Office Building with Structured
For Sale
Contact for pricing
240 East Ocean Boulevard, Long Beach, CA 90802
Multi-building office property with an adjoining bank building and structured parking component.
Property Size109,000 SF
Price / SF$229.36
Days on Market11
Property Features for 240 East Ocean Boulevard
General Information
Standard status
Active
Size
109,000 SF
Property subtype
Office, Mixed Use
Zoning
PD-30
Site & Location
Highway Access
Yes
Public Transit
Yes
Building Details
Year Built
1981
Buildings
2
Listing Agency:
Century 21 Ludecke Inc
Listed By:
Young Ahn · License #CA
Source:
Crexi
Added: Aug 10
Changed: Aug 15
Last Checked: Aug 19 at 6:30AM
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 Ludecke Inc
Investment Insights
Based on property information with market context.
This office property contains approximately 109,000 square feet and was built in 1981. The main building is accompanied by a one-story bank building and a four-story parking structure, creating a multi-building commercial configuration. PD-30 zoning is identified for the property.
The property is located in downtown Long Beach at 240 East Ocean Boulevard. Regional access includes the Long Beach Airport, Los Angeles International Airport, Metrolink commuter rail, subway service, I-710, and I-405. The Port of Long Beach is also nearby, providing proximity to one of the area’s major economic infrastructure assets.
The property is located in downtown Long Beach at 240 East Ocean Boulevard. Regional access includes the Long Beach Airport, Los Angeles International Airport, Metrolink commuter rail, subway service, I-710, and I-405. The Port of Long Beach is also nearby, providing proximity to one of the area’s major economic infrastructure assets.
Key Highlights
- Approximately 109,000 SF office building
- One‑story adjoining bank building
- Four‑story parking structure
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
$1,900,688
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
7.60%
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%
$38,013,760
$38.0M
Cap Rate 7%
$27,152,686
$27.2M
Cap Rate 9%
$21,118,756
$21.1M
Market Conditions
NOI Build-Up for 109,000 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
$3.27M $30.00/SF
− Vacancy
−$228.9K −$2.10/SF
EGI
$3.04M $27.90/SF
− OpEx
−$1.14M −$10.46/SF
NOI
$1.90M $17.44/SF
Area
Long Beach, CA
Vacancy
7.00%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
37.50%
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%
$38,013,760
Cap Rate 7%
$27,152,686
Cap Rate 9%
$21,118,756
Alternative Uses
Best Use
Office B
$39.67M
$34.72M – $46.29M
NOI $2,777,211 @ 7.0% cap · market cap 11.11%
Second Best
Mixed Use
$27.15M
$23.76M – $31.68M
NOI $1,900,688 @ 7.0% cap · market cap 7.60%
Theoretical Best
Office A
$58.36M
$51.06M – $68.08M
NOI $4,085,072 @ 7.0% cap · market cap 16.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
4,957
Businesses Nearby
Explore this area
Business Placement
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 Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Multi-building office property with an adjoining bank building and structured parking component.
Where is this office building located?
The property is located at 240 East Ocean Boulevard Long Beach, CA.
What is the asking price?
The asking price for this property is $25,000,000.
What are key features of this property?
This property features: Approximately 109,000 SF office building; One‑story adjoining bank building; Four‑story parking structure
