445 E 3rd, Long Beach, California 90802, Long Beach, 90802 - 0 bed, 0 bath
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445 E 3rd
Long Beach, California 90802
ACTIVE
CONDITION: EXCELLENT
0Beds
0Baths
12,150Sq Ft
5,005Lot Size
Property Price
LIST PRICE$4,400,000
EST. MARKET VALUE
$4,557,952
3% BelowMARKET VALUE
SUMMARY
This 22-unit multifamily High-Potential Investment Opportunity is listed at a List Price of $4,400,000—positioned well below the $4,557,952 Fair Market Value by 3%. With $157,952 in Instant Equity, this asset features a Mint Condition Rating following $530,000 in recent capital improvements. Located in the East Village Arts District, the property offers Panoramic City and Ocean Views and significant upside through RUBS implementation. This is a premier acquisition for Buy-and-Hold Investors or Multifamily Portfolio Managers seeking stabilized, high-yield cash flow.
Estimated Market Value
$4,557,952+$157,952 Equity Potential
Based on Realkey algorithm analyzing recent comparable sales in Long Beach.
Comparable Sales Map
Comparables within 1 miles sold in recently
Map unavailable.
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 445 E 3rd Subject | $4,400,000* List Price | 0 | 0 | 12,150 | $375 | - |
A 319 Elm Active | $4,800,000 List Price | 0 | 0 | 11,838 | $405 | 0.1 mi |
* Subject property listed price vs sold prices of comps.
Condition Analysis
See Full ReportOVERALL CONDITION SCORE
Excellent
TeardownExcellent
Property is new construction or fully renovated.
While originally built in 1922, the property has undergone a comprehensive $530,000 capital improvement program. All 22 unit interiors are completely renovated with designer fixtures, modern flooring, and updated bathrooms. The significant investment in common areas and unit finishes qualifies it as mint condition with no immediate maintenance needed.
PROSSTRENGTHS & OPPORTUNITIES
- Extensive Capital Improvements
With approximately $530,000 recently invested in renovations, including designer interior finishes, common areas, and landscaping, the property offers a turnkey solution with minimized immediate CapEx requirements.
- Prime Walkable Location
Situated in the heart of the East Village Arts District, the property benefits from a high Walk Score and proximity to transit and employment, ensuring a steady and reliable renter base.
- Significant Yield Upside
The asset features a clear path to a 6.82% stabilized cap rate through market rent adjustments and the implementation of RUBS, representing a 16% potential increase in annual net operating income.
CONSRISKS & DEFICIENCIES
- Century-Old Structure
Built in 1922, the property may present long-term maintenance challenges or structural considerations inherent to vintage buildings that cosmetic renovations may not fully address.
- High Density/Parking Constraints
The high-density unit mix on a relatively small 5,005-square-foot lot suggests a lack of on-site parking, which can be a significant drawback for tenants in the competitive Long Beach rental market.
About 445 E 3rd
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 $41,075 of additional annual NOI, a 16% increase in cash flow at no change in basis.
Property Details
Public Facts
- Property Type
- Mixed Use
- Year Built
- 1922
- Lot Size
- 5,005 Sq. Ft.
Interior
- Total Bedrooms
- 0
- Total Bathrooms
- -
Exterior & Parking
No exterior & parking available.
Utilities & Misc
- HOA Fee
- $0 / Month
Neighborhood Insights
Long Beach Unified Schools
Chavez Elementary School
Grades K-5 • 0.2 mi
6/10
Stevenson Elementary School
Grades K-5 • 0.2 mi
7/10
International Elementary School
Grades K-5 • 0.4 mi
7/10
Sensitive Facilities
No sensitive facilities data found.
Neighborhood Comparison
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 0.0 | 2.0 |
| Baths | 0.0 | 1.0 |
| Square foot | 12,150 | 3,749.222 |
| Lot Size | 5,005 | 5,654.444 |
| Price | $4.40M | $1.44M |
| Price per sq ft | $362 | $381 |
| Built year | 1922 | 1928 |
| HOA | $0 | $0 |
| Days on market | 34 | 92 |
Pricing History
Listed for Sale
Aug 6, 2026
$4,400,000
Initial Listing
Sold
Aug 29, 2018
$4,704,000
Public Record
Sold
Dec 9, 2015
$3,400,000
Public Record
Sold
Jun 9, 2005
$1,850,000
Public Record
Sold
Dec 24, 1998
$64,500
Public Record