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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    495 The Promenade N Long Beach, CA 90802-2492

    • Investment properties
    • 35,429 SF
    • 0.29 lot acres
    OFF-MARKET
    Last Sale
    Dec 05, 2023
    $10,900,109
    Value Estimations
    $10,795,000
    Show details
    Cap Rate Potential
    5.7%
    Investment properties
    Location Intelligence
    Property ID
    US09-9907532
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Investment properties

    Property Details for 495 The Promenade N

    Year built
    2022
    Construction
    WOOD
    Lot size
    0.29 lot acres
    Property size
    35,429 SF
    Zone code
    LBPD30
    Property type
    Investment properties
    Property subtype
    Live-work space
    APN
    7280-005-064
    APU
    7280005064

    Description

    This exceptional Class A retail or restaurant space, located at 495 The Promenade North in Long Beach, California, presents a unique investment opportunity. Built in 2022, the entire 5,621 square foot building is currently vacant and available for immediate occupancy. Situated in Los Angeles County, zip code 90802, this single-tenant property offers unparalleled flexibility for a variety of businesses. The modern design and construction ensure a high-quality space ready for immediate customization. Its prime location within Long Beach provides excellent visibility and accessibility, attracting significant foot traffic and potential clientele. The property's size allows for a large-scale operation or the potential for division into smaller units (subject to feasibility studies and approvals). This is an exceptional opportunity to acquire a brand-new, high-quality retail or restaurant space in a thriving Long Beach location. The property is offered for sale and presents a compelling investment prospect for discerning buyers seeking a turnkey solution in a desirable market. Detailed floor plans and specifications are available upon request. This is a rare chance to secure a prominent location in a vibrant and growing area.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $10,775,000
      ML approach
      $8,650,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $10,295,000
      6.5%
      $9,505,000
      7%
      $8,825,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $12,180,000
      Market price range: $5.02M - $12.9M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $8,210,000
      Current use
      OFFICE BUILDING
      $12,545,000
      Change: +53% Conversion: Easy
      AUTO REPAIR, GARAGE
      $11,205,000
      Change: +37% Conversion: Difficult
      APARTMENT HOUSE (5+ UNITS)
      $10,345,000
      Change: +26% Conversion: Moderate
      RETAIL STORES
      $9,955,000
      Change: +21% Conversion: Easy

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Long Beach
    County
    Los Angeles
    State
    California
    Longitude
    -118.191
    Latitude
    33.7726
    CBSA code
    31080
    CBSA name
    LOS ANGELES-LONG BEACH-ANAHEIM, CA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2024
    $144,074
    $3,900,000
    $7,000,000
    $10,900,000
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $915,000
      109,583 SF

      207 Seaside Way

      OFFICE/RESIDENTIAL (MIXED USE) • 109,583 SF
      207 Seaside Way, Long Beach, CA 90802-5087
      View Details
    • Value Estimation
      $235,000
      9,629 SF

      777 Ocean Blvd

      OFFICE/RESIDENTIAL (MIXED USE) • 9,629 SF
      777 Ocean Blvd, Long Beach, CA 90802-5190
      View Details
    • Value Estimation
      $235,000
      16,700 SF

      250 Pacific Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 16,700 SF
      250 Pacific Ave, Long Beach, CA 90802-3000
      View Details
    • Value Estimation
      $320,000
      3,232 SF

      245 Pne Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 3,232 SF
      245 Pne Ave, Long Beach, CA 90802-3069
      View Details
    • Value Estimation
      $825,000
      39,987 SF

      252 Elm Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 39,987 SF
      252 Elm Ave, Long Beach, CA 90802-3113
      View Details
    • Value Estimation
      $275,000
      5,817 SF

      1944 4th St

      OFFICE/RESIDENTIAL (MIXED USE) • 5,817 SF
      1944 4th St, Long Beach, CA 90802-3867
      View Details

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    Similar Nearby for Lease

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      Retail Space Available For Rent

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      Creative Office Space on Promenade

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      View Details
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    495 The Promenade N
    Long Beach, CA 90802-2492
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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