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Patricia Beattie

patricia@brivio.com +1(415) 286-8292

$4,400,000

Est. payment - /mo

5,005 Sqft Lot

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UPDATED:

Key Details

Property Type Single Family Home, Multi-Family

Sub Type Mixed Use

Listing Status Active

Purchase Type For Sale

Subdivision East Village Arts District

MLS Listing ID PW26170001

HOA Y/N No

Year Built 1922

Lot Size 5,005 Sqft

Property Sub-Type Mixed Use

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

Fireplace No

Laundry Common Area

Exterior

Pool None

Community Features Sidewalks

Private Pool No

Building

Lot Description 21-25 Units/Acre

Story 3

Sewer Public Sewer

Water Public

New Construction No

Others

Senior Community No

Tax ID 7281010017

Energy Description 10617.0

Acceptable Financing Cash, Cash to New Loan, 1031 Exchange

Listing Terms Cash, Cash to New Loan, 1031 Exchange

Special Listing Condition Standard

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Listed by Robert Stepp Keller Williams Realty Downey 310-463-2916, DRE #01456379

Nearby School & Business

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Patricia Beattie

+1(415) 286-8292

Broker | License ID: 01405369

Broker License ID: 01405369

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445 E 3rd Long Beach, CA 90802

Patricia Beattie

Key Details

Location

Interior

Exterior

Building

Others

Nearby School & Business

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