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702 E 3Rd St, Long Beach, CA 90802
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702 E 3Rd St Long Beach, CA 90802

$1,300,000 Sold Price as of 06/30/2023
  • 10 Beds
  • 4 Baths
  • 3,264 Sq.Ft.
Sold
$1,300,000 Sold Price as of 06/30/2023 Refinance Your Mortgage
Map preview of 702 E 3Rd St, Long Beach, CA 90802

Property Overview: 702 E 3Rd St Long Beach, CA has 10 bedrooms, 4 bathrooms, 3,264 living square feet and 2,613 square feet lot size. Call an Ardent Real Estate Group agent with any questions you may have.

Agent Remarks: 702 East 3rd Street is a 4-unit multifamily investment property located in the East Village Arts District of Long Beach, CA. 702 East 3rd Street offers an attractive mix of 2, two-bedroom units and 2, three-bedroom units with significant rental upside. The property has received significant capital investment towards modernizing the units with three of four units featuring upgraded countertops, flooring, paint, and appliances. Tenants pay for their own electric and gas. The property is positioned near the intersection of the East Village and Alamitos Beach neighborhoods, offering residents easy access to all that Long Beach has to offer. The property is situated in the East Village Arts District, providing tenants convenient access to the plethora of retail, dining, and entertainment options located in Downtown Long Beach and the Shoreline Village. 702 East 3rd Street is within 1 mile of the 4th Street Corridor, more commonly known as “Retro Row”, a stretch of 4th Street with numerous specialty shops and cafes. Additionally, the property benefits from its location near the junction of East Ocean Boulevard and Alamitos Avenue, two major thoroughfares that connect residents to arterial freeways.

Listed by Tyler Leeson | BRE #01451551 | Marcus & Millichap RE Invest
Last checked: 15 minutes ago | Last updated: October 12th, 2023 | Source CRMLS | DOM: 39

Home details

Lot Sq. Ft
2,613
HOA Dues
$0/mo
Year built
1919
Garage
--
Property Type:
Apartment
Status
Sold
MLS#
OC23047340
City
Long Beach
County
Los Angeles
Time on Site
546 days
Multi-Family Unit Breakdown
Unit Mix Summary
  • Total # of Units: 4
  • Total # of Buildings: 1
  • # of Leased Units: 4
  • # of Electric Meters: 4
  • # of Gas Meters: 4
  • # of Water Meters: 0
Unit Breakdown 1
  • # of Units: 2
  • # of Beds: 3
  • # of Baths: 1
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $3,460
  • Total Rent: $3,460
  • Pro Forma/Market Rent: $5,190
Unit Breakdown 2
  • # of Units: 2
  • # of Beds: 2
  • # of Baths: 1
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $3,610
  • Total Rent: $3,610
  • Pro Forma/Market Rent: $4,390
Multi-Family Income/Expense Information
Property Income and Analysis
  • Gross Rent Multiplier: --
  • Gross Scheduled Income: $84,840
  • Net Operating Income: $54,027
  • Gross Operating Income: $82,295
  • Vacancy Allowance: $2,545
Annual Expense Breakdown
  • Total Operating Expense: $28,268
  • Electric: $618
  • Gas/Fuel: $618
  • New Taxes: $15,756
  • Trash: $618
  • Insurance: $3,000
  • Maintenance: $2,800
  • Water/Sewer: $619
  • Other Expenses: $4,239
  • Other Expense Description: Misc

Property Details for 702 E 3Rd St

Interior Features
Laundry Information
  • Has Laundry
  • Common Area, Electric Dryer Hookup, Washer Hookup
Interior Features
  • Levels: Two
Exterior Features
Exterior Features
  • No Pool
  • Pool Features: None
Lot Details / Garage and Parking
Lot Information
  • Lot Features: Level with Street
  • Lot Size Source: Assessor
  • Common Interest: Community Apartment
Property Information
  • Common Walls: No Common Walls
  • Total # of Units: 4
  • Parcel Number: 7281013001
  • Year Built Source: Assessor
  • Property is not Attached
Homeowners Association, Utilities, Taxes / Assessments
Utilities Information
  • Sewer: Public Sewer
  • Water Source: Public
Assessment Information
  • Has Assessments
  • Assessments: Special Assessments
Location / Neighborhood
Location Information
  • Directions: Nearby Cross Streets: Lime Avenue & East 3rd Street
Neighborhood Information
  • Community Features: Curbs, Sidewalks
View more facts & features

Local Long Beach Agent

Sale History for 702 E 3Rd St

Last leased for $2,095 on October 12th, 2023

  • October, 2023

  • Oct 12, 2023

    Date

    Leased

    CRMLS: CV23188022

    $2,095

    Price

  • Oct 9, 2023

    Date

    Active

    CRMLS: CV23188022

    $2,095

    Price

  • Listing provided courtesy of CRMLS

    Beautiful downstairs 2 bedroom apartment home located in East Long Beach/4th St Corridor/Retro Row. Apartment features include original wood flooring throughout, large windows that provide plenty of natural lighting and new interior paint. Remodeled kitchen has white shaker cabinets and granite countertops. The bathroom features a pedestal sink and original cabinetry. Street parking only. Close to Shoreline, The Pike, shopping, restaurants, LB Convention Center, Queen Mary, etc. Vouchers welcome. Do not miss out!

  • June, 2023

  • Jun 30, 2023

    Date

    Sold

    CRMLS: OC23047340

    $1,300,000

    Price

  • Mar 23, 2023

    Date

    Active

    CRMLS: OC23047340

    $1,325,000

    Price

  • October, 2020

  • Oct 30, 2020

    Date

    Canceled

    CRMLS: PW20179510

    $1,230,000

    Price

  • Oct 29, 2020

    Date

    Withdrawn

    CRMLS: PW20179510

    $1,230,000

    Price

  • Oct 19, 2020

    Date

    Price Change

    CRMLS: PW20179510

    $1,230,000

    Price

  • Oct 7, 2020

    Date

    Price Change

    CRMLS: PW20179510

    $1,279,000

    Price

  • Aug 31, 2020

    Date

    Active

    CRMLS: PW20179510

    $1,300,000

    Price

  • Listing provided courtesy of CRMLS

    HIGHLY MOTIVATED SELLER LOOKING TO MAKE A QUICK DECISION. We are pleased to offer 702-708 E. 3rd Street, Long Beach, a 4-unit apartment building full of charming historic character located in the heart of Downtown Long Beach and positioned in an ‘Opportunity Zone” adding potential tax benefits to the Buyer. Situated on a hard-to-find corner lot, this investment opportunity offers excellent curb appeal with fresh exterior paint and landscaping, all completed this year. The owner also invested in a new roof (2016), and various degrees of upgrades to the majority of the kitchens, including granite or quartz countertops. The 3rd Streets apartments also offers an unbeatable location with just 2 blocks to Alamitos Beach and the boardwalk, and just steps to trendy shops, chic eateries, and vibrant nightlife entertainment and will keep tenants flocking to the building and offer continuous strong rent growth in the future. With the continuing developmental boom and little to no capital to be invested to increase rents, the 3rd Street apartments are a smart buy for any investor. *TWO RECENT PRICE REDUCTIONS- SELLER IS MOTIVATED*Located in the East Village Arts District-Downtown Long Beach, *Fantastic Coner Lot w/Excellent Curb Appeal, *New Roof (2016), Exterior Paint (2019) and Landscaping (2020), *Steps to Shopping, Dining & Entertainment, *Just 2 Blocks to Alamitos Beach, *Majority of Units Have Upgraded Kitchens, *Opportunity Zone Investment

  • March, 2016

  • Mar 22, 2016

    Date

    Sold (Public Records)

    Public Records

    $799,000

    Price

  • April, 2013

  • Apr 25, 2013

    Date

    Sold (Public Records)

    Public Records

    --

    Price

  • February, 2013

  • Feb 14, 2013

    Date

    Sold

    CRMLS: S718261

    $635,000

    Price

  • Nov 16, 2012

    Date

    Active

    CRMLS: S718261

    $639,000

    Price

  • Listing provided courtesy of CRMLS

    Wow! Great 1919 restored 2 story 4 plex! Situated on a nice corner lot in the Downtown, Pine Ave.,corrider! High rents, low maintenance and only few blocks to the water!. Two three bedrooms, One bath. Two threes's w/ one bath. The two's have approximately a 5'*8' additional interior area that could be utilized for an additional sleeping area, closet, storage or work station.! Some copper plumbing. Common laundry area for additional optional income. High ceiling, nice hardwood floors and great carpet! Upgraded electrical with five meters and newer circuit panel with breakers! Nice corner lot gives great sunlight exposure, and resources for off street parking! Lower units are the two bedrooms and have concrete porches. Seperate gas and electric meters. One large gas water heater w/ recirculating pump!There is a fifth s meter for the laundry room/meter water heater. A fifth electrical meter for the outside lights, laundry room. Expenses and income is deemed accurate but not guaranteed.

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Tax History for 702 E 3Rd St

Assessed Value (2020): $865,161
Year Land Value Improved Value Assessed Value
2020 $562,864 $302,297 $865,161

Home Value Compared to the Market

This property vs the competition

702 E 3Rd St sold on June 30, 2023 for 61.78% higher than the current median sold price for the city of Long Beach which is $819,000. The median sold price per/sqft for Long Beach is $628 and this home is sold at $405.94 per/sqft which puts the price per square foot 35.36% lower than the current median sale per square foot for the city of Long Beach.

About 702 E 3Rd St

Detailed summary of property

702 E 3Rd St is a apartment that recently sold in Long Beach, CA 90802. This apartment offered 10 bedrooms, 4 bathrooms, roughly 3,264 living square feet, and sits on an approximately 2,613 square foot lot. 702 E 3Rd St was first listed on ArdentRealEstateGroup.com on March 23, 2023. The homeowner sold the property for $1,300,000. Home in Long Beach are selling for a median price of $819,000 and a median price per square foot of $628. Based on Ardent Real Estate Group's Long Beach Market Data, this home is sold 61.78% higher than the current median priced home. Local homes that are currently for sale include 1600 Magnolia Ave, 2624 E 6th St and 1961 Pine Ave. While the average home in Long Beach, CA is selling in 62 days, 702 E 3Rd St has a days on market of 39 days. There are currently 778 homes for sale in the Long Beach real estate market and 416 of them are single family homes while 337 of them are condos and 23 are townhomes. For more information on this home for sale at 702 E 3Rd St Long Beach, CA 90802 contact Ardent Real Estate Group and we will put you in touch with one of our Long Beach agents.

Public Facts for 702 E 3Rd St

Public county record property details
Beds
6
Baths
4
Year built
1919
Sq. Ft.
3,264
Lot Size
2,503
Stories
--
Type
Quadruplex (4 Units, Any Combination)
Pool
No
Spa
No
County
Los Angeles
Lot#
2,4
APN
7281-013-001

The source for these homes facts are from public records.

90802 Real Estate Sale History (Last 30 days)

Last 30 days of sale history and trends
Median List Price
$569,000
Median List Price/Sq.Ft.
$660
Median Sold Price
$515,000
Median Sold Price/Sq.Ft.
$619
Total Inventory
173
Median Sale to List Price %
100.39%
Avg Days on Market
43
Loan Type
Conventional (60.71%), FHA (7.14%), VA (0%), Cash (14.29%), Other (17.86%)

Thinking of Selling?

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Recently Sold Homes Near 702 E 3Rd St

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$12,560,000 Last Sold Price
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555 E 3rd St, Long Beach, CA 90802
$1,153,000 Last Sold Price
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Based on information from California Regional Multiple Listing Service, Inc. as of 2019. 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.

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