CA > Long Beach
Long Beach, CA 90802,515 West 3rd Street
Long Beach, CA 90802,515 West 3rd Street
Long Beach, CA 90802,515 West 3rd Street
Additional details
Paul Ward

Paul Ward

+1(805) 479-5004
Listed by Mike Marcu • Mike Marcu, Broker
$5,950,000
Est. payment /mo
10,200 SqFt
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UPDATED:

Key Details

Property Type Single Family Home

Sub Type Apartment

Listing Status Active

Purchase Type For Sale

Square Footage 10,200 sqft

Price per Sqft $583

MLS Listing ID OC-25093913

Year Built 1928

Lot Size 6,093 Sqft

Property Sub-Type Apartment

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

Location

State CA

County Los Angeles

Area 11 - Westside

Zoning LBPD30

Interior

Laundry Community

Exterior

Parking Features None

Pool None

Community Features Urban

Building

Lot Description 16-20 Units/Acre

Sewer Public Sewer

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agent

Paul Ward

+1(805) 479-5004

Broker Associate | License ID: 01354001

Broker Associate License ID: 01354001

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