515 W 3rd St Long Beach, CA 90802
West Village NeighborhoodEstimated payment $32,717/month
About This Home
Seller Financing Available – 75% LTV at 4% Interest, Interest-Only Payments for Up to 5 years. La Pasada, a 29-unit apartment building located at 515 W. 3rd Street in the heart of Downtown Long Beach. The property consists of 11 SRO units, 14 studios, and 4 one-bedroom apartments, serving the area's growing demand for affordable workforce housing. Originally constructed as a hotel, La Pasada has operated as apartments for more than two decades while retaining its grandfathered hotel zoning. This rare designation provides ownership with the flexibility to continue operating as apartments or explore future short-term lodging opportunities. The building has undergone substantial capital improvements, including renovated unit interiors, central HVAC throughout all 29 units, a remodeled second-floor community bathroom, updated building systems, and an on-site laundry facility. Additional improvements include a newer roof, upgraded electrical infrastructure, replacement windows, and sewer line improvements. Located within walking distance of the waterfront, La Pasada benefits from proximity to Aquarium of the Pacific, Long Beach Convention Center, Shoreline Village, and Cesar E. Chavez Park. The property also enjoys convenient access to the 710 Freeway, Pacific Coast Highway, public transportation, and the ongoing redevelopment of Downtown Long Beach. With below-market financing, a strategic downtown location, flexible zoning, and upside through stabilization of occupancy, La Pasada represents a compelling investment opportunity in one of Southern California's most dynamic urban markets. Investment Highlights Seller financing: 75% LTV at 4% interest, interest-only payments for up to 5 years
29-unit workforce housing asset (11 SROs, 14 studios, 4 one-bedrooms)
Grandfathered hotel zoning provides operational flexibility
Significant recent capital improvements completed
Central HVAC in first floor units
Opportunity to increase income through lease-up and operational stabilization
Walkable Downtown Long Beach location near major employment, entertainment, and waterfront amenities
Positioned to benefit from continued investment and redevelopment in Downtown Long Beach Current stabilized cash-on-cash return exceeds 7% with seller financing in place.
Listing Agent
Mike Marcu, Broker Brokerage Phone: 949 688 1224 License #00919594 Listed on: 06/05/2026
Property Details
Home Type
- Multi-Family
Year Built
- Built in 1928
Lot Details
- 6,093 Sq Ft Lot
- Two or More Common Walls
- Sprinkler System
- Density is 21-25 Units/Acre
- Zero Lot Line
Home Design
- Apartment
- Entry on the 1st floor
Interior Spaces
- 9,588 Sq Ft Home
- 3-Story Property
- Laundry in unit
Bedrooms and Bathrooms
- 1 Bedroom
- 2 Bathrooms
Location
- Urban Location
Listing and Financial Details
- Legal Lot and Block 26 / 138
- Tax Tract Number 22
- Assessor Parcel Number 7278022040
- $4,102 per year additional tax assessments
Community Details
Building Details
- 25 Leased Units
- 18 Separate Electric Meters
- 1 Separate Gas Meter
- 1 Separate Water Meter
- Electric Expense $7,071
- Fuel Expense $4,326
- Insurance Expense $16,675
- Maintenance Expense $13,579
- Other Expense $2,927
- Professional Management Expense $37,527
- Trash Expense $15,600
- Water Sewer Expense $3,665
- New Taxes Expense $75,172
- Operating Expense $176,541
- Gross Income $1,080
- Net Operating Income $255,836
Additional Features
- 29 Units
- Laundry Facilities
Map
Home Values in the Area
Average Home Value in this Area
Tax History
We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.
| Year | Tax Paid | Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. | Land | Improvement |
|---|---|---|---|---|
| 2025 | $27,516 | $1,844,872 | $737,946 | $1,106,926 |
| 2024 | $26,262 | $1,808,699 | $723,477 | $1,085,222 |
| 2023 | $25,762 | $1,773,236 | $709,292 | $1,063,944 |
| 2022 | $24,231 | $1,738,468 | $695,385 | $1,043,083 |
| 2021 | $23,499 | $1,704,381 | $681,750 | $1,022,631 |
| 2019 | $23,126 | $1,653,830 | $661,530 | $992,300 |
| 2018 | $22,554 | $1,621,403 | $648,559 | $972,844 |
| 2016 | $20,755 | $1,558,444 | $623,376 | $935,068 |
| 2015 | $19,957 | $1,535,036 | $614,013 | $921,023 |
| 2014 | $19,855 | $1,504,968 | $601,986 | $902,982 |
Property History
We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.
| Date | Event | Price | List to Sale | Price per Sq Ft |
|---|---|---|---|---|
| 06/05/2026 06/05/26 | For Sale | $5,600,000 | -- | $584 / Sq Ft |
Purchase History
We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.
| Date | Type | Sale Price | Title Company |
|---|---|---|---|
| Warranty Deed | -- | Chicago Title Company | |
| Grant Deed | $1,350,000 | Fidelity National Title | |
| Individual Deed | $400,000 | North American Title | |
| Gift Deed | -- | -- | |
| Grant Deed | -- | -- |
Mortgage History
We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.
| Date | Status | Loan Amount | Loan Type |
|---|---|---|---|
| Open | $900,000 | No Value Available | |
| Previous Owner | $945,000 | Commercial | |
| Previous Owner | $945,000 | Commercial | |
| Previous Owner | $96,673 | Commercial |
Source: California Regional Multiple Listing Service (CRMLS)
MLS Number: OC26123229
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The multiple listing data appearing on this website, or contained in reports produced therefrom, is owned and copyrighted by California Regional Multiple Listing Service, Inc. ("CRMLS") and is protected by all applicable copyright laws. Information provided is for viewer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties the viewer may be interested in purchasing. All listing data, including but not limited to square footage and lot size is believed to be accurate, but the listing Agent, listing Broker and CRMLS and its affiliates do not warrant or guarantee such accuracy. The viewer should independently verify the listed data prior to making any decisions based on such information by personal inspection and/or contacting a real estate professional.
Based on information from California Regional Multiple Listing Service, Inc. and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information
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