515 W 3rd
Long Beach, CA 90802
Listing broker / agent: Mike Marcu, Broker · Mike Marcu · 949 688 1224 · CRMLS
MLS # OC26123229 · Last checked Oct 20, 2026 19:20 UTC
About this property
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.
Property details
- MLS number
- OC26123229
- Status
- Active
- Type
- Residential Income
- Subtype
- Apartment
- Lot size
- 0.1399 acres
- County
- Los Angeles
- Year built
- 1928
More property detailsCollapse
Listing
- Days on market
- 0
Building
- Year built
- 1928
- Year built source
- Assessor
- Building stories
- 3
- Entry level
- 1
Rooms & interior
- Laundry
- Common Area
Exterior & parking
- Total parking spaces
- 0
- Garage spaces
- 0
- Pool
- None
- Lot features
- Twenty One To Twenty Five Units Acre, Sprinkler System, Zero Lot Line
- Lot size source
- Assessor
Utilities & community
- Water
- Public
- Sewer
- Public Sewer
- Community features
- Curbs, Urban
Nearby public schools
Nearby does not mean assigned. These are approximate straight-line distances from the property, not walking or driving routes. Confirm attendance boundaries, enrollment eligibility, grades and current school status directly with the district.
| School / district | Grades | Distance |
|---|---|---|
| Chavez Elementary (school website, opens in a new tab) Long Beach Unified · Long Beach | K–5 | 0.2 mi |
| Edison Elementary Long Beach Unified · Long Beach | K–5 | 0.3 mi |
| Jenny Oropeza Elementary Long Beach Unified · Long Beach | K–5 | 0.6 mi |
| Renaissance High School for the Arts Long Beach Unified · Long Beach | 9–12 | 0.6 mi |
| Stevenson Elementary Long Beach Unified · Long Beach | K–5 | 0.9 mi |
| Franklin Classical Middle Long Beach Unified · Long Beach | 6–8 | 1.2 mi |
| Intellectual Virtues Academy (school website, opens in a new tab) Los Angeles County Office of Education · Long Beach | 9–12 | 1.3 mi |
| Roosevelt Elementary Long Beach Unified · Long Beach | K–5 | 1.3 mi |
Source: California Department of Education · 2025-26 school locations. Downloaded Oct 2, 2026 UTC. This annual snapshot may not reflect later changes. Public schools only; not a complete list of education options. No ratings or attendance assignments are provided.
Check the California School Directory ↗Price and tax history
Asking price
- Current asking price
- $5,600,000
- MLS-reported original asking price
- $5,600,000
| Observed (UTC) | Asking price |
|---|---|
| Oct 2, 2026 06:23 | $5,600,000 |
MLS values are reported for this listing, not prior sales. Observation dates show when our importer saw an asking price, not when the MLS changed it. Up to 24 observations are retained; changes between refreshes may be missed. This is not a complete price or sales history.
Property taxes
Tax history is not available from the imported listing data.
Source: MLS feed. Only supplied tax years are shown, up to 10 years; this is not a county tax archive. Amounts may be corrected and taxes may change after purchase. Verify assessments and current taxes with the county. These values do not automatically fill the payment calculator.
Market trends in Long Beach
Active residential homes for sale in Long Beach, CA, available through this website's authorized feed. Includes residential subtypes; excludes rentals. Not the entire market or a valuation of this property.
Observed price activity · past 30 days
113 currently active listings have an observed price-change pair ending in this period. A listing can appear in both counts.
Calculated 2026-10-20 20:04 UTC. Source: this website's authorized MLS inventory. Import progress, freshness rules and coverage affect the figures. Medians exclude missing/invalid values; price per sq ft is the median of individual listing ratios. Price observations are limited to the last 24 per listing and may miss changes between refreshes. This is not a complete 30-day market report, historical inventory trend, appreciation measure, or sold-price analysis.
Payment calculator
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