Renovated Two-Suite Creative
For Sale
$975,000
555 East 3rd Street, Long Beach, CA 90802
Flexible office configuration supports owner occupancy, leasing, or potential live-work use subject to city approval.
Property Size1,926 SF
Price / SF$506.23
Days on Market152
Property Features for 555 East 3rd Street
General Information
Standard status
Active
Size
1,926 SF
Property subtype
Commercial Sale / Mixed Use
Zoning
LBPD-30
Additional Details
Office Units
2
Building Details
Year Built
1957
Buildings
1
Listing Agency:
Sage Real Estate Group, Inc.
(562) 400-7622
Listed By:
Juan Huizar · License #01417642
(562) 400-7622
Source:
Compass
Added: Apr 1
Changed: Aug 30
Last Checked: Aug 30 at 2:00AM
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 Sage Real Estate Group, Inc.
Investment Insights
Based on property information with market context.
This 1926 SF creative space at 555 East 3rd Street includes two separate office suites within a fully renovated building originally constructed in 1957. Each suite has a private bathroom with shower and a kitchenette. High ceilings, an industrial-inspired aesthetic, and modern finishes support professional, creative, and boutique office users. The configuration can accommodate an owner-user occupying one suite while leasing the other, subject to applicable requirements.
The property occupies the corner of 3rd Street and Atlantic Avenue in Downtown Long Beach, directly across from City Center. Nearby parking options, restaurants, retail, and other downtown amenities add convenience for occupants and visitors. The property is zoned LBPD-30, the Downtown Planned Development District. Commercial/residential mixed-use or live-work use may be allowed by the city, with permitted uses and any conversion subject to verification with the City of Long Beach.
The property occupies the corner of 3rd Street and Atlantic Avenue in Downtown Long Beach, directly across from City Center. Nearby parking options, restaurants, retail, and other downtown amenities add convenience for occupants and visitors. The property is zoned LBPD-30, the Downtown Planned Development District. Commercial/residential mixed-use or live-work use may be allowed by the city, with permitted uses and any conversion subject to verification with the City of Long Beach.
Key Highlights
- Two separate office suites within a fully renovated 1926 SF creative space
- Each suite includes a bathroom with shower and kitchenette
- High ceilings, industrial aesthetic, and modern finishes
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
$49,073
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
5.03%
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%
$981,460
$981.5K
Cap Rate 7%
$701,043
$701.0K
Cap Rate 9%
$545,256
$545.3K
Market Conditions
NOI Build-Up for 1,926 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
$87.8K $45.60/SF
− Vacancy
−$22.4K −$11.63/SF
EGI
$65.4K $33.97/SF
− OpEx
−$16.4K −$8.49/SF
NOI
$49.1K $25.48/SF
Area
Long Beach, CA
Vacancy
25.50%
Lease Rate
$45.60 /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%
$981,460
Cap Rate 7%
$701,043
Cap Rate 9%
$545,256
Alternative Uses
Best Use
Office B
$701.0K
$613.4K – $817.9K
NOI $49,073 @ 7.0% cap · market cap 5.03%
Second Best
Mixed Use
$479.8K
$419.8K – $559.8K
NOI $33,585 @ 7.0% cap · market cap 3.44%
Theoretical Best
Office A
$1.03M
$902.3K – $1.20M
NOI $72,182 @ 7.0% cap · market cap 7.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Office units
Location Intelligence
Trade Area within ½ mile
5,511
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?
Creative space - Flexible office configuration supports owner occupancy, leasing, or potential live-work use subject to city approval.
Where is this creative space located?
The property is located at 555 East 3rd Street Long Beach, CA.
What is the asking price?
The asking price for this property is $975,000.
What are key features of this property?
This property features: Two separate office suites within a fully renovated 1926 SF creative space; Each suite includes a bathroom with shower and kitchenette; High ceilings, industrial aesthetic, and modern finishes
