3024 E 3rd St - Apartments FOR SALE


Long Beach, CA 90814
$4,500,000 USD
424-405-3826
3024 E 3rd St, Long Beach, CA for Sale
$4,500,000 USD
Apartments - FOR SALE
1/8
null | 5.7% Cap Rate

3024 E 3rd St
Long Beach, CA 90814


HIGHLIGHTS

  • Excellent opportunity to acquire a turnkey building at a 5.70% current cap rate
  • Located in the desirable Bluff Heights neighborhood walkable to dining, retail, and the beach
  • Three brand new ADU’s boost the unit count to take advantage of the area’s high rental demand and generate significant additional income
  • 12% rental upside

OVERVIEW

Marcus & Millichap is pleased to present to market 3024 East 3rd Street, a remodeled 15-unit apartment building in Long Beach, California’s desirable Bluff Heights neighborhood. The property boasts three new ADU’s and a unit mix of three studios, 11 one-bed/one-baths, and one two-bed/one-bath. The building also offers on-site laundry. 3024 East 3rd Street is in an excellent rental location in the Bluff Heights neighborhood, known for its historic homes and tree-lined streets, one block to an elementary school, within easy walking distance of popular restaurants along Broadway, and a half-mile to Bluff Park and the beach. This offering is an outstanding investment opportunity for any investor looking for an asset in great condition in a strong coastal rental market, and 12 percent rental upside offers growth potential.

FOR SALE DETAILS

PRICE

$4,500,000 USD

PRICE/SF

$586 USD /SF

# OF UNITS

15

PRICE/UNIT

$300,000

CAP RATE

5.7%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1957

PARKING SPACES

6

LAND DETAILS

LAND ACRES

0.17 AC

LAND SF

7,501 SF

ZONING

LBR2A

APN/PARCEL ID

7257-028-004

ASK ABOUT THIS PROPERTY

Steve BogoyevacMarcus & MillichapMore Info
424-405-3826

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Steve BogoyevacMarcus & MillichapMore Info
424-405-3826

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.