515 W 3rd, Long Beach, CA 90802
515 W 3rd, Long Beach, CA 90802
515 W 3rd, Long Beach, CA 90802
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The Warburton Team Brokered By EXp

The Warburton Team Brokered By EXp

+1(626) 630-2141
$5,600,000
Est. payment /mo
6,094 Sqft Lot
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Key Details

Property Type Apartment

Sub Type Apartment

Listing Status Active

Purchase Type For Sale

MLS Listing ID OC26123229

HOA Y/N No

Year Built 1928

Lot Size 6,094 Sqft

Property Sub-Type Apartment

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 markets.

Investment Highlights

Seller financing: 75% LTV at 4% interest, interest-only payments for up to 5 years
29-unit workforce housing asset (11 SROs, 14 studios, 4 one-bedrooms)
Grandfathered hotel zoning provides operational flexibility
Significant recent capital improvements completed
Central HVAC in first floor units
Opportunity to increase income through lease-up and operational stabilization
Walkable Downtown Long Beach location near major employment, entertainment, and waterfront amenities
Positioned to benefit from continued investment and redevelopment in Downtown Long Beach

Current stabilized cash-on-cash return exceeds 7% with seller financing in place.

Location

State CA

County Los Angeles

Area 11 - Westside

Interior

Fireplace No

Laundry Common Area

Exterior

Pool None

Community Features Curbs, Urban

Private Pool No

Building

Lot Description 21-25 Units/Acre, Sprinkler System, Zero Lot Line

Story 3

Sewer Public Sewer

Water Public

New Construction No

Others

Senior Community No

Tax ID 7278022040

Energy Description 4326.0

Acceptable Financing Cash, Cash to Existing Loan

Listing Terms Cash, Cash to Existing Loan

Special Listing Condition Standard

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Listed by Mike Marcu Mike Marcu, Broker 949 688 1224, DRE #00919594

NEARBY SCHOOL & BUSINESS

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