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527 W. 3rd Street

527 W 3rd Street,Long Beach, CA 90802

1929

Year Build

$8,900,000

Price per Unit

Property Details

Current Cap Rate

4.57%

Market Cap

5.41%

Current GRM

13.19

Market GRM

11.78

25907 Oak Street

25907 Oak Street | Lomita, CA 90717

$10,750,000

Price per Unit

Property Details

Tyler Leeson

$10,750,000

Building Size

23,312 SF

Number Of Units

23

Cap Rate

3.69%

Total Lot Size

23,312 SF

Year Built

23

Number Of Units

23

Year Built

23

Description

527 W. 3rd Street is a 36-unit apartment asset in prime Downtown Long Beach.

The property features a mix of four (4) 1BD / 1 BA, (27) studios, and five (5) micro studios. Many of the units have been renovated with designer fixtures and finishes, including new countertops, cabinetry, tile and flooring in the kitchens and bathrooms, stainless steel appliances and lighting. The secured access building offers a bright, spacious entryway, new carpet and paint in hallways, and on-site laundry facilities.

With its prime West Gateway location, the property provides convenient access to the newly redesigned Lincoln Park, an integral part of the 22-acre, $520 million Civic Center redevelopment project. The Long Beach Civic Center Master Plan includes a 270,000-square-foot City Hall, 93,500-square-foot landmark Main Library, updated bike/bus/Metro Blue Line transit system, design guidelines for 800 residential units, and vibrant amenities across the revitalized Downtown area.

527 W. 3rd Street presents a new buyer with a beautifully renovated asset in a highly desirable Long Beach location at 13.19 GRM on actual rents.

Highlights

  • Offered at 13.19 x Gross at Current Rents
  • Prime Downtown Long Beach Location
  • Most Units Have Been Renovated with Designer Kitchens and Bathrooms
  • Electrical Systems Have Been Significantly Upgraded
  • Secured Access Building with On-Site Laundry Room
  • Just Steps Away from Metro Transportation Line

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