515 W 3rd, Long Beach, CA 90802
Other · Los Angeles County
Key Facts
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.
Property Information
Property Type
Residential Income
Sub-Type
Apartment
Year Built
1928
Stories
3
Living Area
9,588 sq ft
Lot Size
0.14 acres
MLS® Listing#
OC26123229
Property Features
Pool
Laundry
Lot Features
Community
Sewer
Water Source
Financial Details
Parcel Number
7278022040
Directions
#rd Street west just past Magnolia
Affordability Calculator
$1,120,000
Estimated monthly payment
$29,806/mo
Principal $4,480,000 · Est. interest $6,249,999 over 30 yrs
Neighborhood Market Statistics
How this home compares to active listings in Long Beach, CA
- $1,000,000
- Median Listing Price
- 54
- Median Days on Market
- 1,897
- Median Sq Ft
- $796
- Median Price / Sq Ft
- 2,444
- Active Listings
- This home’s price is 460% above the area median.
- Its price per sq ft is 27% below the area median.
Market statistics compiled from active EXIT Realty® and MLS listings in Long Beach, CA.
Location
Points of Interest in Long Beach, CA
Showing the Long Beach area map.
Nearby Schools
Cesar Chavez Elementary School
Elementary · 0.2 mi away
Edison Elementary School
Elementary · 0.3 mi away
Csu Chancellor S Office Aching
School · 0.5 mi away
Jenny Oropeza Elementary School
Elementary · 0.6 mi away
Renaissance High School for the Arts
Secondary · 0.6 mi away
A Street Early Head Start
School · 0.7 mi away
First Baptist Church
School · 0.7 mi away
Artesian Well Christian Academy
School · 0.8 mi away
Montessori on Elm
Elementary · 0.8 mi away
Stevenson Elementary School
Elementary · 0.9 mi away
Long Beach Wilson High School
Secondary · 0.9 mi away
St Anthony Elementary School
Elementary · 1.0 mi away
St. Anthony High School
Secondary · 1.0 mi away
Long Beach Unified School District Charter Schools
Secondary · 1.0 mi away
Elm Head Start
School · 1.1 mi away
Franklin Classical Middle School
Secondary · 1.2 mi away
Poly Academy Achievers & Leaders
Secondary · 1.2 mi away
Educational Partnership High School
Secondary · 1.3 mi away
Roosevelt Elementary School
Elementary · 1.3 mi away
The New City School
Elementary · 1.3 mi away
Commute Calculator
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|---|---|---|---|---|
| 260 Arch, Laguna Beach, CA | $3,940,000 | — | — | 3,500 |
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| 990 Hillcrest Drive, Laguna Beach, CA | $3,950,000 | — | — | — |
| 2905 Inglewood Avenue, Redondo Beach, CA | $3,950,000 | 4 | 3 | 3,052 |
| 988 Acapulco, Laguna Beach, CA | $3,980,000 | 4 | 4 | 3,115 |
Moving Cost Estimate
EXIT Agents in Long Beach
Listing Courtesy: Mike Marcu, Broker - 949 688 1224
Presented by: Mike Marcu
Licensed in the state of California.