515 W 3Rd St, Long Beach, CA

Name: 515 W 3Rd St, For Sale in Long Beach - eXp Realty
Brand: Mike Marcu, Broker
SKU: OC26123229
Price: 5600000 USD

Condo

For Sale

Listed price in listed location currency (USD).

$5,600,000

000

MLS® OC26123229

Key Facts
Description
Map

Key Facts

Type Apartment

Levels Residential Income

Size -

Garage

HOA Fees

Taxes

Days Active 1

Approx. Age 1928

MLS® Number OC26123229

Property Address: 515 W 3rd St, Long Beach, CA, 90802-2733

Average square foot calculated using Size range provided by listing agent.

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.

MLS® NumberOC26123229

Locker

Ensuite Laundry

Balcony

Furnished

Laundry Level

Exposure

Exterior

Garage

Approx. Age1928

Stories3

Pets

Included in Maintenance Fee

Heat

Hydro

Water

Building Insurance

Condo Taxes

Cable TV

Central Air

Parking Maintenance

Utilities

Heat

A/C

Heating Fuel

Extras

Price History

-End Date

Not Sold YetSold Price

For Sale

Jun 5, 2026List Date

$5,600,000List Price

Home Appraisal

This property is estimated to sell between: $493,000 and $8,154,000.

Similar properties in this area sold on average for: $493,916

Expected to sell in 95 days. Similar properties sold in 96 days. This home has been on eXp Realty for 1 day.

The estimated sale price does not take into account many variables such as recent renovations, type of appliances, school district etc. To get a more accurate estimate please contact agent.

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Starting Address

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