1135 E 3rd St
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1135 E 3rd St
11 Unit Apartment Building $2,100,000 ($190,909/Unit) 4.51% Cap Rate 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 |
$154,776
|
$23.05
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$4,643
|
$0.69
|
| Effective Gross Income |
$150,133
|
$22.36
|
| Taxes |
$28,147
|
$4.19
|
| Operating Expenses |
$27,218
|
$4.05
|
| Total Expenses |
$55,365
|
$8.24
|
| Net Operating Income |
$94,768
|
$14.11
|
FINANCIAL SUMMARY (ACTUAL - 2023)
| Gross Rental Income | |
|---|---|
| Annual | $154,776 |
| Annual Per SF | $23.05 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $4,643 |
| Annual Per SF | $0.69 |
| Effective Gross Income | |
|---|---|
| Annual | $150,133 |
| Annual Per SF | $22.36 |
| Taxes | |
|---|---|
| Annual | $28,147 |
| Annual Per SF | $4.19 |
| Operating Expenses | |
|---|---|
| Annual | $27,218 |
| Annual Per SF | $4.05 |
| Total Expenses | |
|---|---|
| Annual | $55,365 |
| Annual Per SF | $8.24 |
| Net Operating Income | |
|---|---|
| Annual | $94,768 |
| Annual Per SF | $14.11 |
PROPERTY FACTS
| Price | $2,100,000 | Apartment Style | Low-Rise |
| Price Per Unit | $190,909 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.19 AC |
| Cap Rate | 4.51% | Building Size | 6,715 SF |
| Gross Rent Multiplier | 13.57 | Average Occupancy | 100% |
| No. Units | 11 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1923 |
| Property Subtype | Apartment | Parking Ratio | 0.15/1,000 SF |
| Price | $2,100,000 |
| Price Per Unit | $190,909 |
| Sale Type | Investment |
| Cap Rate | 4.51% |
| Gross Rent Multiplier | 13.57 |
| No. Units | 11 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.19 AC |
| Building Size | 6,715 SF |
| Average Occupancy | 100% |
| No. Stories | 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 | 10 | $1,057 | 500 - 625 |
| 3+2 | 1 | $2,155 | 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 | $557,591 (2024) |
| Land Assessment | $223,034 (2024) | Annual Taxes | $28,147 ($4.19/SF) |
| Improvements Assessment | $334,557 (2024) | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
7275-005-018
Land Assessment
$223,034 (2024)
Improvements Assessment
$334,557 (2024)
Total Assessment
$557,591 (2024)
Annual Taxes
$28,147 ($4.19/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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