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Multifamily

3032 E 3rd St

3032 E 3rd St, Long Beach, CA 90814

Listing Price: $2,995,000

Cap Rate
3.43%
Number of Units
6
Occupancy
97.0%
Price/Unit
$499,167
Price/Gross SF
$618.55
Gross SF
4,842

Investment Overview

Marcus & Millichap is pleased to present a 6-unit multifamily property. Built in 1919, the subject property consists of 4,842 rentable square feet spread throughout a 7,501 square foot lot. The building consists of two Studio units and four 1-Bedroom / 1-Bathroom units It contains five garages and six surface spots providing ample on-site parking. The subject property has gone through an extensive renovation of five out of six units, upgraded the exterior finishes and landscaping, and upgraded the major systems with a new 400 AMP main service. The five units that have received extensive renovations include new: kitchens, baths, and flooring throughout. Also, the two downstairs one-bedroom units have beautiful wood French doors that open to front private patios for synergized outdoor space. Tenants enjoy living in the Bluff Heights Neighborhood East of Downtown Long Beach, a short distance to local beaches, California State University of Long Beach, as well as shopping, restaurants, and nightlife. The city of Long Beach continues to progress forward and is currently experiencing major redevelopment. The Long Beach port is undergoing $4.4 billion in future redevelopment that will create 14,000 new and permanent jobs in Southern California. The city is undergoing a building boom with more than $5 billion in private and public investments in various stages of development. The new $520 million Long Beach Civic Center development will house a new City Hall, Port of Long Beach headquarters and the Main Library. Long Beach sustains its ability to attract renters due to its strong economy and quality of life.

Investment Highlights

  • Rare Bluff Heights Location: Centrally located to Bluff Park, Bixby Park, Retro Row, Carroll Park & Downtown Long Beach
  • True Pride of Ownership Timeless Asset: Built in 1919
  • 5/6 Units Highly Upgraded with Turnkey Finishes
  • Amenities That All Tenants Value: Synergized Outdoor Space and Private Parking (6 Spots / 5 Garages)
  • Upgraded Main Panel to brand New 400 AMP service. Major upgrade for Knob and Tube Vintage Property
  • 89 Walk Score – "Very Walkable" & 88 Bike Score – "Very Bikeable"

Exclusively Listed By

Financing By

Multifamily

3032 E 3rd St

Listing Price: $2,995,000

Cap Rate
3.43%
Number of Units
6
Occupancy
97.0%
Price/Unit
$499,167
Price/Gross SF
$618.55
Gross SF
4,842

Investment Highlights

  • Rare Bluff Heights Location: Centrally located to Bluff Park, Bixby Park, Retro Row, Carroll Park & Downtown Long Beach
  • True Pride of Ownership Timeless Asset: Built in 1919
  • 5/6 Units Highly Upgraded with Turnkey Finishes
  • Amenities That All Tenants Value: Synergized Outdoor Space and Private Parking (6 Spots / 5 Garages)
  • Upgraded Main Panel to brand New 400 AMP service. Major upgrade for Knob and Tube Vintage Property
  • 89 Walk Score – "Very Walkable" & 88 Bike Score – "Very Bikeable"

Investment Overview

Marcus & Millichap is pleased to present a 6-unit multifamily property. Built in 1919, the subject property consists of 4,842 rentable square feet spread throughout a 7,501 square foot lot. The building consists of two Studio units and four 1-Bedroom / 1-Bathroom units It contains five garages and six surface spots providing ample on-site parking. The subject property has gone through an extensive renovation of five out of six units, upgraded the exterior finishes and landscaping, and upgraded the major systems with a new 400 AMP main service. The five units that have received extensive renovations include new: kitchens, baths, and flooring throughout. Also, the two downstairs one-bedroom units have beautiful wood French doors that open to front private patios for synergized outdoor space. Tenants enjoy living in the Bluff Heights Neighborhood East of Downtown Long Beach, a short distance to local beaches, California State University of Long Beach, as well as shopping, restaurants, and nightlife. The city of Long Beach continues to progress forward and is currently experiencing major redevelopment. The Long Beach port is undergoing $4.4 billion in future redevelopment that will create 14,000 new and permanent jobs in Southern California. The city is undergoing a building boom with more than $5 billion in private and public investments in various stages of development. The new $520 million Long Beach Civic Center development will house a new City Hall, Port of Long Beach headquarters and the Main Library. Long Beach sustains its ability to attract renters due to its strong economy and quality of life.

Exclusively Listed By

Financing By

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