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Listed by Mike Marcu • Mike Marcu, Broker
$ 5,950,000
Est. payment | /mo
10,200 SqFt
$ 5,950,000
Est. payment | /mo
10,200 SqFt
Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 10,200 sqft
Price per Sqft $583
MLS Listing ID CROC25093913
HOA Y/N No
Year Built 1928
Lot Size 6,093 Sqft
Property Sub-Type Other
Source Datashare California Regional
Property Description
La Pasada is a 29-unit apartment community located at 515 West 3rd Street in Long Beach. This prime location is directly across the street from the Governor George Deukmejian Courthouse, and a public transportation bus stop is conveniently situated in front of the building. Originally a hotel, the property has been operating as an apartment building for over 20 years but retains the benefit of a grandfathered hotel zoning should an investor wise to operate it with short term rentals. The seller is offering a 70% first note and trust deed with a 5% interest rate, featuring interest-only payments for the duration of the loan. The property boasts new sewer lines, plumbing (both on the first and second floors), an updated electrical system, roof, and windows. The entire first floor has been rebuilt from the studs out, and all units are equipped with central HVAC. The second floor has undergone a complete bathroom remodel, and the interiors have been upgraded throughout. Additionally, the third floor features two common area bathrooms and 11 single room occupancy units, all of which are in good condition
Location
State CA
County Los Angeles
Interior
Fireplace No
Laundry Community Facility
Building
Water Public
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