3024 E 3rd St
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3024 E 3rd St
15 Unit Block of Flats £3,524,850 (£234,990/Unit) 5.56% Net Initial Yield Long Beach, CA 90814
Investment Highlights
- Excellent opportunity to acquire a turnkey building at a 5.56% current cap rate
- Three brand new ADU’s boost the unit count to take advantage of the area’s high rental demand and generate significant additional income
- Located in the desirable Bluff Heights neighborhood walkable to dining, retail, and the beach
- 14% rental upside
Executive Summary
Marcus & Millichap is pleased to present to market 3024 East 3rd Street, a remodeled 15-unit apartment building in Long Beach, California’s desirable Bluff Heights neighborhood. The property boasts three new ADU’s and a unit mix of three studios, 11 one-bed/one-baths, and one two-bed/one-bath. The building also offers on-site laundry.
3024 East 3rd Street is in an excellent rental location in the Bluff Heights neighborhood, known for its historic homes and tree-lined streets, one block to an elementary school, within easy walking distance of popular restaurants along Broadway, and a half-mile to Bluff Park and the beach.
This offering is an outstanding investment opportunity for any investor looking for an asset in great condition in a strong coastal rental market, and 14 percent rental upside offers growth potential.
3024 East 3rd Street is in an excellent rental location in the Bluff Heights neighborhood, known for its historic homes and tree-lined streets, one block to an elementary school, within easy walking distance of popular restaurants along Broadway, and a half-mile to Bluff Park and the beach.
This offering is an outstanding investment opportunity for any investor looking for an asset in great condition in a strong coastal rental market, and 14 percent rental upside offers growth potential.
Property Facts
| Price | £3,524,850 | Apartment Style | Low Rise |
| Price Per Unit | £234,990 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.17 AC |
| Net Initial Yield | 5.56% | Building Size | 7,681 SF |
| Gross Rent Multiplier | 12.62 | Number of Floors | 2 |
| No. Units | 15 | Year Built | 1957 |
| Property Type | Residential | Parking Ratio | 0.78/1,000 SF |
| Property Subtype | Apartment |
| Price | £3,524,850 |
| Price Per Unit | £234,990 |
| Sale Type | Investment |
| Net Initial Yield | 5.56% |
| Gross Rent Multiplier | 12.62 |
| No. Units | 15 |
| Property Type | Residential |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.17 AC |
| Building Size | 7,681 SF |
| Number of Floors | 2 |
| Year Built | 1957 |
| Parking Ratio | 0.78/1,000 SF |
Unit Mix Information
| Description | No. Units | Avg. Rent.Mo | SF |
|---|---|---|---|
| Studios | 3 | - | - |
| 1+1 | 11 | - | - |
| 2+2 | 1 | - | - |
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Walk Score ®
Walker's Paradise (91)
Bike Score ®
Very Bikeable (88)
PROPERTY TAXES
| Parcel Number | 7257-028-004 | Improvements Assessment | £1,039,055 |
| Land Assessment | £1,558,583 | Total Assessment | £2,597,638 |
PROPERTY TAXES
Parcel Number
7257-028-004
Land Assessment
£1,558,583
Improvements Assessment
£1,039,055
Total Assessment
£2,597,638
zoning
| Zoning Code | LBR2A |
| LBR2A |
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3024 E 3rd St
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