29-Unit Apartment Building with
For Sale
$5,600,000
515 W 3rd, Long Beach, CA 90802
La Pasada is a 29-unit apartment building with central HVAC, renovated interiors, and an on-site laundry facility.
Property Size9,588 SF
Days on Market151
Property Features for 515 W 3rd
General Information
Standard status
Active
Size
9,588 SF
Property subtype
Apartment
Site & Location
Neighborhood
East Village
Highway Access
Yes
Additional Details
Multifamily Units
29
Amenities
on-site laundry facility
Building Details
Building Size
9,588 SF
Year Built
1928
Stories
3
Tenancy
Multi
Listing Agency:
Mike Marcu, Broker
Listed By:
Mike Marcu · License #00919594
(949) 688-1224
Source:
Nolanrossre.kw
Added: Jun 5
Changed: Oct 25
Last Checked: Nov 1 at 2:23AM
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 Mike Marcu, Broker
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Investment Insights
Based on property information with market context.
La Pasada is a 29-unit apartment building consisting of 11 SRO units, 14 studios, and 4 one-bedroom apartments. Originally constructed as a hotel, the property has operated as apartments for more than two decades while retaining its grandfathered hotel zoning, providing flexibility to continue operating as apartments or explore future short-term lodging opportunities. Substantial capital improvements include 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 upgrades include a newer roof, upgraded electrical infrastructure, replacement windows, and sewer line improvements.
Situated at 515 W. 3rd Street in Downtown Long Beach, the property is within walking distance of the waterfront and nearby destinations including the Aquarium of the Pacific, Long Beach Convention Center, Shoreline Village, and Cesar E. Chavez Park. Access is also convenient to the 710 Freeway, Pacific Coast Highway, and public transportation, with ongoing redevelopment activity in the surrounding downtown area.
Seller financing is available, offering 75% LTV at 4% interest with interest-only payments for up to five years.
Situated at 515 W. 3rd Street in Downtown Long Beach, the property is within walking distance of the waterfront and nearby destinations including the Aquarium of the Pacific, Long Beach Convention Center, Shoreline Village, and Cesar E. Chavez Park. Access is also convenient to the 710 Freeway, Pacific Coast Highway, and public transportation, with ongoing redevelopment activity in the surrounding downtown area.
Seller financing is available, offering 75% LTV at 4% interest with interest-only payments for up to five years.
Key Highlights
- 29‑unit apartment building at 515 W. 3rd Street in Downtown Long Beach
- Unit mix: 11 SRO units, 14 studios, and 4 one‑bedroom apartments
- Central HVAC throughout all 29 units and renovated unit interiors
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$183,356
Cap Rate
3.27%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,667,120
$3.7M
Cap Rate 7%
$2,619,371
$2.6M
Cap Rate 9%
$2,037,289
$2.0M
Market Conditions
NOI Build-Up for 9,588 SF
Gross rent
$350.9K $36.60/SF
− Vacancy
−$17.5K −$1.83/SF
EGI
$333.4K $34.77/SF
− OpEx
−$150.0K −$15.65/SF
NOI
$183.4K $19.12/SF
Area
Long Beach, CA
Vacancy
5.00%
Lease Rate
$36.60 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,667,120
Cap Rate 7%
$2,619,371
Cap Rate 9%
$2,037,289
Alternative Uses
Best Use
Apartment 5plus
$2.62M
$2.29M – $3.06M
NOI $183,356 @ 7.0% cap · market cap 3.27%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.13M
$4.49M – $5.99M
NOI $359,336 @ 7.0% cap · market cap 6.42%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Lease Details
29
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
5,511
Businesses Nearby
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Business Placement
Demographics for 90802, CA
41,686
Population
25,055
Households
1.7
Avg Household Size
37
Median Age
44%
College-Educated
88%
High-School Grad
6.5 sq mi
ZIP Area
6,413
Density / Sq Mi
$72,152
Median Household Income
$52,011
Median Earnings
$1,855
Median Rent
$546,700
Median Home Value
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - La Pasada is a 29-unit apartment building with central HVAC, renovated interiors, and an on-site laundry facility.
Where is this apartment building located?
The property is located at 515 W 3rd Long Beach, CA.
What is the asking price?
The asking price for this property is $5,600,000.
What are key features of this property?
This property features: 29‑unit apartment building at 515 W. 3rd Street in Downtown Long Beach; Unit mix: 11 SRO units, 14 studios, and 4 one‑bedroom apartments; Central HVAC throughout all 29 units and renovated unit interiors
