Downtown Long Beach Retail
For Sale
$1,599,990
Pending
351 Pacific Ave, Long Beach, CA 90802
Two-unit commercial property in Downtown Long Beach with long-term tenants.
Property Size2,992 SF
Lot Size0.17 Acres
Days on Market159
Property Features for 351 Pacific Ave
General Information
Standard status
Pending
Size
2,992 SF
Lot size
0.17 Acres
Property subtype
Commercial
Building Details
Building Size
2,992 SF
Year Built
1917
Listing Agency:
Platinum Properties R.E.
(562) 424-3700
Listed By:
Hoyt Hochman · License #01211717
Source:
Elliman
Added: Mar 24
Changed: Aug 28
Last Checked: Aug 28 at 4:47PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Platinum Properties R.E.
Investment Insights
Based on property information with market context.
This two-unit commercial/retail property is situated on the signalized corner intersection of 4th and Pacific in the heart of Downtown Long Beach. Both units are occupied by long-term food service tenants. The Downtown Long Beach Business District features attractions such as The Queen Mary, The Aquarium of the Pacific, Shoreline Village, Rainbow Harbor Waterfront, and The Pike, which make up the Long Beach Convention and Entertainment Center. Downtown Long Beach is undergoing a major urban revitalization with private and public investment creating significant growth. Over $3.5 billion in new investment includes over 1,700 residential units recently completed or under construction and an additional 2,300 residential units approved for construction or in the review process.
Key Highlights
- Located on a signalized corner intersection in the heart of Downtown Long Beach.
- Two units are occupied by long‑term food service tenants.
- Located in the Downtown Long Beach Business District near major attractions.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$56,280
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.52%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,125,600
$1.1M
Cap Rate 7%
$804,000
$804.0K
Cap Rate 9%
$625,333
$625.3K
Market Conditions
NOI Build-Up for 2,992 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$79.0K $26.40/SF
− Vacancy
−$3.9K −$1.32/SF
EGI
$75.0K $25.08/SF
− OpEx
−$18.8K −$6.27/SF
NOI
$56.3K $18.81/SF
Area
Long Beach, CA
Vacancy
5.00%
Lease Rate
$26.40 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,125,600
Cap Rate 7%
$804,000
Cap Rate 9%
$625,333
Alternative Uses
Best Use
Specialty Retail
$804.0K
$703.5K – $938.0K
NOI $56,280 @ 7.0% cap · market cap 3.52%
Second Best
Retail
$705.0K
$616.9K – $822.5K
NOI $49,348 @ 7.0% cap · market cap 3.08%
Theoretical Best
Office A
$1.60M
$1.40M – $1.87M
NOI $112,133 @ 7.0% cap · market cap 7.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
5,987
Businesses Nearby
282k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 57%
Shops & Services 14%
Groceries 14%
Hotels & Casinos 14%
El Super
Groceries
38,294 visits/mo
0.3 miles
Islands Restaurant
Dining
29,303 visits/mo
0.4 miles
Marriott Long Beach Downtown
Hotels & Casinos
22,235 visits/mo
0.3 miles
Starbucks
Dining
20,014 visits/mo
0.4 miles
Starbucks
Dining
19,105 visits/mo
0.2 miles
Demographics for 90802, CA
41,686
Population
25,055
Households
1.7
Avg Household Size
37
Median Age
44%
College-Educated
88%
High-School Grad
6.5 sq mi
ZIP Area
6,413
Density / Sq Mi
$72,152
Median Household Income
$52,011
Median Earnings
$1,855
Median Rent
$546,700
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Two-unit commercial property in Downtown Long Beach with long-term tenants.
Where is this storefront property located?
The property is located at 351 Pacific Ave Long Beach, CA.
What is the asking price?
The asking price for this property is $1,599,990.
What are key features of this property?
This property features: Located on a signalized corner intersection in the heart of Downtown Long Beach.; Two units are occupied by long‑term food service tenants.; Located in the Downtown Long Beach Business District near major attractions.
