La Pasada is a 29-unit apartment community located at 515 West 3rd Street in Long Beach. This prime location is directly across the street from the Governor George Deukmejian Courthouse, and a public transportation bus stop is conveniently situated in front of the building. Originally a hotel, the property has… Read More been operating as an apartment building for over 20 years but retains the benefit of a grandfathered hotel zoning should an investor wise to operate it with short term rentals. The seller is offering a 70% first note and trust deed with a 5% interest rate, featuring interest-only payments for the duration of the loan. The property boasts new sewer lines, plumbing (both on the first and second floors), an updated electrical system, roof, and windows. The entire first floor has been rebuilt from the studs out, and all units are equipped with central HVAC. The second floor has undergone a complete bathroom remodel, and the interiors have been upgraded throughout. Additionally, the third floor features two common area bathrooms and 11 single room occupancy units, all of which are in good condition Read Less
Property listed by Mike Marcu, Broker, Mike Marcu 949 688 1224
Listing Snapshot
Days Online
32
Last Updated
Property Type
Apartment
Lot Size
0.14 Acres
Year Built
1928
MLS Number
OC25093913
Additional Details
Building
Built in 1928, Building area total: 10,200, 1 building, Architectural style: , Attached, Common walls: OneCommonWall
Community
Urban
Expenses
Electric expense: $3,500, Fuel expense: $3,000, Insurance expense: $16,181, Maintenance expense: $14,421, New taxes expense: $77,623, Operating expense: $159,491, Trash expense: $2,500, Water sewer expense: $4,198, Other expense: $4,972
Income
Gross income: $2,532, Net operating income: $272,167
Based on information from California Regional Multiple Listing Service, Inc. as of 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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