Freestanding Grocery and Convenience
New
For Sale
$1,056,000
1429 Cherry, Long Beach, CA 90813
The building accommodates a beer, wine, and grocery operation under a modified gross lease.
Property Size3,536 SF
Price / SF$298.64
Days on Market2
Property Features for 1429 Cherry
General Information
Standard status
Active
Size
3,536 SF
Building Details
Year Built
1962
Buildings
1
Tenancy
Single
Listing Agency:
Century 21 Discovery
Listed By:
Jigar Shah · License #01116918
(714) 626-2000
Source:
Myfabuloushome
Added: Oct 1
Last Checked: Oct 1 at 2:32PM
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 Century 21 Discovery
Investment Insights
Based on property information with market context.
This freestanding grocery and convenience store contains 3,536 square feet and was built in 1962. The property is used for beer, wine, and grocery retail, with a modified gross lease in place for more than four years and three or more five-year extensions.
Key Highlights
- 3,536‑square‑foot freestanding building
- Built in 1962
- Beer, wine, and grocery retail use
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
$61,891
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
5.86%
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%
$1,237,820
$1.2M
Cap Rate 7%
$884,157
$884.2K
Cap Rate 9%
$687,678
$687.7K
Market Conditions
NOI Build-Up for 3,536 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
$88.3K $24.96/SF
− Vacancy
−$5.7K −$1.62/SF
EGI
$82.5K $23.34/SF
− OpEx
−$20.6K −$5.83/SF
NOI
$61.9K $17.50/SF
Area
ZIP 90813
Vacancy
6.50%
Lease Rate
$24.96 /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%
$1,237,820
Cap Rate 7%
$884,157
Cap Rate 9%
$687,678
Alternative Uses
Best Use
Specialty Retail
$884.2K
$773.6K – $1.03M
NOI $61,891 @ 7.0% cap · market cap 5.86%
Second Best
Retail
$718.3K
$628.5K – $838.0K
NOI $50,279 @ 7.0% cap · market cap 4.76%
Theoretical Best
Multifamily LT 5
$1.16M
$1.02M – $1.35M
NOI $81,274 @ 7.0% cap · market cap 7.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,530
Businesses Nearby
105k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 47%
Dining 41%
Home Improvements & Furnishings 6%
Apparel 6%
ARCO
Shops & Services
21,003 visits/mo
0.3 miles
Bank of America
Shops & Services
14,262 visits/mo
0.3 miles
Rally's
Dining
12,815 visits/mo
0.3 miles
Jack in the Box
Dining
12,453 visits/mo
0.2 miles
Taco Bell
Dining
10,753 visits/mo
0.4 miles
Demographics for 90813, CA
54,565
Population
18,603
Households
2.9
Avg Household Size
32
Median Age
16%
College-Educated
63%
High-School Grad
3.1 sq mi
ZIP Area
17,602
Density / Sq Mi
$50,302
Median Household Income
$31,450
Median Earnings
$1,578
Median Rent
$543,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in West region
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Frequently Asked Questions
What type of property is this?
Grocery and convenience store - The building accommodates a beer, wine, and grocery operation under a modified gross lease.
Where is this grocery and convenience store located?
The property is located at 1429 Cherry Long Beach, CA.
What is the asking price?
The asking price for this property is $1,056,000.
What are key features of this property?
This property features: 3,536‑square‑foot freestanding building; Built in 1962; Beer, wine, and grocery retail use
