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Travis Breton

travisbreton@gmail.com +1(760) 470-2752

Listed by Robert Stepp, DRE #01456379 • Keller Williams Realty Downey

$ 4,400,000

Est. payment | -/mo

5,005 Sqft Lot

Save

$ 4,400,000

Est. payment | -/mo

Save

5,005 Sqft Lot

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

"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "

+1(760) 470-2752

travisbreton@gmail.com

1902 Wright Place #200, Carlsbad, CA 92008, USA

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445 E 3rd Long Beach, CA 90802