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Prime East Village Arts District 445 E 3rd St 22 Unit Apartment Building $4,400,000 ($200,000/Unit) 5.84% Cap Rate Long Beach, CA 90802
Investment Highlights
- All Units Renovated
- ~$530K in CapEx
- Prime East Village Arts District Commands Rental Premiums
- 1920's Character Building with Studios & One Bedrooms
- Opportunity to Increase Cash Flow with RUBS Implementation
- 6.82% Cap Rate / 9.12 GRM at Market
Executive Summary
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 (14) studio units and (8) 1BD/1BA, providing an efficient unit mix aligned with prevailing demand in the area.
The seller has invested approximately $530,000 in capital improvements, including interior common areas (hallways, stairwells, keypads), unit interior renovations, new turf and landscaping on exteriors.
All unit interiors are completely renovated with designer fixtures and finishes. Approximately $18,200 has been invested per studio unit renovation and ~$19,200 invested per 1BD/1BA renovation.
445 E. 3rd Street is priced at a 5.84% cap rate and 10.10 GRM in place, with clear embedded upside. As rents move to market and RUBS is implemented, the property stabilizes at a 6.82% cap rate and 9.12 GRM—a 98-basis-point expansion in yield and nearly a full point of GRM compression. That equates to $43,298 of additional annual NOI, a 17% increase in cash flow at no change in basis.
The seller has invested approximately $530,000 in capital improvements, including interior common areas (hallways, stairwells, keypads), unit interior renovations, new turf and landscaping on exteriors.
All unit interiors are completely renovated with designer fixtures and finishes. Approximately $18,200 has been invested per studio unit renovation and ~$19,200 invested per 1BD/1BA renovation.
445 E. 3rd Street is priced at a 5.84% cap rate and 10.10 GRM in place, with clear embedded upside. As rents move to market and RUBS is implemented, the property stabilizes at a 6.82% cap rate and 9.12 GRM—a 98-basis-point expansion in yield and nearly a full point of GRM compression. That equates to $43,298 of additional annual NOI, a 17% increase in cash flow at no change in basis.
Property Facts
| Price | $4,400,000 | Apartment Style | Low-Rise |
| Price Per Unit | $200,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.12 AC |
| Cap Rate | 5.84% | Building Size | 12,150 SF |
| Gross Rent Multiplier | 10.1 | Average Occupancy | 100% |
| No. Units | 22 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1922 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Zoning | PD30, Long Beach | ||
| Price | $4,400,000 |
| Price Per Unit | $200,000 |
| Sale Type | Investment |
| Cap Rate | 5.84% |
| Gross Rent Multiplier | 10.1 |
| No. Units | 22 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.12 AC |
| Building Size | 12,150 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built | 1922 |
| Opportunity Zone |
Yes |
| Zoning | PD30, Long Beach |
Amenities
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 14 | - | 470 |
| 1+1 | 8 | - | 553 |
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Exceptionally walkable
90/100
Moderately drivable
70/100
Strong public transit
80/100
Moderately bikeable
70/100
Property Taxes
| Parcel Number | 7281-010-017 | Improvements Assessment | $1,577,342 |
| Land Assessment | $3,670,055 | Total Assessment | $5,247,397 |
Property Taxes
Parcel Number
7281-010-017
Land Assessment
$3,670,055
Improvements Assessment
$1,577,342
Total Assessment
$5,247,397
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