Prime East Village Arts District 445 E 3rd St 22 Unit Apartment Building $4,950,000 ($225,000/Unit) 5.17% Cap Rate Long Beach, CA 90802

445 E. 3rd Street is a 22-unit multifamily asset located in Long Beach’s East Village Arts District, a dense, walkable submarket within Downtown that continues to attract a steady base of renters driven by proximity to employment, transit, and lifestyle amenities. The property consists of fourteen (14) studio units and eight (8) one-bedroom/one-bath units, providing an efficient unit mix aligned with prevailing demand in the area, as evidenced by 100% occupancy (as of March 2026).
Originally constructed in the 1920s, the building retains its period character while offering fully renovated interiors across all units. The seller has invested approximately $530,000 in capital improvements, including common area enhancements, unit renovations, keyless entry on all units, and new landscaping. As a result, the asset presents as a stabilized, low-deferred-maintenance investment with limited near-term capital requirements. The renovation scope across the unit interiors supports tenant retention and operational consistency relative to comparable vintage product in the submarket.
The property is situated in a highly walkable location, with a 98 Walk Score and 91 Bike Score, placing it within immediate access to Downtown Long Beach’s retail corridors, dining, and neighborhood-serving amenities. The East Village Arts District, in particular, has maintained consistent occupancy levels and rent stability, supported by its distinct identity, concentration of local businesses, and connectivity to the broader Downtown employment base.
From an investment standpoint, 445 E. 3rd Street is well suited for investors seeking a renovated, operationally stable asset in an established infill location. A new owner has the opportunity to increase cash flow through the implementation of RUBS. The offering also qualifies for attractive financing at 5.05%.