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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.
| DAYS ON MARKET | 3 | LAST UPDATED | 8/6/2026 |
|---|---|---|---|
| TRACT | East Village Arts District | YEAR BUILT | 1922 |
| COMMUNITY | 2 - Belmont Heights, Alamitos Heights | COUNTY | Los Angeles |
| STATUS | Active | PROPERTY TYPE(S) | Residential Income |
| ADDITIONAL DETAILS | |
| AREA | 2 - Belmont Heights, Alamitos Heights |
|---|---|
| LOT | 5005 sq ft |
| LOT DIMENSIONS | 5005 |
| POOL DESCRIPTION | None |
| SEWER | Public Sewer |
| STORIES | 3 |
| SUBDIVISION | East Village Arts District |
| WATER | Public |
MORTGAGE CALCULATOR
TOTAL MONTHLY PAYMENT
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Listed with Keller Williams Realty Downey
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