445 E 3rd Street
22 Units | East Village Arts District | 6.82% Market Cap | 17% NOI Upside | $530K in Improvements
Marketing description
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.
Investment highlights
All Units Renovated
1920's Character Building with Studios & One Bedrooms
~$530K in CapEx (breakdown on page 13)
Opportunity to Increase Cash Flow with RUBS Implementation Prime East Village Arts District Commands Rental Premiums
6.82% Cap Rate / 9.12 GRM at Market
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