1518 E 3rd Street, Long Beach, CA 90802

$6,850,000
16,428
SqFt
List Price
$6,850,000
Price Change
▼ $300,000 1596149637
Status
ACTIVE
MLS#
PW19229471
Year Built
1964
Living Sq. Ft
16,428
Lot Size
8,269
Acres
0.1898
Lot Location
21-25 Units/Acre
Days on Market
365
Property Type
Multifamily
Stories
Three Or More Levels
Builders Tract Code
Alamitos Beach (AB)
Neighborhood
Alamitos Beach (Ab)

Property Description

1518 E. 3rd Street is a 22-unit apartment complex located in prime Alamitos Beach, just three blocks to the ocean and bike path. The property offers a desirable mix of (19) one-bedroom and (3) two-bedroom units. Seventeen of the 22 units are fully renovated, including new flooring, modern kitchens and baths and upgraded fixtures throughout. A majority of remodeled apartments have in-unit washer/dryers and on-site laundry is available for the remaining units. The property is in close proximity to the hip boutiques, restaurants and bars along Fourth Street/Retro Row and along the Broadway Corridor. The neighborhood is also adjacent to East Village Arts District, Downtown Long Beach and a myriad of employment opportunities. According to Niche website, Alamitos Beach ranks as the number three of 47 Best Neighborhoods for Young Professionals. Rents in this submarket are 19% higher than other Long Beach submarkets, on average. 1518 E. 3rd Street is an attractive investment asset with rental upside potential in an outstanding Alamitos Beach location with historically low vacancy rates.

Additional Information

Tract Number
5765
Lot Description
Sidewalks, Urban
Pool Description
None
Heat
Radiant
Garage Spaces Total
2
Sewer
Public Sewer
Water
Public
Attached Structure
Attached
Number Of Units Total
22
Gross Scheduled Income
$491,213
Operating Expense
151196
Unit One Total Units
19
Unit One Beds
1
Unit One Baths
1
Unit One Actual Rent
2016.00
Unit One Total Rent
38304.00
Unit One Pro Forma
2016
Unit One Furnished
Unfurnished
Unit Two Total Units
3
Unit Two Beds
2
Unit Two Baths
1
Unit Two Actual Rent
2495.00
Unit Two Total Rent
7485.00
Unit Two Pro Forma
2495
Unit Two Furnished
Unfurnished

Mortgage Calculator

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Calculator source: Real Geeks

Listing courtesy of Robert Stepp from Keller Williams - Santa Monica

Based on information from California Regional Multiple Listing Service, Inc. as of . This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.