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Listed by Robert Stepp, DRE #01456379 • Keller Williams Realty Downey
$ 4,400,000
Est. payment /mo
New
445 E 3rd Long Beach, CA 90802
5,005 Sqft Lot
UPDATED:
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
MLS Listing ID CRPW26170001
Year Built 1922
Lot Size 5,005 Sqft
Source California Regional MLS
Property Description
445 E. 3rd Street is a 22-unit multifamily asset located in Long Beach's East Village Arts District, a dense, walkable submarket within Downtown that continues to attract a steady base of renters driven by proximity to employment, transit, and lifestyle amenities. The property consists of (14) studio units and (8) 1BD/1BA, providing an efficient unit mix aligned with prevailing demand in the area. The seller has invested approximately $530,000 in capital improvements, including interior common areas (hallways, stairwells, keypads), unit interior renovations, new turf and landscaping on exteriors. All unit interiors are completely renovated with designer fixtures and finishes. Approximately $18,200 has been invested per studio unit renovation and ~$19,200 invested per 1BD/1BA renovation. 445 E. 3rd Street is priced at a 5.84% cap rate and 10.10 GRM in place, with clear embedded upside. As rents move to market and RUBS is implemented, the property stabilizes at a 6.82% cap rate and 9.12 GRM-a 98-basis-point expansion in yield and nearly a full point of GRM compression. That equates to $41,075 of additional annual NOI, a 16% increase in cash flow at no change in basis.
Location
State CA
County Los Angeles
Area 2 - Belmont Heights, Alamitos Heights
Interior
Laundry Community Facility
Exterior
Pool None
Building
Water District - Public
Others
Tax ID 7281010017
Special Listing Condition Not Applicable
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