515 W 3rd St, Long Beach, CA 90802
FOR SALE
NEW - 1 DAY AGO
Listed by Mike Marcu, Mike Marcu, Broker, (909) 371-1322

515 W 3rd St
Long Beach, CA 90802

Downtown
  • 4 Beds
  • 18 Baths
  • 9,588 sqft

$5,600,000

Est. Mortgage $28,463/mo*
Get Pre-Qualified

$5,600,000

Est. Mortgage $28,463/mo*
Get Pre-Qualified
4 Beds
18 Baths
9,588 sqft

Local Information

Map showing home location
© Google
-- mins to
Commute Destination

Description

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 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.

Home Highlights

Parking
No Info
Outdoor
No Info
HOA
None
Price/Sqft
$584
Listed
2 days ago

Home Details for 515 W 3rd St

Interior Features

Beds & Baths
Number of Bedrooms: 4Number of Bathrooms: 18
Appliances & Utilities
Laundry: Common Area
Windows, Doors, Floors & Walls
Common Walls: 2+ Common Walls
Levels, Entrance, & Accessibility
Number of Stories: 3Entry Location: Front

Exterior Features

Exterior Home Features
No Private Pool
Parking & Garage
No Garage
Pool
Pool: None
Frontage
Not on Waterfront
Water & Sewer
Sewer: Public Sewer
Surface & Elevation
Elevation Units: Feet

Days on Market

Days on Market: 2

Property Information

Year Built
Year Built: 1928
Property Type / Style
Property Type: Residential IncomeProperty Subtype: Multi Family
Building
Not a New ConstructionAttached To Another StructureNo Additional Parcels
Property Information
Not Included in Sale: javascript:__doPostBack('m_lbSubmit', '')Parcel Number: 7278022040

Price & Status

Price
List Price: $5,600,000Price Per Sqft: $584

Active Status

MLS Status: Active

Location

Direction & Address
City: Long BeachCommunity: Other

Agent Information

Listing Agent
Listing ID: OC26123229

Building

Building Area
Building Area: 9588 Square Feet

Community

Community Features: Curbs, UrbanNot Senior Community

HOA

Association for this Listing: California Regional MLS

Lot Information

Lot Area: 6093 sqft

Listing Info

Special Conditions: Standard

Offer

Contingencies: Subject to inspectionListing Terms: Cash, Cash to Existing Loan

Business

Expense
Tenant Pays: Electricity, See Remarks

Rental Terms, Policies & Fees

No Rent Control

Miscellaneous

Mls Number: OC26123229Living Area Range Units: Square FeetAttribution Contact: 949 688 1224Common Interest: Community ApartmentUniversal Property Id: US-06037-N-7278022040-R-N

Additional Information

CurbsUrbanSource Internet Entire Listing Display
Last check for updates: 42 minutes ago
Listing Provided by: Mike Marcu DRE #00919594, (949) 688-1224
Mike Marcu, Broker
Originating MLS: California Regional MLS
Source: CRMLS, MLS#OC26123229
Also Listed on CRMLS.

Market trends in Long Beach

Last updated April 2026
Buyer'sMarketSeller'sMarket
Avg. sale price
$818K
$6.67KMoM
Sale-to-List Price
100.0%
Price per sq ft
$638
$14MoM
Available listings
764
39MoM

Price History for 515 W 3rd St

DatePriceEventSource
06/05/2026$5,600,000Listed For SaleCRMLS #OC26123229

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617 W 3rd St, Long Beach, CA
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8,543
310 W 8th St, Long Beach, CA
0.42
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$2,590,000
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8,945
625 Elm Ave, Long Beach, CA
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8,710
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2,592
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2,765
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2,688
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0.28
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1,426

Nearby homes

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Assigned Schools

These are the assigned schools for 515 W 3rd St.
View nearby schools on GreatSchools
The GreatSchools Rating compares schools on a variety of school quality indicators including test scores, college readiness, equity and more. Learn more.

Neighborhood Overview

Downtown
See Local Highlights
Neighborhood stats provided by third party data sources.

What Locals Say about Downtown

At least 253 Trulia users voted on each feature.

  • 94 % Say it's dog friendly

  • 93 % Say there are sidewalks

  • 90 % Say it's walkable to restaurants

  • 83 % Say it's walkable to grocery stores

  • 75 % Say streets are well-lit

  • 59 % Say people would walk alone at night

  • 54 % Say car is needed

  • 53 % Say there's holiday spirit

  • 49 % Say neighbors are friendly

  • 43 % Say they plan to stay for at least 5 years

  • 35 % Say there are community events

  • 32 % Say yards are well-kept

  • 31 % Say parking is easy

  • 29 % Say there's wildlife

  • 28 % Say it's quiet

  • 28 % Say kids play outside

Sourced by Trulia users. Learn more about our methodology.
  • Mdavis1894
    "I live downtown Long Beach. It’s lively,diverse, a little loud. Easily accessible to multiple modes of transportation, bars, and restaurants. Great spot for young adults, not so much families."
    0
    Flag
  • Nhbcfm85tf
    "Lots of pop ups and street parties in downtown Long Beach Lots of restaurants and activities plus dog parks and the beach "
    0
    Flag
  • Rhon Richardson
    "Like it. I’ve enjoyed my stay here. There is lots to do. Restaurants are nearby as well as grocers. The weather is perfect. And there are so many events here to enjoy."
    0
    Flag
  • Marcsd39
    "Thing change very quickly from 1 block to the next. There are nice hotels and good restaurants. But just be careful walking in areas not very well lit. But yes there are some amazing sights to see and things to do both day and night. "
    0
    Flag
  • Taylor.woodson4
    "As usual , keep your kids close by. Other than that downtown is solid. A lot of different places for different races with solid vibes."
    0
    Flag
  • Trulia User
    "Dog friendly, but watch your step and don't be surprised by the stench. Street cleaners can't keep up, but even worse businesses/apartment complexes don't ever rinse their buildings to assist in keeping the city nice. "
    0
    Flag
  • Trulia User
    "We have the Jazz festivals come every year,The Gospel Fest, entertainment,The Aquarium, The theater, bike rentals, you can go walking on a trail, wow looking at a an amazing Scenery ,the ocean, the beaches, shoreline Village, Lots of shopping shops etc. gorgeous exotic view beautiful sunsets need I say more it is a lot to do nice neighborhood clean just fabulous"
    5
    Flag
  • Trulia User
    "There are many dog owners in the area. It’s definitely dog friendly. They are building a new park on the block "
    0
    Flag
  • Mildred H.
    "Long Beach is a Pet Friendly city love it to death love my pets so for all the pet lovers this is the place to be"
    6
    Flag
  • Maggie F.
    "Within walking distance of multiple train stops. Busses come regularly. Very easy to get around without a car. I commuted to downtown LA for 3 months straight for work. "
    2
    Flag
  • Gene C.
    "Great dog park in the neighborhood and lots of friendly dog owners to socialize with. Plenty of vets and pet services available too. "
    1
    Flag
  • Mallory N.
    "A lot of Dog parks and open grassy areas to walk dogs and allow dogs to play. Many apartment communities allow pets in the home."
    2
    Flag
  • Donna W.
    "Lots to do, walking distance to beach, restaurants, shopping, coffee shops, etc. Multi ethnic groups. "
    15
    Flag
  • Porshatlw
    "It’s extremely dog friendly. There are so many dog owners in this neighborhood that you’ll make friends (2 & 4 legged) easily."
    0
    Flag
  • Nancy C.
    "Walking distance to the Promenade and all sorts of cute cafes and boutiques! Also the Waterfront, boardwalk, and Pike Outlets. I live at Camden Harbor View and it’s great."
    0
    Flag
  • James L.
    "my commute walking around the corner block to vons thats i use public transit which is easy access to except during current pandemic "
    0
    Flag
  • Kelly O.
    "Vegan food fest, Monday night market, taste of DTLB, first fridays, movie nights on pine and on the beach"
    0
    Flag
  • Brett R.
    "Has good access to public transportation but everyone feels unsafe on the trolley train. So I don't use it, to many homeless, drug seeking or psychiatric cases along Long Beach Blvd. and Ocean Ave."
    2
    Flag
  • Kelly O.
    "Lots of pups and parks! Sidewalks aren’t crowded and they are well lit. Most pup owners are courteous and clean up after their pups."
    0
    Flag
  • Kelly O.
    "Vegan food festivals monthly Monday night market Taste of Long Beach Dine Lbc week Pow wow lbc Love festival Music feels good Day parties on the Belmont pier"
    0
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  • Rabab A.
    "I’ve worked in LA (South Bay Area) and now the OC. Long Beach is one of those magical places where it doesn’t matter which direction you take on the 405. Either way your drive is terrible."
    2
    Flag
  • Nathan J.
    "I take public transit to work every day, transferring from the A Line to the Green Line. LA Metro has lots of annoying delays, but it’s still faster than sitting in traffic all day."
    0
    Flag
  • Judy T.
    "Not enough places for dogs to play off leash . We need larger dog parks downtown.Not enough grass either. And the city does not maintain the dog park anyway. And leash laws are not enforced!"
    0
    Flag
  • Julia
    "I don’t know if many “family” events, but I do see some cool stuff happening in Pine Ave. every now and then "
    1
    Flag
  • Sam D.
    "Very lively and diverse. Great restaurants and shops as well as outdoor activities. Perfect for riding bikes on weekends or beach activities."
    1
    Flag
  • Pamelagreen000
    "Residents love to live, work, and play in their own community. Its vibrant , mature, friendly, and the ocean is right there."
    0
    Flag
  • lucalalee
    "There is always something going on at the Convention Center and Downtown Long Beach has a beautiful night life."
    0
    Flag
  • Trulia User
    "It’s close to 2 really good elementary-schools close to court and police station lots of things to do"
    0
    Flag
  • Heidy
    "There are always events like the Toyota Grand Prix, lobster fest, zombie fest and Long Beach Pride. "
    0
    Flag
  • Marcos G. O.
    "Downtown lifestyle, tons of fun things to do in walking distance. Great diversity of people and tolerance."
    24
    Flag
  • Designsbyrhonda
    "Downtown Long Beach is always bustling with things to do. Food, drinks, movies, entertainment and the convention center are all in my back yard!"
    3
    Flag
  • Unspecified
    "Lived in downtown Long Beach over 10 years I love the environment and the people are very nice. Dog friendly which is a plus! Street parking is difficult."
    3
    Flag
  • Matthew G.
    "The definition of city living. Plenty of places to eat, drink, walk. Don’t count on parking however."
    0
    Flag
  • Kat
    "I’ve lived in this area for a little over two years. It’s very diverse, and friendly and neighbors look out for one another. "
    1
    Flag
  • Therealcaioo
    "It has dirty streets, with no parking space. A lot of people walk with their dogs, but few clean their poop. Trash around everywhere, also the street sweeping doesn’t work well, but they will give you a fine if you leave your car there. "
    4
    Flag

LGBTQ Local Legal Protections

Mike Marcu, Mike Marcu, Broker
Agent Phone: (949) 688-1224
The multiple listing data appearing on this website, or contained in reports produced therefrom, is owned and copyrighted by California Regional Multiple Listing Service, Inc. ("CRMLS") and is protected by all applicable copyright laws. Information provided is for viewer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties the viewer may be interested in purchasing. All listing data, including but not limited to square footage and lot size is believed to be accurate, but the listing Agent, listing Broker and CRMLS and its affiliates do not warrant or guarantee such accuracy. The viewer should independently verify the listed data prior to making any decisions based on such information by personal inspection and/or contacting a real estate professional.
Based on information from California Regional Multiple Listing Service, Inc. as of 2026-02-09 09:51:42 PST 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
515 W 3rd St, Long Beach, CA 90802 is a 4 bedroom, 18 bathroom, 9,588 sqft multi-family built in 1928. 515 W 3rd St is located in Downtown, Long Beach. This property is currently available for sale and was listed by CRMLS on Jun 5, 2026. The MLS # for this home is MLS# OC26123229.