617 West 3rd Street, Long Beach, CA 90802
- $1,650,000
- List Price
- $1,650,000
- Price Change
- ▼ $49,999 1784354610
- Status
- ACTIVE
- MLS#
- PW26065075
- Year Built
- 1921
- Lot Size
- 7,508
- Acres
- 0.17
- Lot Location
- Walkstreet
- Days on Market
- 110
- Property Type
- Multifamily
- Property Sub Type
- Mixed Use
- Stories
- Two Levels
- Neighborhood
- Downtown (Dt)
Property Description
Introducing this exceptional 9-unit property located in the heart of vibrant Long Beach, CA. Positioned in one of Southern California’s most dynamic coastal markets, 617 W 3rd Street offers a compelling investment opportunity in the rapidly evolving Downtown Long Beach corridor. Just minutes from the waterfront, Pine Avenue, and the city’s major employment hubs, the property benefits from strong rental demand driven by both lifestyle and location. Long Beach continues to see sustained growth fueled by ongoing redevelopment, proximity to the ports, and accessibility to both Los Angeles and Orange County. The area attracts a diverse tenant base including young professionals, students, and long-term residents seeking an urban coastal environment with walkability and transit access. The property presents a rare opportunity for investors to capture both immediate income and future upside. The 9-unit asset consists of two 4-unit apartment-style buildings and one Craftsman single-family residence with a detached 2-car garage situated between them. Several units have been recently upgraded, and utility improvements have also been completed. The property is fully rented with a number of long-term tenants and operates at approximately a 7.33% cap rate, offering stable in-place income with additional upside potential.
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Additional Information
- Pool Description
- None
- Heat
- Floor Furnace
- Cooling Description
- None
- View
- Neighborhood
- Garage Spaces Total
- 2
- Sewer
- Public Sewer
- Water
- Public
- Attached Structure
- Detached
- Number Of Units Total
- 9
- Gross Scheduled Income
- $167,208
- Operating Expense
- 52532
Listing courtesy of Listing Agent: Melinda Elmer (melinda@theelmerteam.com) from Listing Office: Century 21 Masters.
Mortgage Calculator
Based on information from California Regional Multiple Listing Service, Inc. as of . This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.