515 W 3rd · Long Beach, CA 90802

$5,600,000

15 bd · 19.0 ba · 9,468 sqft · MultiFamily public records · 13 Days on market

Built 1928 6,093 sqft lot

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Why this score? — see what drove the B- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +29.5/30.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 1% rule +7.2/10.0
• Schools +3.7/10.0
• Livability +3.4/5.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 29 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

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

Key facts

• Central hvac
• 6,093 sq ft lot
• Built 1928

Tags

• 29 UNIT APARTMENT BUILDING
• GRANDFATHERED HOTEL ZONING
• RENOVATED UNIT INTERIORS
• CENTRAL HVAC
• REMODELED COMMUNITY BATHROOM
• ON SITE LAUNDRY FACILITY

Property features AI

Finance

• Financial info: Total building area reported as 9,588; Total actual rent reported as $38,218; Net operating income reported as $255,836; Gross scheduled income reported as $459,696; Gross operating income reported as $432,377; Gross laundry income reported as $1,080; Operating expenses reported as $176,541; Other expenses reported as $2,927 (Admin.); Expense details include: Insurance $16,675; Maintenance $13,579; Electric $7,071; Water/Sewer $3,665; Trash $15,600; Fuel $4,326; New Taxes $75,172; Number of units total: 29 (25 leased); Number of buildings: 1; Vacancy allowance rate: 6.18% (allowance $27,316); Unit-level rents reported (examples): $6,980; $8,900; $22,338

Exterior

• Utilities: Public sewer; District/Public water; Multiple separate electric meters (18); Single separate water meter; Single separate gas meter
• Home design: Attached community apartment; Three stories
• Construction: Year built reported by assessor
• Exterior features: No pool; Sprinkler system; Zero lot line; Urban setting with curbs

Interior

• Bedrooms: Unit mix includes one-bedroom units (multiple units reported)
• Bathrooms: One full bathroom in listed unit types
• Interior features: Front entry; Entry on level 1
• Laundry & utility: On-site laundry area

What this means for you Summary

Snapshot

• This is a 29 × 4-bed/18.0-bath units multifamily listed at $5.60M.

Deal economics

• At list price, monthly cash flow is $20k ($240k/yr) — positive. Per door: $691/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($68k rent vs $5.60M).
• Cap rate 10.6% vs local median 1.9% in Long Beach — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 67/100 on livability (#319 in CA) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, employment B+; Watch: health & safety C-, crime F, cost of living F.
• Long Beach Unified (urban): math 34% / reading 50% proficiency, ranked #216 of 517 in CA (top 42%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+1.1%/yr); 207 active listings in the ZIP; 19,697 units permitted in Los Angeles County in 2024 (9,426 in 5+ unit buildings).
• At $68,384/mo this rent would consume 1101% of the median local household income ($75k/yr) (locally 4689% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $39k of loan paydown is wiped out by about $168k of value loss. Plan a longer hold.
• Los Angeles County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 1.1% rent growth), your $1.57M cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 20y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $1.35M; list at $5.60M implies a 315% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1928 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $5,600,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1928 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
6. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
7. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
8. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.22% ✓
• Cap rate: 10.59%
• Cash-on-cash: 15.33%
• DSCR: 1.68
• GRM: 6.8

CMA / ARV

• ARV (on-the-fly): $2,745,720
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
310 W 8th St	0.42mi	14/10.0 (-1)	8,945 (-6%)	9mo	$2,590,000	$290	44

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 1.14% rent growth · sell at horizon

5-year hold

• IRR: 4.1%
• Equity multiple: 1.15×
• Total profit: $240,768
• Equity at exit: $834,978

10-year hold

• IRR: 11.9%
• Equity multiple: 1.86×
• Total profit: $1,348,094
• Equity at exit: $484,186

Cash invested: $1,568,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 18 Strongly Tenant-Friendly
• State California: 18 Strongly Tenant-Friendly · D+13
• County: — inherits STATE
• City: — inherits STATE

AB1482 statewide rent cap (10% + CPI). Cities (SF/LA/Berkeley) layer stricter rules. Just-cause statewide.

Methodology + full state rankings →

ZIP-level market 90802

• Home prices YoY: -26.1%
• Rents YoY: 1.1%
• Active inventory: 207
• Price-to-rent: 197.9×

Monthly cashflow live

• Estimated rent: $68,384 medium
• Mortgage (P&I): −$29,367
• Tax from tax record: −$2,293 /mo · $27,516/yr
• Insurance: −$2,333
• HOA: −$0
• Vacancy / Maint / Mgmt: −$14,361
• Net cashflow: $20,030

Break-even live

Break-even rent $43,029

Max offer price $5,600,000

Occupancy floor 66%

29-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 29× units	4	18	$68,382
Total (29 units)			$68,384

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $1,400,000
• Closing costs: $168,000
• Reserves months: —
• Total cash needed: —

Listing history 10 events

1. 2026-06-18
   days on market $5,600,000 Active 13 DOM
2. 2026-06-17
   days on market $5,600,000 Active 12 DOM
3. 2026-06-16
   days on market $5,600,000 Active 11 DOM
4. 2026-06-15
   days on market $5,600,000 Active 10 DOM
5. 2026-06-13
   days on market $5,600,000 Active 8 DOM
6. 2026-06-13
   days on market $5,600,000 Active 7 DOM
7. 2026-06-09
   days on market $5,600,000 Active 4 DOM
8. 2026-06-08
   days on market $5,600,000 Active 3 DOM
9. 2026-06-07
   remarks 693-char remark
10. 2026-06-07
    listed $5,600,000 Active 2 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast CA · Resets to sale price

• Current annual tax: $27,516 · $2,293/mo
• Projected year-2 tax: $42,560 · $3,547/mo
• Expected delta: +$15,044/yr (+$1,254/mo · 54.7%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥87°F today · 23 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 9 unhealthy d/yr today · 10 by 30 yrs out

Taxation est. · year 1

• Rental income: $820,608
• − Mortgage interest: −$313,687
• − Property taxes: −$27,516
• − Insurance: −$28,000
• − Repairs & maintenance: −$65,649
• − Management: −$65,649
• − Depreciation: −$162,909
• Taxable income: $157,199
• Est. tax owed @ 24.0%: −$37,728
• After-tax cash flow: $202,633/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Long Beach Unified
• NCES district ID: 0622500
• Math proficiency: 34% ▼ -11.00%
• Reading proficiency: 50% ▼ -4.00%
• Median HH income: $56,092
• Composite: 36.67/100
• National rank: #4607
• State rank: #216 of 517 in CA

Livability — Long Beach

• Score: 67/100
• State rank: #319
• US rank: #10758

Category grades

Amenities A+ Commute A+ Cost of living F Crime F Employment B+ Housing C+ Health & safety C- User ratings D-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Long Beach, CA
• County: Los Angeles County · 9,444,647 people
• City population: 466,088
• Metro: Los Angeles-Long Beach-Anaheim, CA
• Population (ZIP): 40,434
• Household income: $74,510
• Rent vs Own: 79.0% rent · 21.0% own
• Severe rent burden: 4689.0

Population outlook (Los Angeles County) Hauer SSP2

• Today (2025): 10,940,515 people
• By 2030: 11,256,481 · +2.9%
• By 2040: 11,729,929 · +7.2%
• By 2050: 11,948,407 · +9.2%
• By 2075: 11,818,114 · +8.0%
• By 2100: 10,842,928 · -0.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.72)
• Race & ethnicity: Hispanic / Latino 37% White 32% Black 15% Two or more races 14% Asian 8% Native American 1%
• Hispanic origin (detail): Mexican 27% Puerto Rican 1%
• Common ancestry: Romanian 2% Lithuanian 2% Estonian 2%
• Foreign-born: 20% · Canada, China, South Korea
• Languages at home: 64% English-only · Spanish 27% Other Indo-European 3% Tagalog/Filipino 2%

Political lean MEDSL · Los Angeles

• 2024 margin: Solid D (+32.9) · D 64.8% · R 31.9% · Other 3.3%
• 2008→2024 swing: -7.4pp toward R · 2008: 40.4pp · 2024: 32.9pp
• All cycles: 2024: D+32.9 2020: D+44.2 2016: D+48.0 2012: D+40.0 2008: D+40.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -134.40%
• Current HPI: 380.7305
• Rent YoY: ▲ 1.14%
• Metro: Los Angeles-Long Beach-Anaheim, CA
• State GDP YoY: ▲ 3.21%
• F500 in state: 116

Industry mix (Fortune 500 HQ in CA)

Industry	F500 HQs	Revenue
▸Technology	27	$1,492B
▸Financial Services	3	$174B
▸Retail	3	$44B
▸Insurance	3	$26B
▸Media / Entertainment	2	$115B
▸Pharmaceuticals / Biotech	2	$62B

Price history

+2162.6% since first listed

13 events — show timeline

• 2026-06-05 Listed $5,600,000 CRMLS
• 2025-06-30 Listing Removed — CRMLS
• 2025-04-29 Listed $5,950,000 CRMLS
• 2024-12-31 Listing Removed — CRMLS
• 2024-10-24 Listed $5,950,000 CRMLS
• 2022-08-14 Price Changed $1,695 RENT.
• 2006-10-05 Listing Removed — CRMLS
• 2006-04-20 Listed $1,850,000 CRMLS
• 2006-04-17 Listing Removed — CRMLS
• 2006-02-13 Listed $1,850,000 CRMLS
• 2005-08-11 Sold (Public Records) $1,350,000 Public Records
• 1997-08-22 Sold (Public Records) $400,000 Public Records
• 1986-10-15 Sold (Public Records) $247,500 Public Records

Property tax history

+3.0%/yr

Latest (2025): $27,516 · +4.8% YoY. Source: county tax records.