Listed by Mike Marcu, Mike Marcu, Broker, (949) 688-1224
$5,600,000
4 Beds
18 Baths
9,588 sqft
515 W 3rd St, Long Beach, CA 90802
Est. Mortgage $34,253/mo*
Get Pre-QualifiedHome Highlights
Multi-Family
Built in 1928
$584/sqft
Local Information
- Map ViewExplore the area around 515 W 3rd St.
- Schools1 Elementary School1 Middle School1 High School
- Shop & Eat
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About this House
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.
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 Details for 515 W 3rd St
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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 |
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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 |
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Days on Market: 92 |
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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 |
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Price List Price: $5,600,000Price Per Sqft: $584 |
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MLS Status: Active |
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Direction & Address City: Long BeachCommunity: Other |
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Listing Agent Listing ID: OC26123229 |
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Building Area Building Area: 9588 Square Feet |
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Community Features: Curbs, UrbanNot Senior Community |
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Association for this Listing: California Regional MLS |
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Lot Area: 6093 sqft |
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Special Conditions: Standard |
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Contingencies: Subject to inspectionListing Terms: Cash, Cash to Existing Loan |
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Expense Tenant Pays: Electricity, See Remarks |
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No Rent Control |
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Mls Number: OC26123229Living Area Range Units: Square FeetAttribution Contact: 949 688 1224Common Interest: Community ApartmentUniversal Property Id: US-06037-N-7278022040-R-N |
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CurbsUrbanSource Internet Entire Listing Display |
Around this home
Neighborhood Overview
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
27 % Say kids play outside
Sourced by Trulia users. Learn more about our methodology.
Market trends in Long Beach
Last updated July 2026
Avg. sale price
$818K
$12.5KMoM
Sale-to-List Price
100.0%
Price per sq ft
$646
$17MoM
Available listings
797
3MoM
Home Value
Learn more about this home's value by checking out the value of nearby homes and how much similar homes have sold for.
Comparable sales
These are recently sold homes that have a similar location or other similar features to this home, like bedrooms, bathrooms, and square footage. Get a sense of the expected prices in the area by viewing these homes.Address | Distance | Property Type | Sold Price | Sold Date | Bed | Bath | Sqft |
|---|---|---|---|---|---|---|---|
0.22 | Multi-Family Home | $4,695,000 | 08/13/26 | 7 | 25 | 14,055 | |
0.14 | Multi-Family Home | $1,365,000 | 02/12/26 | 9 | 9 | 7,190 | |
0.73 | Multi-Family Home | $2,600,000 | 03/06/26 | 3 | 22 | 8,543 | |
0.11 | Multi-Family Home | $2,010,000 | 06/15/26 | 14 | 12 | 6,366 | |
0.42 | Multi-Family Home | $2,590,000 | 10/03/25 | 14 | 10 | 8,945 | |
0.59 | Multi-Family Home | $2,705,000 | 09/01/26 | 13 | 13 | 7,836 | |
0.65 | Multi-Family Home | $2,300,000 | 08/27/26 | 19 | 16 | 8,818 | |
0.73 | Multi-Family Home | $1,760,000 | 07/02/26 | 4 | 8 | 5,498 | |
0.41 | Multi-Family Home | $900,000 | 10/03/25 | 4 | 5 | 2,592 | |
0.33 | Multi-Family Home | $1,346,000 | 03/25/26 | 6 | 5 | 2,765 |
Nearby home prices
Get a sense of expected prices in the area by checking the value of nearby homes.Address | Distance | Price | Bed | Bath | Sqft | Status |
|---|---|---|---|---|---|---|
0.03 | $1,269,100 | 7 | 4.5 | - | Off Market | |
0.04 | $1,275,000 | Studio | 8 | 3,520 | For Sale | |
0.02 | $3,389,600 | 29 | 29 | 12,506 | Off Market | |
0.05 | $769,900 | 3 | 3 | 1,471 | Recently Sold | |
0.06 | $423,000 | 2 | 2 | 911 | Recently Sold | |
0.08 | $397,500 | 2 | 2 | 779 | For Sale | |
0.08 | $460,000 | 2 | 2 | 904 | For Sale | |
0.08 | $330,000 | 1 | 1 | 552 | Recently Sold | |
0.10 | $390,700 | 1 | 1 | 600 | Off Market | |
0.10 | $472,800 | 2 | 2 | 945 | Off Market | |
0.10 | $432,500 | 2 | 2 | 1,017 | Off Market |
Price and Tax history
| Date | Event | Price |
|---|---|---|
Jun 5, 2026 Source: CRMLS #OC26123229 | Listed For Sale | $5,600,000 |
LGBTQ Local Legal Protections
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 2026-09-04 15:22:21 PDT 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
Based on information from California Regional Multiple Listing Service, Inc. as of 2026-09-04 15:22:21 PDT 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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Frequently asked questions about 515 W 3rd St
- What is the estimated monthly payment for 515 W 3rd St?Based on a $5,600,000 list price with 20% down at today's rates, the estimated monthly payment for 515 W 3rd St in Long Beach, CA is approximately $34,842 (about $29,260 principal & interest, $5,507 property taxes, and $75 homeowner's insurance). This is an estimate. Actual payment depends on your loan terms.
- How does the list price for 515 W 3rd St compare to homes in Long Beach?515 W 3rd St in Long Beach, CA is listed at $5,600,000, about 585% above the $818K median sale price in Long Beach.
- What do residents say about the Downtown neighborhood?Residents describe the Downtown neighborhood in Long Beach, CA as dog-friendly, pedestrian-friendly, and walkable to restaurants. See homes for sale in Downtown, Long Beach.
- What are the closest schools to 515 W 3rd St?The closest schools to 515 W 3rd St in Long Beach, CA are Cabrillo High School (rated 3/10), Chavez Elementary School (rated 6/10), Washington Middle School (rated 4/10).
- Does 515 W 3rd St have laundry facilities?Yes, 515 W 3rd St in Long Beach, CA has laundry facilities.