Long Beach Landmark
For Sale
$1,400,000
2400 E 7th St, Long Beach, CA 90814
Iconic Long Beach restaurant/bar with parking lot for sale.
Property Size2,884 SF
Lot Size0.07 Acres
Price / SF$485.44
Days on Market111
Property Features for 2400 E 7th St
General Information
Standard status
Active
Size
2,884 SF
Lot size
0.07 Acres
Property subtype
Retail
Building Details
Building Size
2,884 SF
Listing Agency:
Coldwell Banker Commercial BLAIR
(562) 495-6070
Listed By:
Vachel McKeever · License #01922147
Source:
Commercialcafe
Added: May 14
Changed: Aug 24
Last Checked: Aug 31 at 1:30PM
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 Coldwell Banker Commercial BLAIR
Investment Insights
Based on property information with market context.
A freestanding building, formerly known as The Prospector steakhouse since the 1960s, is available for acquisition. The property, situated in the Rose Park area of Long Beach, contains approximately 2,884 square feet of space on a lot of about 3,210 square feet. It is suited for a restaurant, bar, or adaptive reuse. A Type 47 ABC liquor license may be acquired, offering operational potential for food and beverage businesses. The rights to the Prospector name and associated branding are included. Adjacent to the restaurant/bar is an approximately 6,757 square foot parcel with 20 on-site parking spaces, including two ADA-compliant stalls. The parking lot provides accessibility and convenience to customers and staff. This property presents an opportunity to reimagine an established presence in one of Long Beach’s corridors.
Key Highlights
- Valuable Type 47 ABC liquor license included
- Includes 20 on‑site parking spaces (including 2 ADA‑compliant) on a separate 6,757 SF parcel
- Freestanding 2,884 SF building on 3,210 SF of land, suitable for restaurant, bar, or adaptive reuse
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
$54,248
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
3.87%
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%
$1,084,960
$1.1M
Cap Rate 7%
$774,971
$775.0K
Cap Rate 9%
$602,756
$602.8K
Market Conditions
NOI Build-Up for 2,884 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
$76.1K $26.40/SF
− Vacancy
−$3.8K −$1.32/SF
EGI
$72.3K $25.08/SF
− OpEx
−$18.1K −$6.27/SF
NOI
$54.2K $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%
$1,084,960
Cap Rate 7%
$774,971
Cap Rate 9%
$602,756
Alternative Uses
Best Use
Specialty Retail
$775.0K
$678.1K – $904.1K
NOI $54,248 @ 7.0% cap · market cap 3.87%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.54M
$1.35M – $1.80M
NOI $108,086 @ 7.0% cap · market cap 7.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,403
Businesses Nearby
172k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 50%
Shops & Services 34%
Dining 12%
Apparel 4%
Northgate Gonzalez Markets
Groceries
45,241 visits/mo
0.2 miles
Ralphs
Groceries
40,150 visits/mo
0.5 miles
dd's DISCOUNTS
Shops & Services
23,706 visits/mo
0.1 miles
Bank of America
Shops & Services
14,262 visits/mo
0.5 miles
Jack in the Box
Dining
12,453 visits/mo
0.5 miles
Demographics for 90814, CA
19,042
Population
9,939
Households
1.9
Avg Household Size
39
Median Age
56%
College-Educated
92%
High-School Grad
1.3 sq mi
ZIP Area
14,648
Density / Sq Mi
$98,070
Median Household Income
$60,482
Median Earnings
$1,987
Median Rent
$898,700
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- FUEL Bar — 1720 E Broadway, Long Beach, CA 90802
- Wine Mess Liquor — 1770 E Broadway, Long Beach, CA 90802
- Mineshaft — 1720 E Broadway, Long Beach, CA 90802
- Gallagher's Pub & Grill — 2751 E Broadway, Long Beach, CA 90803
- Sweetwater Saloon — 1201 E Broadway, Long Beach, CA 90802
Frequently Asked Questions
What type of property is this?
Bar & Pub - Iconic Long Beach restaurant/bar with parking lot for sale.
Where is this bar & pub located?
The property is located at 2400 E 7th St Long Beach, CA.
What is the asking price?
The asking price for this property is $1,400,000.
What are key features of this property?
This property features: Valuable Type 47 ABC liquor license included; Includes **20 on‑site parking spaces** (including 2 ADA‑compliant) on a separate 6,757 SF parcel; Freestanding 2,884 SF building on 3,210 SF of land, suitable for restaurant, bar, or adaptive reuse
