Bluff & Oak 3020 E 3rd St 15 Unit Apartment Building $9,550,870 CAD ($636,725 CAD/Unit) 5% Cap Rate Long Beach, CA 90814

Bluff & Oak is one of the newest apartment offerings in Long Beach and a standout example of Class-A coastal modern design, located in the highly sought-after Bluff Heights submarket.
The property consists of fifteen expansive and pristine residences designed by Preen Design, featuring top-of-the-line modern coastal designer finishes, abundant natural light, and a lush outdoor community space. The building underwent a comprehensive redevelopment, and all major building systems are brand new, including plumbing, electrical, mechanical systems, individual hot water heaters, a new 2-inch main water line, a new 400-amp main disconnect, 3 new gas meters, all new landscape and hardscape, a new roof, several new windows, and a new building facade. Additionally, unit interiors feature newly added in-unit washer and dryers, LED lighting and astro light fixtures, European tile and bath vanities, modern designer fixtures, new plank floors, and Energy Star appliances—positioning the asset for below-average maintenance and operating costs in the near term.
Bluff Heights is one of the hottest submarkets in rapidly gentrifying Long Beach, due to its growing influx of creative professionals, given the unique attributes including proximity to the Pacific Ocean, Bluff Park, cafés/boutiques, TAMI employers, and transportation nodes. Bluff Heights Historic District represents a vibrant, established residential neighborhood in Long Beach. More than half the homes in the neighborhood are Craftsman bungalows, built between 1910–1923, but the oldest homes are Victorian. Long Beach has seen an increase in its global brand visibility as the city prepares to host several Olympic Games in 2028.
Leveraging a comprehensive cost segregation study by DataWise performed on this $7,000,000 asset, which is transferable to the new owner, results in an accelerated $2,137,000 of depreciation within the first 5 years of ownership. This is compared to the depreciation of $728,568 over the first 5 years without such a study.
The asset is achieving market-setting rents on a per-square-foot basis, with multiple applications per unit and a continued runway for future rent and yield growth. Opportunities to acquire essentially new construction products of this scale and quality in Bluff Heights are exceptionally limited. Bluff & Oak combines architectural distinction, operational efficiency, tax acceleration, and proven rent strength, delivering an asset built not only for today’s returns, but for long-term compounding performance in one of Southern California’s most dynamic coastal neighborhoods.