515 3rd st, Long Beach, CA 90802
Active
$5,950,000
29 Units
1 Beds
3 Baths
10,200 Area(sq.ft.)
Lot: 6,093 Lot Size(sq.ft.)
| Type | # of Units | Bedroom | Bath | Furnished | Rent | Actual Rent | Projected Rent |
|---|---|---|---|---|---|---|---|
| Unit 1 | 11 | studio | 0 | No | $ 8,650 | $ 8,650 | $ 9,625 |
| Unit 2 | 1 | studio | 1 | No | $ 875 | $ 875 | $ 900 |
| Unit 3 | 13 | studio | 1 | No | $ 20,708 | $ 20,708 | $ 23,920 |
| Unit 4 | 4 | 1 | 1 | No | $ 6,640 | $ 6,640 | $ 7,980 |
| 29 | 4 | 18 | $ 391,789 | $ 391,789 | $ 449,655 |
| MLS #: | OC25093913MR |
| Days On Market: | 221 |
| Listing Date: | April 29, 2025 |
| County: | Los Angeles |
| Property Type: | Residential Income |
| Price per ft2: | $ 583 |
| Price per unit: | $ 205,172 |
| Year Built: | 1928 |
Property Details
La Pasada is a 29-unit apartment community located at 515 West 3rd Street in Long Beach. This prime location is directly across the street from the Governor George Deukmejian Courthouse, and a public transportation bus stop is conveniently situated in front of the building. Originally a hotel, the property has been operating as an apartment building for over 20 years but retains the benefit of a grandfathered hotel zoning should an investor wise to operate it with short term rentals. The seller is offering a 70% first note and trust deed with a 5% interest rate, featuring interest-only payments for the duration of the loan. The property boasts new sewer lines, plumbing (both on the first and second floors), an updated electrical system, roof, and windows. The entire first floor has been rebuilt from the studs out, and all units are equipped with central HVAC. The second floor has undergone a complete bathroom remodel, and the interiors have been upgraded throughout. Additionally, the third floor features two common area bathrooms and 11 single room occupancy units, all of which are in good conditionInterested in this Listing?
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Income Details
| Rent Control: | False |
| Gross Operating Income: | $ 431,658 |
| Total Annual Expense: | $ 159,491 |
| Net Operating Income: | $ 272,167 |
| Cap Rate: | 457% |
Structure
| Community Features: | Urban |
| Sewer: | Public Sewer |
| Water: | Public |
Land & Parking
| Zoning: | LBPD30 |
| Land Lease Type: | Fee |
| Parking Garage: | None |
Interior
| Laundry: | Community |
| Laundry Income: | 1266.00 |
Exterior
| Pool: | No |
Detailed Map
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