$5,600,000
515 W 3rd, Long Beach CA 90802
Multi-Family (29 Units)
Property type
1 day
On market
$584
Price per sqft
0 cars
Garage
1928
Year built
6,093 sqft
Lot size
Open Houses
Overview
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...
Listing provided by: Mike Marcu DRE #00919594 949-688-1224, Mike Marcu, Broker
Listing updated: Jun 5, 2026 at 11:56pm.
Last checked: Jun 6, 2026 at 12:30am
Source: CRMLS #OC26123229
Multi-family Analysis
Unit Information
| Units | Beds | Baths | Garage | Actual Rent | Total Rent | Pro Forma | Furnished? |
|---|---|---|---|---|---|---|---|
| 11 | 0 | 0 | — | $8,900 | $8,800 | $8,800 | Unfurnished |
| 14 | 0 | 1 | — | $22,338 | $22,338 | $22,338 | Unfurnished |
| 4 | 1 | 1 | — | $6,980 | $6,980 | $7,980 | Unfurnished |
# of Buildings: 1
# of Units Total: 29
Separate Electric Meters: 18
Separate Gas Meters: 1
Separate Water Meters: 1
Rent Control: No
Units Leased: 25
Total Actual Rent: $38,218
Tenant Pays: Electricity
Financial Snapshot
Gross Rent Multiplier
12.2x
List Price / Annual Gross Rent
Cap Rate
4.57%
NOI / List Price
Gross Scheduled Income: $459,696
Vacancy Allowance: $27,316
Vacancy Allowance Rate: 6%
Operating Expense: $176,541
Net Operating Income: $255,836
Annual Operating Expenses
Electric: $7,071
Fuel: $4,326
Insurance: $16,675
Maintenance: $13,579
New Taxes: $75,172
Professional Management: $37,527
Trash: $15,600
Water / Sewer: $3,665
Other Expense: $2,927
Interior
Laundry: Common Area
Entry Location: Front
Exterior
Property Attached: Yes
Stories Total: 3
Common Walls: Two Common Walls Or More
Lot Features: Twenty One To Twenty Five Units Acre, Sprinkler System, Zero Lot Line
Pool: None
Water Source: Public
Sewer: Public Sewer
Garage and Parking
Garage Spaces: 0
Parking Total: 0
Lot Information
Land Lease: No
Common Interest: CommunityApartment
Parcel #: 7278022040
Additional Parcels: No
Tax Lot: 26
Tax Block: 138
Subdivision: Other
Community
Senior Community: No
Community Features: Curbs, Urban
Nearby Schools
Nearby schools around the 515 W 3rd, Long Beach, CA 90802. Contact the school or district directly to verify enrollment eligibility.
Payment Calculator
Total Principal
$4,480,000
Total Interest
$5,713,993
Total Payment
$10,193,993
Payoff Date
Jun 2056
PMI is disabled automatically when your down payment is 20% or more.
Est. Payment
$34,300
per month
Property History for 515 W 3rd
Long Beach Market Snapshot
Market stats compare this property with recent MLS activity for similar property types in 90802.
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