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702 E 3rd Street, Long Beach, CA 90802
10
beds
4
baths
3264
ft2
· 2503
ft2 lot
$1,230,000
$377 / ft2
Listing provided courtesy of Rick Applebaum, Morgan Skenderian.
Source CRMLS.
HIGHLY MOTIVATED SELLER LOOKING TO MAKE A QUICK DECISION. We are pleased to offer 702-708 E. 3rd Street, Long Beach, a 4-unit apartment building full of charming historic character located in the heart of Downtown Long Beach and positioned in an ‘Opportunity Zone” adding potential tax benefits to the Buyer. Situated on a hard-to-find corner lot, this investment opportunity offers excellent curb appeal with fresh exterior paint and landscaping, all completed this year. The owner also invested in a new roof (2016), and various degrees of upgrades to the majority of the kitchens, including granite or quartz countertops. The 3rd Streets apartments also offers an unbeatable location with just 2 blocks to Alamitos Beach and the boardwalk, and just steps to trendy shops, chic eateries, and vibrant nightlife entertainment and will keep tenants flocking to the building and offer continuous strong rent growth in the future. With the continuing developmental boom and little to no capital to be invested to increase rents, the 3rd Street apartments are a smart buy for any investor. *TWO RECENT PRICE REDUCTIONS- SELLER IS MOTIVATED*Located in the East Village Arts District-Downtown Long Beach, *Fantastic Coner Lot w/Excellent Curb Appeal, *New Roof (2016), Exterior Paint (2019) and Landscaping (2020), *Steps to Shopping, Dining & Entertainment, *Just 2 Blocks to Alamitos Beach, *Majority of Units Have Upgraded Kitchens, *Opportunity Zone Investment
HOA
$—/month
On market
7 months
Year built
1919
Property type
Multi-Family
Parking
MLS
PW20179510
Price / Sq.Ft.
$377 / ft2
Status
Active
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Property Details
Interior Features & Layout
Appliances
•   
Laundry Details: Common Area
•   
Laundry: 1
Rooms Info
•   
Average3 Bed Area Units: Square Feet
•   
Average Studio Area Units: Square Feet
•   
Average2 Bed Area Units: Square Feet
•   
Average1 Bed Area Units: Square Feet
Interior Size
•   
Building Area Total: 3264.00
Property, Lot, Community & Exterior Features
Parking Info
•   
Garage Spaces: 0.00
Building Info
•   
Building Area Units: Square Feet
•   
Year Built Source: Assessor
Lot Info
•   
Zoning: LBPD30
•   
Lot Features: 2-5 Units/Acre
•   
Lot Size Source: Assessor
•   
Elevation Units: Feet
•   
Lot Size Acres: 0.0575
•   
Lot Size Area: 2503.0000
•   
Lot Size Units: Square Feet
Community Info
•   
Number Of Buildings: 1
•   
Total Units: 4
Property Features
•   
Common Walls: No Common Walls
Utilities & Other Information
Utilities
•   
Number Of Separate Electric Meters: 5
•   
Number Of Separate Gas Meters: 5
•   
Number Of Separate Water Meters: 1
Water & Sewer Info
•   
Water Source: Public
•   
Sewer: Public Sewer
Listing Details, Costs & Financing Information
Financial Info
•   
Operating Expense Percent: 35.10
•   
Gross Operating Income: 76184.00
•   
Water Sewer Expense: 0.00
•   
Other Expense Description: Utility
•   
Other Expense: 4440.00
•   
Laundry Income: 540.00
•   
Vacancy Allowance Rate: 3.00
•   
Maintenance Expense: 3809.00
•   
Cap Rate: 4.00
•   
Fuel Expense: 0.00
•   
Trash Expense: 0.00
•   
New Taxes Expense: 14882.00
•   
Insurance Expense: 1530.00
•   
Vacancy Allowance: 2356
•   
Total Expenses: 27547.00
•   
Gross Scheduled Income: 78540.00
•   
Tax Block: 95
•   
Maintenance Percent: 5.00
•   
Operating Expense: 27547.00
•   
Gardener Expense: 420.00
•   
Gross Multiplier: 15.66
Tax/Assessment Info
•   
Gross Income: 540.00
•   
Tax Year: 2020
•   
Taxes: 12397.0
Lease Info
•   
Net Operating Income: 48637.00
Listing Info
•   
Status: Active
Other
•   
Electric Expense: 0.00
Multi Unit Information
Unit 3 Information
•   
Unit 3 Bedrooms: 3
•   
Unit 3 Actual Rent: 1650.00
•   
Unit 3 Total Units: 1
•   
Unit 3 Furnished Units: Unfurnished
•   
Unit 3 Garage Spaces: 0.00
•   
Unit 3 Bathrooms: 1
•   
Unit 3 Total Rent: 1650.00
Unit 2 Information
•   
Unit 2 Actual Rent: 1580.00
•   
Unit 2 Bedrooms: 3
•   
Unit 2 Total Units: 1
•   
Unit 2 Furnished Units: Unfurnished
•   
Unit 2 Bathrooms: 1
•   
Unit 2 Garage Spaces: 0.00
•   
Unit 2 Total Rent: 1580.00
Unit 1 Information
•   
Unit 1 Bedrooms: 2
•   
Unit 1 Total Units: 1
•   
Unit 1 Furnished Units: Unfurnished
•   
Unit 1 Garage Spaces: 0.00
•   
Unit 1 Bathrooms: 1
•   
Unit 1 Actual Rent: 1595.00
•   
Unit 1 Total Rent: 1595.00
Unit 4 Information
•   
Unit 4 Actual Rent: 1675.00
•   
Unit 4 Total Units: 1
•   
Unit 4 Furnished Units: Unfurnished
•   
Unit 4 Total Rent: 1675.00
•   
Unit 4 Bathrooms: 1
•   
Unit 4 Garage Spaces: 0.00
•   
Unit 4 Bedrooms: 2
Multi Unit Information
•   
# Of Units: 4
School Neighborhood & Directions
Location
•   
Other Subdivision Name: Alamitos Beach (AB)
•   
Subdivision: Alamitos Beach (AB)
•   
Community Features: Curbs, Sidewalks, Storm Drains, Street Lights
•   
Directions: North of E. Ocean Boulevard & West of Alamitos Avenue
Other
Calculation
•   
Dom: 49
•   
Cdom: 49
The information contained in this listing has not been verified by Flyhomes and should be verified by the buyer.

Data last updated: Apr 16, 2021 7:23am
Neighborhood snapshot
122
Properties for sale
15.5
Median days on market
$520.70
Median sold price/sqft
99.71%
Sold/List %
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Property History
10/19/2020
10/19/2020
CRMLS #PW20179510
active
CRMLS #PW20179510
$1,230,000
--3.83%
10/07/2020
10/07/2020
CRMLS #PW20179510
active
CRMLS #PW20179510
$1,279,000
--1.62%
08/31/2020
08/31/2020
CRMLS #PW20179510
active
CRMLS #PW20179510
$1,300,000
+62.70%
03/21/2016
03/21/2016
Public Record
sold
Public Record
$799,000
+25.83%
02/14/2013
02/14/2013
Public Record
sold
Public Record
$635,000
+37.45%
See more property history
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