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Listed by Mike Marcu, DRE #00919594 • Mike Marcu, Broker
$ 5,600,000
Est. payment /mo
Active
515 W 3rd Long Beach, CA 90802
6,093 Sqft Lot
UPDATED:
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
MLS Listing ID CROC26123229
Year Built 1928
Lot Size 6,093 Sqft
Source California Regional MLS
Property 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 Highw
Location
State CA
County Los Angeles
Area 11 - Westside
Interior
Laundry Laundry Area
Exterior
Pool None
Building
Lot Description Zero Lot Line
Water District - Public
Others
Tax ID 7278022040
Special Listing Condition Not Applicable
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