La Pasada

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.