La Pasada

515 West 3rd Street Long Beach, CA 90802 29 Units
La Pasada

Investment Highlights

  • Prime West Gateway Location
  • Significant Recent Renovation Overhaul
  • Attractive Seller Financing Available
  • Commutable to Over 5.7 Million Jobs
  • Delivered 100% Occupied with Strong Upside Potential
  • Unique Unit Mix
  • Revitalized Downtown Underway

Property Description

The Mogharebi Group is pleased to present the opportunity to acquire La Pasada, a 29-unit secured access multifamily community located at 515 West 3rd Street in Long Beach, California. This asset, recently converted from an existing hotel, benefits from a unique unit mix of SRO-, Studio-, and one-bedroom floorplans. La Pasada has recently undergone significant renovations to both unit interiors as well as the property exterior. Renovations included the addition of key tenant amenities such as central air conditioning, heating, and a dedicated laundry facility. Additionally, the property received a new roof, new electrical systems, and a leasing office. Along with these highly desirable upgrades, La Pasada is complimented further by an ideal location near the corner of W 3rd Street and Magnolia Avenue. This location allows for easy, walkable access to many of Long Beach’s various local attractions, most notably the Ceasar E Chavez Park and the ShoreLine Village. La Pasada is currently offered fully occupied with 70% LTV and a seller carried 1st Note at a 5% interest rate with interest only payments and a 30% down payment.

Property Location
515 West 3rd Street
Long Beach, CA 90802
Located along the Southern California coastline, Long Beach is the second-largest city in Los Angeles County and is known for its scenic beaches, vibrant neighborhoods, rich cultural heritage, an abundance of recreational options, and a robust and highly diversified local economy. With its central location between Los Angeles and Orange Counties, the city is well positioned to take advantage of the employment, entertainment, and educational centers throughout the Southern California region via a robust matrix of freeways and light rail connections. Long Beach is also home to one of the largest port systems in the nation holding a strategic position as the nation’s gateway to Asia and Latin America. Additionally, Long Beach is known as the home of some of the most popular tourist attractions in the state drawing more than 5.5 million visitors annually to destinations including the Queen Mary, Shoreline Village, and the Aquarium of the Pacific.

Listing Advisors

Mike Marcu

Senior Vice President

(949) 688-1224

CA Lic. #00919594