553 E 3rd St, Long Beach, CA

553 E 3rd St, Long Beach, CA

Long Beach, CA
1,100,000

Property Description

Lyon Stahl is excited to present 535-555 E 3rd Street, a unique and fully vacant commercial property located in Downtown Long Beach, just a short commute to Long Beach Waterfront, Long Beach Convention Center, and the Aquarium of the Pacific. The 2-unit was built in 1957, but recently remodeled, and consisting of 1,926 SF of living space situated on a 3,894 SF lot. 553-555 E 3rd Street offers a unit mix consisting of (2) 1-Bed/1-Bath, which can be used as retail, residential space or both. The property features open parking inside it’s private property gate.
Located in one of the strongest rental markets in California and currently performing above a 3.5% cap rate – this is an excellent opportunity for an owner/user or a potential investor to obtain 30-year fixed residential financing while rates are at a historic low.
*Pink Garage Door will be replaced with a brand new glass garage door within the next week*

Property Features

  • Sale Price: 1,100,000
  • Area Size: 1,926 SF
  • Land Area: 3,894 SF
  • Year Built: 1957
  • Listing Date: August 5, 2021
  • Units: 2
  • Current GRM: 17.66
  • Current Cap Rate: 3.76%
  • Market GRM: 17.66
  • Market Cap Rate: 3.76%

Lyon Stahl Investment Real Estate

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