421 West 3rd Street

Long Beach, CA 90802

$2,353,000
Last Sold Price
5
Beds
8
Baths
5,100 Sq. Ft.
$461 / Sq. Ft.
5,100
Sq. Ft.
$461
per Sq. Ft.

Description

Price improvement and priced to sell! A perfect downtown Long Beach investment property. Totally TURN KEY with 7 unique units located in the heart of a fast growing city and only 3 blocks to the beach. This property also falls within the PD-30 Plan for downtown and located in the height incentive area for future investors to build up! Each unit is metered separately for gas and electric, has its own tankless water heater AND has private laundry inside each unit. WOW! There are 4 large one bedroom...Price improvement and priced to sell! A perfect downtown Long Beach investment property. Totally TURN KEY with 7 unique units located in the heart of a fast growing city and only 3 blocks to the beach. This property also falls within the PD-30 Plan for downtown and located in the height incentive area for future investors to build up! Each unit is metered separately for gas and electric, has its own tankless water heater AND has private laundry inside each unit. WOW! There are 4 large one bedroom one bath with a lovely balance of upgrades yet keeping the charm alive with exposed beams, hardwood floors and built-ins. Each unit also has their own outdoor balcony space. The 5th one bedroom one bath is a totally remodeled, very popular Air B&B that brings more income to this investment property. Upstairs is a gorgeous 3 bedroom 2 bath with gas fireplace and comes with 2 parking spaces. The last unit is an adorable studio apartment. There are 5 parking spaces on site and one separate garage space on the property. This property is at 100% capacity and tenants that do not park on site, have assigned parking directly across the street at the Gallery. A modern courtyard separates the two structures complete with lounge seating and eating area. This property has 3 security gates that allows for private entry. This investment property has it all. Close to THE PIKE, shoreline drive, the promenade and freeways. Great opportunity for a 10-31 exchange!!

Listing Agents

  1. Leslie Stonick

    Leslie Stonick

    Listing Agent

    Compass

    DRE #01363678

  2. Kara Mirarchi

    Kara Mirarchi

    Alternative Listing Agent

    Compass

    DRE #02048543

Property Details for 421 West 3rd Street

Architectural Style
Craftsman
Parking Spaces Total
1
Private Pool
No
Total Units
7.0
Building Type
Attached
Lot Size Source
Assessor
Living Area
5100
Assessor Parcel Number
7280-013-028

Location

Listing Courtesy of Compass, Leslie Stonick, DRE #01363678; Compass Newport Beach, Kara Mirarchi, DRE #02048543

Sold By Spalding & Associates, Andrew Selsor, DRE #01897608

Add your commute
LISTING UPDATED: 07/28/2021 08:40 AM

Property Details for 421 West 3rd Street

StatusClosed
MLS #PW20029181
Days on Market416
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMixed Use
MLS TypeResidential Income
Year Built1910
Lot Size0.17 AC / 7,500 SF
CountyLos Angeles County

Location

Listing Courtesy of Compass, Leslie Stonick, DRE #01363678; Compass Newport Beach, Kara Mirarchi, DRE #02048543

Sold By Spalding & Associates, Andrew Selsor, DRE #01897608

Add your commute

Building Information for 421 West 3rd Street

Stories2Residences-Year Built1910Building Size-Lot Size0.17 AC / 7,500 SF

Payment Calculator

$15,541 per month

30 year fixed, 7.25% Interest

Principal and Interest

$12,841

Property Taxes

$2,700

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Property Information for 421 West 3rd Street

Income / Expense / Tax Details
Income Details
  • Gross Income: $100
  • Gross Scheduled Income: $155,124
  • Net Operating Income: $145,548
  • Number Of Rented Garages: 1
  • Laundry Income: $0
  • Other Income Description: each unit individually metered
  • Financing: Conventional
Expense Details
  • Operating Expense: $16,080
  • New Taxes Expense: $0
  • Gardener Expense: $20
  • Fuel Expense: $0
  • Pest Control Expense: $50
  • Electric Expense: $500
  • Insurance Expense: $0
  • Professional Management Expense: $770
  • Trash Expense: $0
  • Water Sewer Expense: $0
  • Total Expenses: $16,080
Tax / Assessment Info
  • Tax Tract Number: 575902
  • Tax Lot: 28
Community / Development
Community / Development
  • Assessments YN: Yes
  • Assessments: Buyer to Verify
  • Community Features: Biking
Property / Structure Info
Interior Features
  • Laundry: Yes
  • Laundry Features: Inside
  • Flooring: Wood
Exterior Features
  • Fence: Yes
  • Fencing: Security
  • Pool Features: None
  • Pool Description: None
  • Pool: N/K
Land/Lot Info
  • Lot Features: 0-1 Unit/Acre
  • Number Of Units: 7
  • Land Lease: No
  • Land Lease Type: Fee
  • Levels: Two
  • Sewer: Public Sewer
  • Water Source: Public
Parking Info
  • Garage Spaces: 1
  • Parking: Yes
  • Parking Garage: Assigned
  • Parking Garage Spaces: 1
  • Carport Spaces: 0
  • Parking Features: Assigned
Property / Structure Info
  • Builders Tract Name: Alamitos Beach
  • Builders Tract Code: Alamitos Beach (AB)
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: $1,750
  • Unit Type Total Rent: $1,750
  • Unit Type Pro Forma: 2000
  • Unit Type Type: 1
Unit 2
  • Unit Type Units Total: 1
  • 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: $1,242
  • Unit Type Total Rent: $1,242
  • Unit Type Pro Forma: 1250
  • Unit Type Type: 2
Unit 3
  • Unit Type Units Total: 1
  • Unit Type Beds Total: 3
  • Unit Type Baths Total: 2
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 0
  • Unit Type Garage Attached: No
  • Unit Type Actual Rent: $2,695
  • Unit Type Total Rent: $2,695
  • Unit Type Pro Forma: 2695
  • Unit Type Type: 3
Unit 4
  • Unit Type Units Total: 1
  • Unit Type Beds Total: 1
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Furnished
  • Unit Type Garage Spaces: 1
  • Unit Type Garage Attached: No
  • Unit Type Actual Rent: $1,900
  • Unit Type Total Rent: $1,900
  • Unit Type Pro Forma: 4000
  • Unit Type Type: 4
Unit Information
  • Rent Controlled: No
  • Number Of Buildings: 2
  • Number Of Separate Electric Meters: 7
  • Number Of Separate Gas Meters: 7
  • Number Of Separate Water Meters: 7
  • Number Wall AC: 2

Property History for 421 West 3rd Street

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

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

Public Records for 421 West 3rd Street

Taxable ValueLand$1,560,600Additions$839,460Total$2,400,060
Tax Record2023$32,403 ($2,700 / month)
Home Facts
Total Finished SqFt5,292 SqFtAbove Grade Finished SqFt5,292 SqFtLot Size7,505 SqFtStyleMulti-Family Res (5+ Units)ZoningLBPD30CountyLOS ANGELESAPN7280-013-028

Schools near 421 West 3rd Street

This home is within Long Beach Unified School District.
Rating
School
Type
Grades
Distance
Public - K to 5
Public - 6 to 8
Public - 9 to 12
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.

Similar Homes

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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 expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Compass, Leslie Stonick, DRE #01363678; Compass Newport Beach, Kara Mirarchi, DRE #02048543

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.