$4,400,000

445 E 3rd St, Long Beach, CA 90802

12,150 sq ft

Listed by Keller Williams Realty Downey, Robert Stepp
310-463-2916

Status: Active

MLS® #PW26170001

Property description for 445 E 3rd St, Long Beach, CA 90802

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.

QUICK OVERVIEW

Built in 1922
$362 / Sq Ft
76 days on website
0.1149 acres lot

INTERIOR

BUILDING AND CONSTRUCTION

EXTERIOR AND LOT

AREA AND SCHOOLS

Price per square foot and days on website are not provided values and are calculated by REMAX.

Listing Agent Robert Stepp

Listing Office Keller Williams Realty Downey, 5623341500

Updated Thursday, August 27, 2026 at 3:54:54 PM

The multiple listing data appearing on this website, or contained in reports produced therefrom, is owned and copyrighted by California Regional Multiple Listing Service, Inc. "CRMLS" and is protected by all applicable laws. Information provided is for viewer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties the viewer may be interested in purchasing. All listing data, including but not limited to square footage and lot size is believed to be accurate, but the listing Agent, listing Broker and CRMLS and its affiliates do not warrant or guarantee such accuracy. The viewer should independently verify the listed data prior to making any decisions based on such information by personal inspection and/or contacting a real estate professional. Information deemed reliable but not guaranteed. Copyright © 2026 California Regional Multiple Listing Service, Inc. All rights reserved.

NEIGHBORHOOD

About the East Village Neighborhood

East Village is a "jack-of-all-trades" when it comes to the ambience of this area. East Village is quiet, as the streets tend to be quite tranquil. Reaching public green spaces, like Rainbow Lagoon, is easy from a lot of locations in the neighborhood since there are a few of them close by for residents to enjoy. Finally, this area has many places to visit. Despite the fact that there are few nearby entertainment venues, there are a very large number of people around most of the time, and finding one of the approximately 30 bars is very easy since they are generally situated in very convenient locations.

Learn more about East Village

Daycares

At least one daycare within a very short walk

Cafes

Exceptional variety of cafés within a few minutes' walk

Elementary Schools

At least one elementary school within a 5-minute walk

Groceries

Exceptional variety of groceries within a few minutes' walk

Restaurants

Exceptional variety of restaurants within a few minutes' walk

CLIMATE RISK FOR 90802

PROPERTY HISTORY FOR 445 E 3RD ST

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445 E 3rd St, Long Beach, CA 90802