3020 E 3rd, Long Beach, CA 90814
Local realty services provided by:Better Homes and Gardens Real Estate Clarity
Listed by: matthew firth, darren moon
Office: matthew firth, broker
MLS#:PW26040896
Source:San Diego MLS via CRMLS
Price summary
- Price:$6,800,000
About this home
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, faades, 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 34% annually would drive NOI growth of ~1520% over a five-year hold. With expense...
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Home facts
- Listing ID #:PW26040896
- Added:57 day(s) ago
- Updated:May 16, 2026 at 02:10 PM
Rooms and interior
- Bedrooms:3
- Total bathrooms:3
Heating and cooling
- Heating:Radiant
Structure and exterior
- Levels:2 Story
Finances and disclosures
- Price:$6,800,000
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