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$5,950,000
Est. payment /mo
6,094 Sqft Lot
UPDATED:
Key Details
Property Type Condo
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
MLS Listing ID OC25093913
HOA Y/N No
Year Built 1928
Lot Size 6,094 Sqft
Property Sub-Type Apartment
Property Description
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 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
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
Location
State CA
County Los Angeles
Area 11 - Westside
Zoning LBPD30
Interior
Fireplace No
Laundry Common Area
Exterior
Parking Features None
Pool None
Community Features Urban
Total Parking Spaces 1
Private Pool No
Building
Lot Description 16-20 Units/Acre
Story 3
Sewer Public Sewer
Water Public
New Construction No
Others
Senior Community No
Tax ID 7278022040
Energy Description 3000.0
Acceptable Financing Owner Will Carry
Listing Terms Owner Will Carry
Special Listing Condition Standard
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Listed by Mike Marcu • Mike Marcu, Broker • 949 688 1224