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$ 6,800,000
Est. payment /mo
Active
3020 E 3rd Long Beach, CA 90814
3 Beds
3 Baths
7,504 Sqft Lot
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Res Income 2-4 Units
Listing Status Active
Purchase Type For Sale
Subdivision Belmont Heights (Bh)
MLS Listing ID PW26040896
Bedrooms 3
Lot Size 7,504 Sqft
Property Sub-Type Res Income 2-4 Units
Property Description
Meet Bluff & Oak. With 12 of the 15 units fully rebuilt in 2024 and the remaining 3 delivered as 100% new construction in 2026, the property operates with a true new construction profile. The scope of work extended well beyond cosmetic upgrades and included full replacement of plumbing (waste lines, water lines, new main, backflow preventer), new individual water heaters, and a fully upgraded electrical system with new subpanels and 600-amp service. Mechanical systems, HVAC, doors, windows, and ventilation were all replaced, along with a new roof, faades, hardscape, landscaping, exterior lighting, and signage. All unit interiors were rebuilt with modern kitchens and baths, quartz countertops, Energy-Star appliances, designer fixtures, plank flooring, and in-unit laundry, positioning the asset at the top of the local rental market while materially reducing future capital exposure. The asset also includes the option to lease 8 surface parking spaces directly behind the property on a rolling 2-year term. A third-party cost segregation study has been completed and is transferable to a new owner, allowing for approximately $2.1M of accelerated depreciation within the first five years versus c. $730K under standard depreciation, creating a meaningful front-loaded tax shield to enhance after-tax returns. With a going-in cap rate of 5.16%, compared to c. 4.5% for comparable new construction, the asset offers a spread to newer product while maintaining a similar risk profile. Even modest rent growth of 34% annually would drive NOI growth of ~1520% over a five-year hold. With expense
Location
State CA
County Los Angeles
Zoning Estimated
Direction From 3rd and Redondo head West to Address
Interior
Heating Radiant
Fireplace No
Exterior
View Y/N No
Building
Story 2
Level or Stories 2
Others
Senior Community No
Tax ID 7257028003
Acceptable Financing Cash
Listing Terms Cash
Virtual Tour https://listing.rewsmedia.com/sites/3020-e-3rd-st-long-beach-ca-90814-12896723/branded
Listed by Matthew Firth, DRE#01903073 Matthew Firth, Broker