$5,600,000
Est. payment /mo
1 Bed
2 Baths
6,093 Sqft Lot
New
515 W 3rd Long Beach, CA 90802
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Key Details
Property Type Multi-Family
Sub Type Res Income 2-4 Units
Listing Status Active
Purchase Type For Sale
MLS Listing ID OC26123229
Bedrooms 1
Lot Size 6,093 Sqft
Property Sub-Type Res Income 2-4 Units
Property Description
Seller Financing Available 75% LTV at 4% Interest, Interest-Only Payments for Up to 5 years. La Pasada, a 29-unit apartment building located at 515 W. 3rd Street in the heart of Downtown Long Beach. The property consists of 11 SRO units, 14 studios, and 4 one-bedroom apartments, serving the area's growing demand for affordable workforce housing. Originally constructed as a hotel, La Pasada has operated as apartments for more than two decades while retaining its grandfathered hotel zoning. This rare designation provides ownership with the flexibility to continue operating as apartments or explore future short-term lodging opportunities. The building has undergone substantial capital improvements, including renovated unit interiors, central HVAC throughout all 29 units, a remodeled second-floor community bathroom, updated building systems, and an on-site laundry facility. Additional improvements include a newer roof, upgraded electrical infrastructure, replacement windows, and sewer line improvements. Located within walking distance of the waterfront, La Pasada benefits from proximity to Aquarium of the Pacific, Long Beach Convention Center, Shoreline Village, and Cesar E. Chavez Park. The property also enjoys convenient access to the 710 Freeway, Pacific Coast Highway, public transportation, and the ongoing redevelopment of Downtown Long Beach. With below-market financing, a strategic downtown location, flexible zoning, and upside through stabilization of occupancy, La Pasada represents a compelling investment opportunity in one of Southern California's most dynamic urban m
Location
State CA
County Los Angeles
Zoning Assessor
Direction #rd Street west just past Magnolia
Interior
Fireplace No
Exterior
View Y/N No
Building
Story 3
Level or Stories 3
Others
Senior Community No
Tax ID 7278022040
Acceptable Financing Cash
Listing Terms Cash
Listed by Mike Marcu, DRE#00919594 Mike Marcu, Broker
NEARBY SCHOOL & BUSINESS
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