1135 E 3rd St
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1135 E 3rd St
11 Unit Block of Flats £1,798,470 (£163,497/Unit) 3.72% Net Initial Yield Long Beach, CA 90802
Investment Highlights
- In-Demand Location, Minutes from Alamitos Beach, Downtown, and The Pike Outlets
- Gated Access and On-Site Laundry
- Long Term Ownership – Motivated Seller
- Majority Single Story Units + Detached 3-Bedroom House
- Added Value Opportunity – Projected ±60% in Rental Upside
- Part of a (4) Property Portfolio – Can Be Purchase Separately or Together
Executive Summary
Morgan Skenderian is pleased to present 1135 E. 3rd Street, an 11-unit apartment investment opportunity located in the sought-after Long Beach neighborhood of Alamitos Beach. Offered for sale for the first time in decades, the property is ideally located just a short walk from the beach, and mere minutes from both Downtown and Retro Row. It is comprised of (10) studios (2 of which are exceptionally large), and (1) detached 3-bedroom/2-bathroom house, with its own garage. 1135 E. 3rd St. offers substantial upside potential by updating the units and bringing rents closer to market levels.
Financial Summary (Actual - 2023) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
£116,022
|
£17.28
|
| Other Income |
-
|
-
|
| Vacancy Loss |
£3,480
|
£0.52
|
| Effective Gross Income |
£112,542
|
£16.76
|
| Taxes |
£24,055
|
£3.58
|
| Operating Expenses |
£21,426
|
£3.19
|
| Total Expenses |
£45,481
|
£6.77
|
| Net Operating Income |
£67,061
|
£9.99
|
Financial Summary (Actual - 2023)
| Gross Rental Income | |
|---|---|
| Annual | £116,022 |
| Annual Per SF | £17.28 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | £3,480 |
| Annual Per SF | £0.52 |
| Effective Gross Income | |
|---|---|
| Annual | £112,542 |
| Annual Per SF | £16.76 |
| Taxes | |
|---|---|
| Annual | £24,055 |
| Annual Per SF | £3.58 |
| Operating Expenses | |
|---|---|
| Annual | £21,426 |
| Annual Per SF | £3.19 |
| Total Expenses | |
|---|---|
| Annual | £45,481 |
| Annual Per SF | £6.77 |
| Net Operating Income | |
|---|---|
| Annual | £67,061 |
| Annual Per SF | £9.99 |
Property Facts
| Price | £1,798,470 | Apartment Style | Low Rise |
| Price Per Unit | £163,497 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.19 AC |
| Net Initial Yield | 3.72% | Building Size | 6,715 SF |
| Gross Rent Multiplier | 15.54 | Average Occupancy | 100% |
| No. Units | 11 | Number of Floors | 2 |
| Property Type | Residential | Year Built | 1923 |
| Property Subtype | Apartment | Parking Ratio | 0.15/1,000 SF |
| Price | £1,798,470 |
| Price Per Unit | £163,497 |
| Sale Type | Investment |
| Net Initial Yield | 3.72% |
| Gross Rent Multiplier | 15.54 |
| No. Units | 11 |
| Property Type | Residential |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.19 AC |
| Building Size | 6,715 SF |
| Average Occupancy | 100% |
| Number of Floors | 2 |
| Year Built | 1923 |
| Parking Ratio | 0.15/1,000 SF |
Site Amenities
- Controlled Access
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent.Mo | SF |
|---|---|---|---|
| Studios | 8 | £732.18 | 500 |
| Studios | 2 | £1,031 | 625 |
| 3+2 | 1 | £1,583 | 1,465 |
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Walk Score ®
Walker's Paradise (91)
Bike Score ®
Biker's Paradise (91)
PROPERTY TAXES
| Parcel Number | 7275-005-018 | Total Assessment | £448,802 (2024) |
| Land Assessment | £179,519 (2024) | Annual Taxes | £24,055 (£3.58/sf) |
| Improvements Assessment | £269,283 (2024) | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
7275-005-018
Land Assessment
£179,519 (2024)
Improvements Assessment
£269,283 (2024)
Total Assessment
£448,802 (2024)
Annual Taxes
£24,055 (£3.58/sf)
Tax Year
2023
zoning
| Zoning Code | R3, Long Beach |
| R3, Long Beach |
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1135 E 3rd St
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