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$ 6,800,000
Est. payment /mo
Active
3020 E 3rd Long Beach, CA 90814
7,505 Sqft Lot
UPDATED:
Key Details
Property Type Apartment
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Subdivision Belmont Heights (Bh)
MLS Listing ID PW26040896
HOA Y/N No
Year Built 2024
Lot Size 7,505 Sqft
Property Sub-Type Apartment
Property Description
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.
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.
Location
State CA
County Los Angeles
Area 2 - Belmont Heights, Alamitos Heights
Interior
Heating Radiant
Cooling Ductless
Fireplace No
Appliance Dryer, Washer
Exterior
Pool None
Community Features Urban
Private Pool No
Building
Story 2
Entry Level Two
Sewer Public Sewer
Water Public
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 7257028003
Acceptable Financing Cash, Cash to New Loan
Listing Terms Cash, Cash to New Loan
Special Listing Condition Standard
Virtual Tour https://listing.rewsmedia.com/sites/zekejjm/unbranded
Listed by Matthew Firth Matthew Firth, Broker 562-760-9447, DRE #01903073
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