$4,300,000
$4,300,000
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12,506 SqFt
SOLD DATE : 04/16/2024
Key Details
Sold Price $4,300,000
Property Type Multi-Family
Sub Type Mixed Use
Listing Status Sold
Purchase Type For Sale
Square Footage 12,506 sqft
Price per Sqft $343
Subdivision Downtown (Dt)
MLS Listing ID PW23224434
Sold Date 04/16/24
HOA Y/N No
Year Built 1964
Lot Size 7,457 Sqft
Acres 0.1712
Property Description
535 West 3rd Street is a 16-unit apartment building in Long Beach, California. This property is located right in the hustle and bustle of flourishing Downtown Long Beach across from the Governor George Deukmejian Courthouse and conveniently near dining, retail, and entertainment (WalkScore: 91). The building is a 1964 construction with a desirable mix of 13 two-bed/two-bath units and three one-bed/one-bath units, garage and tandem driveway parking, balconies, and on-site laundry.
Excitingly, four ADU’s are approved and RTI. Meanwhile, existing rents offer a new investor 15 percent rental upside. Assumable financing is available at 3.2% fixed rate with five years remaining, one of which is interest-only; the remaining loan balance is approximately $2.5 Million.
This asset is offered as part of a portfolio of Long Beach apartment buildings that range from eight to 52 units. Properties available separately or together.
Location
State CA
County Los Angeles
Area 4 - Downtown Area, Alamitos Beach
Zoning LBPD30
Rooms
Ensuite Laundry Common Area
Interior
Laundry Location Common Area
Fireplace No
Laundry Common Area
Exterior
Garage Spaces 8.0
Garage Description 8.0
Pool None
Community Features Urban
Total Parking Spaces 8
Private Pool No
Building
Lot Description Rectangular Lot
Story 3
Sewer Public Sewer
Water Public
New Construction No
Others
Senior Community No
Tax ID 7278022038
Acceptable Financing Cash, Cash to New Loan
Listing Terms Cash, Cash to New Loan
Financing Cash
Special Listing Condition Standard
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Bought with Steven Bogoyevac • Steven M. Bogoyevac, Broker
"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "