$5,600,000
515 W 3rd
Long Beach, CA, 90802
Property Description
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.
Property Details
Price:
$5,600,000
MLS #:
OC26123229
Status:
Active
Beds:
0
Baths:
0
Type:
Single Family
Subtype:
Apartment
Neighborhood:
11westside
Listed Date:
Jun 5, 2026
Total Sq Ft:
9,588
Lot Size:
6,093 sqft / 0.14 acres (approx)
Year Built:
1928
Schools
Interior
Laundry Features
AR
Exterior
Common Walls
_2CW
Community Features
URB, CRB
Financial
Maintenance Fee
$13,579
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Courtesy of Mike Marcu, Broker. Disclaimer: All data relating to real estate for sale on this page comes from the Broker Reciprocity (BR) of the California Regional Multiple Listing Service. Detailed information about real estate listings held by brokerage firms other than Mohr Real Estate Group include the name of the listing broker. Neither the listing company nor Mohr Real Estate Group shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. The Broker providing this data believes it to be correct, but advises interested parties to confirm any item before relying on it in a purchase decision. Copyright 2026. California Regional Multiple Listing Service. All rights reserved. 515 W 3rd
Long Beach, CA
