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… Read More 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. Read Less
Property listed by Mike Marcu, Broker, Mike Marcu 310-259-7556
Listing Snapshot
Days Online
18
Last Updated
Property Type
Apartment
Lot Size
0.14 Acres
Year Built
1928
MLS Number
OC26123229
Additional Details
Building
Built in 1928, 1 building, 3 stories, Entry level: 1, Entry location: Front
Based on information from California Regional Multiple Listing Service, Inc. as of 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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