$ 6,800,000
-
$6,800,000
Price -
3
Bed -
3
Bath -
9,650
SqFt
NEW! Buy and sell safely with virtual options - Learn More
About the Listing PB18412 - PWFIRMAT,SMOONDAR
Meet Bluff & Oak. With 12 of the 15 units fully rebuilt in 2024 and the remaining 3 delivered as 100% new construction in 2026, the property operates with a true new construction profile. The scope of work extended well beyond cosmetic upgrades and included full replacement of plumbing (waste lines, water lines, new main, backflow preventer), new individual water heaters, and a fully upgraded electrical system with new subpanels and 600-amp service. Mechanical systems, HVAC, doors, windows, and ventilation were all replaced, along with a new roof, façades, hardscape, landscaping, exterior lighting, and signage. All unit interiors were rebuilt with modern kitchens and baths, quartz countertops, Energy-Star appliances, designer fixtures, plank flooring, and in-unit laundry, positioning the asset at the top of the local rental market while materially reducing future capital exposure. The asset also includes the option to lease 8 surface parking spaces directly behind the property on a rolling 2-year term. A third-party cost segregation study has been completed and is transferable to a new owner, allowing for approximately $2.1M of accelerated depreciation within the first five years versus c. $730K under standard depreciation, creating a meaningful front-loaded tax shield to enhance after-tax returns. With a going-in cap rate of 5.16%, compared to c. 4.5% for comparable new construction, the asset offers a spread to newer product while maintaining a similar risk profile. Even modest rent growth of 3–4% annually would drive NOI growth of ~15–20% over a five-year hold. With expenses stabilized through recent renovations and RUBS implementation, most of that growth flows directly to the bottom line. Long Beach led coastal California rent growth at ~6% through 2025, outperforming nearby markets. Bluff Heights continues to emerge as one of the most durable coastal submarkets in Long Beach, driven by walkability, proximity to the ocean, and a strong renter base. Nearby single-family home sales ranging from ~$1.7M to $3M+ reinforce rent ceilings and long-term demand, while relative affordability continues to attract new residents. From an operational standpoint, the asset is designed for efficiency. All major systems are new, utilities are separated with RUBS in place, and there is no deferred maintenance or near-term capital needs, allowing ownership to focus on cash flow rather than execution in an increasingly complex operating environment.
Listing Highlights
Status
Active
Days on Site
14
Property Type
Multi-Family
MLS ®
PW26040896
Year Built
2024
Total Square Footage
9,650
Lot/Acreage
0.17
Interior Details
- Bedrooms: 3
- Bathrooms: 3 Full
- Appliances: Dryer, Washer
- Air Cond: Ductless
- Heating: Radiant
- Fireplaces:
- Floor:
- Above Ground Sq Ft:
- Below Ground Sq Ft: n/a
- Basement:
- Other:
- Water: Public
Exterior Details
- Lot Description: No Land Lease
- Garage Capacity: N/A
- Parking Spaces: 0
- Roof:
- Others: 2+ Total Units
- Sewer: Public Sewer
Financial Details
- Tax Amount: N/A
- Taxes w/Assessments: N/A
- Tax/Property ID: 7257028003
- Tax Year: N/A
Payment Calculator
Monthly Payment
- in Principal and Interest
- in Taxes
Years
% Down Payment
% Mortgage Rate
Questions About..
3020 E 3rd Long Beach, CA 90814
Never Miss A New Property
Get notified any time there's a new home on the market in this neighborhood!
Don't worry! We'll never spam you or sell your details. You can unsubscribe whenever you'd like.
Listing Courtesy of -
