Neighborhood Retail Center with Grocery
For Sale
Contact for pricing
644 Redondo Avenue, Long Beach, CA 90814
Net-lease neighborhood center anchored by Smart & Final, with Subway and other service/restaurant tenants plus ample parking.
Property Size34,899 SF
Price / SF$343.85
Days on Market51
Property Features for 644 Redondo Avenue
General Information
Standard status
Active
Size
34,899 SF
Class
B
Property subtype
Retail
Occupancy
100%
Lease Type
NNN
Investment Type
Core+
Net Operating Income
$735,515
Building Details
Stories
1
Units
8
Tenancy
Multi
Listing Agency:
CBM1 West Los Angeles
Listed By:
Dave O'Connell · License #CA 1398651
Source:
Crexi
Added: Jun 22
Changed: Aug 8
Last Checked: Aug 10 at 3:46PM
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 CBM1 West Los Angeles
Investment Insights
Based on property information with market context.
The property is a net lease investment opportunity comprising a 34,899-square-foot neighborhood retail center on a multi-acre lot. The center is anchored by Smart & Final and includes Subway along with a mix of service and restaurant tenants. The tenant mix is complemented by the adjacent Unleashed by Petco location.
Located along Redondo Avenue, the center sits on an active north-south thoroughfare serving densely populated residential neighborhoods in southeast Long Beach. Its high-visibility retail frontage is supported by on-site parking in a sprawling lot, providing straightforward access for daily shopping traffic.
For tenants, buyers, or operators seeking a needs-based retail draw, the grocery anchor is positioned to capture consistent consumer visitation, with additional convenience-oriented concepts represented by Subway and the surrounding service and restaurant businesses. The configuration as a neighborhood center with a nationally recognized grocery anchor also supports day-to-day retail usage in an established trade area.
Located along Redondo Avenue, the center sits on an active north-south thoroughfare serving densely populated residential neighborhoods in southeast Long Beach. Its high-visibility retail frontage is supported by on-site parking in a sprawling lot, providing straightforward access for daily shopping traffic.
For tenants, buyers, or operators seeking a needs-based retail draw, the grocery anchor is positioned to capture consistent consumer visitation, with additional convenience-oriented concepts represented by Subway and the surrounding service and restaurant businesses. The configuration as a neighborhood center with a nationally recognized grocery anchor also supports day-to-day retail usage in an established trade area.
Key Highlights
- Net‑lease neighborhood center totaling 34,899 SF on a multi‑acre lot.
- Anchored by Smart & Final with Subway and a mix of service and restaurant tenants.
- Located on Redondo Avenue, a high‑traffic north‑south thoroughfare in southeast Long Beach.
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
$656,450
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
5.47%
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%
$13,129,000
$13.1M
Cap Rate 7%
$9,377,857
$9.4M
Cap Rate 9%
$7,293,889
$7.3M
Market Conditions
NOI Build-Up for 34,899 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
$921.3K $26.40/SF
− Vacancy
−$46.1K −$1.32/SF
EGI
$875.3K $25.08/SF
− OpEx
−$218.8K −$6.27/SF
NOI
$656.5K $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%
$13,129,000
Cap Rate 7%
$9,377,857
Cap Rate 9%
$7,293,889
Alternative Uses
Best Use
Specialty Retail
$9.38M
$8.21M – $10.94M
NOI $656,450 @ 7.0% cap · market cap 5.47%
Second Best
Retail
$8.22M
$7.20M – $9.59M
NOI $575,603 @ 7.0% cap · market cap 4.80%
Theoretical Best
Office A
$18.68M
$16.35M – $21.80M
NOI $1,307,935 @ 7.0% cap · market cap 10.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,763
Businesses Nearby
148k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 42%
Shops & Services 41%
Dining 12%
Home Improvements & Furnishings 4%
Ralphs
Groceries
40,150 visits/mo
0.4 miles
Smart & Final
Groceries
21,980 visits/mo
0.1 miles
ARCO
Shops & Services
11,440 visits/mo
0.4 miles
7-Eleven
Shops & Services
9,886 visits/mo
0.3 miles
Chevron
Shops & Services
9,861 visits/mo
0.1 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
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Frequently Asked Questions
What type of property is this?
Shopping center - Net-lease neighborhood center anchored by Smart & Final, with Subway and other service/restaurant tenants plus ample parking.
Where is this shopping center located?
The property is located at 644 Redondo Avenue Long Beach, CA.
What is the asking price?
The asking price for this property is $12,000,000.
What are key features of this property?
This property features: Net‑lease neighborhood center totaling 34,899 SF on a multi‑acre lot.; Anchored by Smart & Final with Subway and a mix of service and restaurant tenants.; Located on Redondo Avenue, a high‑traffic north‑south thoroughfare in southeast Long Beach.
