La Pasada 515 W 3rd St 29 Unit Apartment Building $7,957,096 CAD ($274,383 CAD/Unit) 4.42% Cap Rate Long Beach, CA 90802

La Pasada presents a rare opportunity to acquire a substantially renovated, secured-access multifamily asset in the heart of Downtown Long Beach with highly attractive seller financing already in place, offering an opportunity to achieve 7% plus cash-on-cash returns. The seller is offering financing at 75% loan-to-value with a 4% fixed interest rate and interest-only payments for a 5-year term, providing investors with a significant advantage in today’s elevated interest rate environment. This financing structure dramatically reduces acquisition costs, improves early cash flow, and provides operational flexibility during the stabilization process.
Originally constructed in 1928 and thoughtfully repositioned from a historic hotel into a modern apartment community, the property blends classic architectural character with extensive contemporary capital improvements, creating a highly differentiated workforce housing investment.
Ownership has invested substantial capital into the renovation and modernization of the property, resulting in an asset with limited immediate capital expenditure requirements and strong long-term tenant appeal. Renovations include upgraded kitchens with quartz countertops, updated cabinetry, stainless steel appliances, vinyl flooring, renovated bathrooms, lighting packages, and air conditioning in many units. Additionally, major systems improvements include a new roof, upgraded electrical systems and subpanels, new sewer lines, updated windows, new laundry facilities, and the addition of a leasing office.
While the physical condition of the property has been substantially improved, the asset has experienced operational inconsistency due to absentee ownership and management challenges, creating a compelling opportunity for a new investor to stabilize occupancy, improve collections, and implement professional management practices. Several units are rent-ready, and the renovated condition of the property positions new ownership to efficiently lease vacancies and capitalize on continued rental demand in Downtown Long Beach.
The property’s unique mix of SRO, studio, and one-bedroom apartments allows it to serve a broad segment of workforce and affordable housing demand within one of Southern California’s strongest rental corridors. Located directly across from the Long Beach Municipal Courthouse and within walking distance to Shoreline Village, the Aquarium of the Pacific, the Convention Center, and major employment centers, La Pasada benefits from exceptional urban connectivity and long-term renter demand fundamentals.
For investors seeking a renovated urban multifamily asset with operational upside, exceptional seller financing, and strong long-term market fundamentals, La Pasada represents a unique value-add opportunity in the rapidly evolving Downtown Long Beach market.