515 W 3rd St

Long Beach, CA 90802

$5,600,000
Price
1
Bed
18
Baths
9,588 Sq. Ft.
$584 / Sq. Ft.
9,588
Sq. Ft.
$584
per Sq. Ft.
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La Pasada Apartments
Remodeled Kitchen
Remodeled Bathroom
New Electrical System
Two New Laundry Rooms
Interior Courtyard

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...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.
  1. Listed by Mike Marcu • DRE #00919594 • Brokerage DRE #00919594 • Mike Marcu, Broker • 949 688 1224

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
9588
Assessor Parcel Number
7278-022-040
Property Attached YN
true
LISTING UPDATED: 06/05/2026 09:55 AM

Property Details for 515 West 3rd Street

StatusActive
MLS #OC26123229
Days on Market3
Pet Policy-
Taxes-
HOA Fees-
Condo/Co-op Fees-
Property TypeMulti Family
MLS TypeResidential Income / Res Income 2-4 Units
Year Built1928
CountyLos Angeles County
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Location

Listing Courtesy of Mike Marcu, Broker, Mike Marcu, DRE #00919594
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Building Information for 515 West 3rd Street

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

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$30,198 per month

30 year fixed, 6.36% Interest

Principal and Interest

$27,905

Property Taxes

$2,293

HOA Dues

$0

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Property Information for 515 West 3rd Street

Rental Info
Rental Info
  • Tenant Pays: See Remarks, Electricity
Income / Expense / Tax Details
Income Details
  • Gross Income: $1,080
  • Gross Scheduled Income: $459,696
  • Vacancy Allowance: 27316
  • Vacancy Allowance Rate: 6
  • Gross Operating Income: $432,377
  • Net Operating Income: $255,836
  • Laundry Income: $1,080
Expense Details
  • Operating Expense: $176,541
  • New Taxes Expense: $75,172
  • Fuel Expense: $4,326
  • Electric Expense: $7,071
  • Insurance Expense: $16,675
  • Maintenance Expense: $13,579
  • Professional Management Expense: $37,527
  • Other Expense: $2,927
  • Other Expense Description: Admin.
  • Trash Expense: $15,600
  • Water Sewer Expense: $3,665
  • Total Expenses: $176,541
Tax / Assessment Info
  • Tax Block: 138
  • Tax Tract Number: 022
  • CFD/Mello-Roos Fee: $4,102
  • Tax Lot: 26
Community / Development
Community / Development
  • Community Features: Curbs, Urban
Property / Structure Info
Interior Features
  • Laundry: Yes
  • Laundry Features: Common Area
Exterior Features
  • Entry Location: Front
  • Pool Features: None
  • Pool Description: None
  • Pool: N/K
  • Pool Heat: N/K
Land/Lot Info
  • Lot Features: Zero Lot Line, 21-25 Units/Acre, Sprinkler System
  • 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 Garage Spaces: 0
  • Carport Spaces: 0
Property / Structure Info
  • Builders Tract Name: Other
  • Builders Tract Code: Other (OTHR)
  • Residential Styles: Res Income 2-4 Units
Unit Information
Unit 1
  • 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 Garage Attached: No
  • Unit Type Actual Rent: $6,980
  • Unit Type Total Rent: $6,980
  • Unit Type Pro Forma: 7980
  • Unit Type Type: 3
Unit 2
  • 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 Garage Attached: No
  • Unit Type Actual Rent: $8,900
  • Unit Type Total Rent: $8,800
  • Unit Type Pro Forma: 8800
  • Unit Type Type: 1
Unit 3
  • Unit Type Units Total: 14
  • Unit Type Beds Total: 0
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 0
  • Unit Type Garage Attached: No
  • Unit Type Actual Rent: $22,338
  • Unit Type Total Rent: $22,338
  • Unit Type Pro Forma: 22338
  • Unit Type Type: 2
Unit Information
  • Number Of Units Leased: 25
  • Rent Controlled: No
  • Number Of Buildings: 1
  • Number Of Separate Electric Meters: 18
  • Number Of Separate Gas Meters: 1
  • Number Of Separate Water Meters: 1

Property History for 515 West 3rd Street

DateEvent & SourcePriceAppreciation
Jun 5, 2026

Listed (Active)

CRMLS #OC26123229

$5,600,000—
Jun 3, 2026

Listed (Active)

CLAW #OC26123229MR

$5,600,000—
Jun 3, 2026

Listed (Active)

SDMLS #OC26123229

$5,600,000—
DateEvent & SourcePrice
06/05/2026

Listed (Active)

CRMLS #OC26123229

$5,600,000
06/03/2026

Listed (Active)

CLAW #OC26123229MR

$5,600,000
06/03/2026

Listed (Active)

SDMLS #OC26123229

$5,600,000

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

Public Records for 515 West 3rd Street

Taxable ValueLand$737,946Additions$1,106,926Total$1,844,872
Tax Record2025$27,516 ($2,293 / 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
Chavez Elementary School
Public - K to 5
Washington Middle School
Public - 6 to 8
Cabrillo High School
Public - 9 to 12
Renaissance High School For The Arts
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.

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More information about 515 West 3rd Street, Long Beach, CA 90802

515 West 3rd Street is a multi-family home for sale in Long Beach, CA 90802. This property was listed for sale on June 3, 2026 by Mike Marcu, Broker, it's currently listed at $5,600,000. It has been on the market for a total of 3 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, 9,588 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, Inc., its subsidiaries, affiliates and their agents and associated third parties 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.