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1135 E 3rd St 11 Unit Apartment Building $1,850,000 ($168,182/Unit) 5.84% 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 ±50% 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 |
$163,860
|
$24.40
|
| Other Income |
$2,016
|
$0.30
|
| Vacancy Loss |
$4,976
|
$0.74
|
| Effective Gross Income |
$160,900
|
$23.96
|
| Taxes |
$25,036
|
$3.73
|
| Operating Expenses |
$27,756
|
$4.13
|
| Total Expenses |
$52,792
|
$7.86
|
| Net Operating Income |
$108,108
|
$16.10
|
FINANCIAL SUMMARY (ACTUAL - 2023)
| Gross Rental Income | |
|---|---|
| Annual | $163,860 |
| Annual Per SF | $24.40 |
| Other Income | |
|---|---|
| Annual | $2,016 |
| Annual Per SF | $0.30 |
| Vacancy Loss | |
|---|---|
| Annual | $4,976 |
| Annual Per SF | $0.74 |
| Effective Gross Income | |
|---|---|
| Annual | $160,900 |
| Annual Per SF | $23.96 |
| Taxes | |
|---|---|
| Annual | $25,036 |
| Annual Per SF | $3.73 |
| Operating Expenses | |
|---|---|
| Annual | $27,756 |
| Annual Per SF | $4.13 |
| Total Expenses | |
|---|---|
| Annual | $52,792 |
| Annual Per SF | $7.86 |
| Net Operating Income | |
|---|---|
| Annual | $108,108 |
| Annual Per SF | $16.10 |
PROPERTY FACTS
| Price | $1,850,000 | Apartment Style | Low-Rise |
| Price Per Unit | $168,182 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.19 AC |
| Cap Rate | 5.84% | Building Size | 6,715 SF |
| Gross Rent Multiplier | 11.15 | 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 |
| Zoning | R3, Long Beach | ||
| Price | $1,850,000 |
| Price Per Unit | $168,182 |
| Sale Type | Investment |
| Cap Rate | 5.84% |
| Gross Rent Multiplier | 11.15 |
| 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 |
| Zoning | R3, Long Beach |
AMENITIES
SITE AMENITIES
- Controlled Access
- Laundry Facilities
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 10 | $1,150 | 500 - 625 |
| 3+2 | 1 | $2,155 | 1,465 |
1 1
Walk Score®
Walker's Paradise (93)
Bike Score®
Biker's Paradise (91)
PROPERTY TAXES
| Parcel Number | 7275-005-018 | Total Assessment | $568,742 (2025) |
| Land Assessment | $227,494 (2025) | Annual Taxes | $25,036 ($3.73/SF) |
| Improvements Assessment | $341,248 (2025) | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
7275-005-018
Land Assessment
$227,494 (2025)
Improvements Assessment
$341,248 (2025)
Total Assessment
$568,742 (2025)
Annual Taxes
$25,036 ($3.73/SF)
Tax Year
2023
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1135 E 3rd St
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