515 West 3rd Street

Long Beach, CA 90802

$5,950,000
Price
1
Beds
18
Baths
10,200 Sq. Ft.
$583 / Sq. Ft.
10,200
Sq. Ft.
$583
per Sq. Ft.

Description

La Pasada is a 29-unit apartment community located directly across the street from the downtown courthouse. Featuring new sewer lines, plumbing (1st & 2nd floor), electrical system, roof, windows, the entire 1st floor has been rebuilt form the studs out. These units have central HVAC. The 2nd floor has had all the bathrooms completely remodeled and the balance of the interiors upgraded. The 3rd floor features two common area bathrooms and 11 single room occupancy units which are in good condition....La Pasada is a 29-unit apartment community located directly across the street from the downtown courthouse. Featuring new sewer lines, plumbing (1st & 2nd floor), electrical system, roof, windows, the entire 1st floor has been rebuilt form the studs out. These units have central HVAC. The 2nd floor has had all the bathrooms completely remodeled and the balance of the interiors upgraded. The 3rd floor features two common area bathrooms and 11 single room occupancy units which are in good condition. The seller is offering to provide a 70% first note and trust deed, at a 5% interest rate, with interest only payments for the term of the loan.
  1. Listed by Mike Marcu • DRE #00919594 • Brokerage DRE #00919594 • Mike Marcu, Broker • 562-260-0940

Property Details for 515 West 3rd Street

Parking Spaces Total
0
Private Pool
No
Total Units
29.0
Building Type
Attached
Lot Size Source
Assessor
Living Area
10200
Assessor Parcel Number
7278-022-040
Property Attached YN
true
LISTING UPDATED: 12/10/2024 02:32 AM

Property Details for 515 West 3rd Street

StatusActive
MLS #OC24220952
Days on Market19
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built1928
CountyLos Angeles County

Building Information for 515 West 3rd Street

Building/Complex515 W 3rd StFloor-Stories3Residences-Pet Policy-Year Built1928Building Size-

Property Information for 515 West 3rd Street

Rental Info
Rental Info
  • Tenant Pays: Electricity
Income / Expense / Tax Details
Income Details
  • Gross Income: $4,896
  • Gross Scheduled Income: $447,336
  • Vacancy Allowance: 8947
  • Gross Operating Income: $438,389
  • Net Operating Income: $280,690
  • Laundry Income: $2,496
  • Other Income Description: Misc.
  • Other Income 1: $2,400
Expense Details
  • Operating Expense: $157,669
  • New Taxes Expense: $77,733
  • Fuel Expense: $3,500
  • Electric Expense: $4,660
  • Insurance Expense: $8,700
  • Maintenance Expense: $11,310
  • Professional Management Expense: $33,096
  • Other Expense: $7,300
  • Other Expense Description: Misc.
  • Trash Expense: $3,600
  • Water Sewer Expense: $7,800
  • Total Expenses: $157,699
Tax / Assessment Info
  • Tax Block: 138
  • Tax Tract Number: 022
  • Tax Census Tract: 5759.01
  • CFD/Mello-Roos Fee: $3,698
  • Tax Lot: 26
Community / Development
Community / Development
  • Community Features: Urban
Property / Structure Info
Interior Features
  • Laundry: Yes
  • Laundry Features: Common Area
  • Laundry Equipment Own Lease: Lease
Exterior Features
  • Entry Location: 1
  • Pool Features: None
  • Pool Description: None
  • Pool: N/K
Land/Lot Info
  • Lot Features: 36-40 Units/Acre
  • Number Of Units: 29
  • Land Lease: No
  • Land Lease Type: Fee
  • Water: Public
  • Sewer: Public Sewer
  • Water Source: Public
Parking Info
  • Garage Spaces: 0
  • Parking: No
  • Parking Garage: None
  • Parking Garage Spaces: 0
  • Carport Spaces: 0
  • Parking Features: None
Property / Structure Info
  • Builders Tract Name: Other
  • Builders Tract Code: Other (OTHR)
Unit Information
Unit 1
  • Unit Type Units Total: 11
  • Unit Type Beds Total: 0
  • Unit Type Baths Total: 0
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 0
  • Unit Type Actual Rent: $8,650
  • Unit Type Total Rent: $8,650
  • Unit Type Pro Forma: 9350
  • Unit Type Type: 1
Unit 2
  • Unit Type Units Total: 1
  • Unit Type Beds Total: 0
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 0
  • Unit Type Actual Rent: $875
  • Unit Type Total Rent: $875
  • Unit Type Pro Forma: 950
  • Unit Type Type: 2
Unit 3
  • Unit Type Units Total: 13
  • Unit Type Beds Total: 0
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 0
  • Unit Type Actual Rent: $20,705
  • Unit Type Total Rent: $20,705
  • Unit Type Pro Forma: 21450
  • Unit Type Type: 3
Unit 4
  • Unit Type Units Total: 4
  • Unit Type Beds Total: 1
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 0
  • Unit Type Actual Rent: $6,640
  • Unit Type Total Rent: $6,640
  • Unit Type Pro Forma: 7400
  • Unit Type Type: 4
Unit Information
  • Rent Controlled: No
  • Number Of Buildings: 1
  • Number Of Separate Electric Meters: 17
  • Number Of Separate Gas Meters: 1
  • Number Of Separate Water Meters: 1

Property History for 515 West 3rd Street

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for 515 West 3rd Street

Taxable ValueLand$723,477Additions$1,085,222Total$1,808,699
Tax Record2024$26,262 ($2,189 / month)
Home Facts
Total Finished SqFt9,468 SqFtAbove Grade Finished SqFt9,468 SqFtLot Size6,091 SqFtStyleMulti-Family Res (5+ Units)Year Built1928ZoningLBPD30CountyLOS ANGELESAPN7278-022-040

Schools near 515 West 3rd Street

This home is within Long Beach Unified School District.
Rating
School
Type
Grades
Distance
Public - K to 5
Public - 6 to 8
Public - 9 to 12
Public - 9 to 12
Rating
School
Distance
Chavez Elementary School
PublicK to 5

Washington Middle School
Public6 to 8

Cabrillo High School
Public9 to 12

Renaissance High School For The Arts
Public9 to 12

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

Similar Homes

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515 West 3rd Street is a multi-family home for sale in Long Beach, CA 90802. This property was listed for sale on October 23, 2024 by Mike Marcu, Broker, it's currently listed at $5,950,000. It has been on the market for a total of 19 days and was last sold on June 29, 2005. This listing's school district is Long Beach Unified School District. Nearby schools include Chavez Elementary School, Washington Middle School and Cabrillo High School. 515 West 3rd Street is a 1-bed, 18-bath, 10,200 sqft multi-family home built in 1928.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. Offers of compensation are subject to change at the discretion of the seller. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Mike Marcu, Broker, Mike Marcu, DRE #00919594

Based on information from one of the following Multiple Listing Services: CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.