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 GRMa 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.
Details
| MLS # | PW26170001 |
|---|---|
| Listing Type | For Sale |
| Sub-Type | Resale |
| Status | Active |
| Year | 1922 |
| Days On Site | 28 |
| Listing Provided By | Keller Williams Realty Downey | Robert Stepp |
Features
| SQ Feet | 12,150 |
|---|---|
| Story(s) | 3 |
| Units | 22 |
| Building(s) | 1 |
| Acreage | 0.11 |
Exterior
| Lot Features | Twenty One To Twenty Five Units Acre |
|---|
Parking
| Garage Yes / No | No |
|---|
Utilities
| Sewer | Public Sewer |
|---|
Location
| Community Features | Sidewalks |
|---|
Area Information
| State | CA |
|---|---|
| County | Los Angeles |
| City | Long Beach |
| Zip Code | 90802 |
| Area | 2 Belmont Heights | Alamitos Heights |
| Community Name | East Village Arts District |
| Listing VS Median (in East Village Arts District) | |
Price: $4,400,000 low | high Med: $4,400,000 sqft: 12,150 low | high Med: 12,150 $ / sqft: $362 low | high Med: $362 On site: 28 low | high Med: 28 | |
Market Activity 90802
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Learn More About This Property
| State | CA |
|---|---|
| County | Los Angeles |
| City | Long Beach |
| Zip Code | 90802 |
| Area | 2 Belmont Heights | Alamitos Heights |
| Community Name | East Village Arts District |
| Listing VS Median (in East Village Arts District) | |
Price: $4,400,000 low | high Med: $4,400,000 sqft: 12,150 low | high Med: 12,150 $ / sqft: $362 low | high Med: $362 On site: 28 low | high Med: 28 | |
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