CA > Long Beach
Long Beach, CA 90802,515 W 3rd Street
Long Beach, CA 90802,515 W 3rd Street
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$5,950,000
Est. payment /mo
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1 Bed
3 Baths
6,093 Sqft Lot
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515 W 3rd Street Long Beach, CA 90802

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Ben Ruiz

Ben Ruiz

+1(619) 733-4635

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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 OC25093913

Bedrooms 1

HOA Y/N No

Lot Size 6,093 Sqft

Property Sub-Type Res Income 2-4 Units

Property Description

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 condition
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 condition

Location

State CA

County Los Angeles

Area Long Beach (90802)

Zoning Assessor

Building

Story 3

Lot Size Range 4000-7499 SF

Others

Monthly Total Fees $308

Space Rent $8,650

San Diego Regional MLS (SDMLS)
Listed by Mike Marcu • Mike Marcu, Broker

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agent

Ben Ruiz

Broker Associate | License ID: 00948586

+1(619) 733-4635

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515 W 3rd Street

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