
This multifamily property at 6068 Atlantic Avenue comprises two buildings with twelve one-bedroom, one-bath apartments. Four residences were converted from retail space, and two brand-new attached ADUs are included. Renovations span the electrical and plumbing systems, dual-pane windows, interior and exterior finishes, and individual water heaters. Gas and electricity are separately metered for each unit.
The property is situated along Atlantic Avenue in Long Beach, within a corridor identified for public and private redevelopment investment. Preliminary plans call for eight additional one-bedroom ADUs in the rear parking area; the potential remains subject to buyer verification. The offering also reflects a 7.14% cap rate based on the information provided.
The property is situated along Atlantic Avenue in Long Beach, within a corridor identified for public and private redevelopment investment. Preliminary plans call for eight additional one-bedroom ADUs in the rear parking area; the potential remains subject to buyer verification. The offering also reflects a 7.14% cap rate based on the information provided.
Key Highlights
- Twelve one‑bedroom, one‑bath apartment units across two buildings
- Four units converted from retail space
- Two brand‑new attached ADUs included
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$116,353
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.43%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,327,060
$2.3M
Cap Rate 7%
$1,662,186
$1.7M
Cap Rate 9%
$1,292,811
$1.3M
Market Conditions
NOI Build-Up for 6,966 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$221.5K $31.80/SF
− Vacancy
−$10.0K −$1.43/SF
EGI
$211.6K $30.37/SF
− OpEx
−$95.2K −$13.67/SF
NOI
$116.4K $16.70/SF
Area
ZIP 90805
Vacancy
4.50%
Lease Rate
$31.80 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,327,060
Cap Rate 7%
$1,662,186
Cap Rate 9%
$1,292,811
Alternative Uses
Best Use
Apartment 5plus
$1.66M
$1.45M – $1.94M
NOI $116,353 @ 7.0% cap · market cap 3.43%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.09M
$1.83M – $2.43M
NOI $146,052 @ 7.0% cap · market cap 4.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
12
Residential units
Location Intelligence
Trade Area within ½ mile
952
Businesses Nearby
Explore this area
Business Placement
Demographics for 90805, CA
95,350
Population
28,954
Households
3.3
Avg Household Size
34
Median Age
18%
College-Educated
74%
High-School Grad
7.4 sq mi
ZIP Area
12,885
Density / Sq Mi
$68,615
Median Household Income
$34,948
Median Earnings
$1,664
Median Rent
$588,500
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Two-building multifamily property with upgraded systems, separately metered utilities, and attached ADUs.
Where is this apartment building located?
The property is located at 6068 Atlantic Ave Long Beach, CA.
What is the asking price?
The asking price for this property is $3,395,000.
What are key features of this property?
This property features: Twelve one‑bedroom, one‑bath apartment units across two buildings; Four units converted from retail space; Two brand‑new attached ADUs included
