Triplex with Renovation
For Sale
$1,499,999
1429 E South, Long Beach, CA 90805
Triplex in Long Beach with owner-assisted renovation potential.
Property Size5,500 SF
Lot Size0.19 Acres
Price / SF$272.73
Days on Market139
Property Features for 1429 E South
General Information
Standard status
Active
Size
5,500 SF
Lot size
0.19 Acres
Property subtype
Investment
Building Details
Building Size
5,500 SF
Year Built
1959
Units
3
Listing Agency:
Century 21 Allstars
(562) 222-5847
Listed By:
Georgette Solano · License #01817587
(562) 222-5847
Source:
Elliman
Added: Mar 23
Changed: Aug 8
Last Checked: Aug 8 at 6:26AM
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 Allstars
Investment Insights
Based on property information with market context.
Located on South Street, this triplex presents a unique opportunity for investors or entrepreneurs. The property, built in 1959 and renovated in 2018, offers a solid structure with gated parking, ready for renovation. The landlord is willing to build out the property according to the buyer's specifications, offering a custom-built space. The zoning, LBCNR - MFR, allows for multiple residential units, up to 11 units, or converting the existing building into 5-7 units. The property features 96 feet of frontage on South Street, plus signage. The 5500 square foot building includes Unit A and Unit B, each a 2-bedroom, 1-bathroom unit with street and parking access. Unit C is to be determined. The property has six parking spaces. Potential uses include a church, ministry, residential living, skilled nursing facility, apartments (8-11 units, up to 2 stories), call center, warehouse, or retail space. Buyers should verify their intended purpose with the city. There is potential for a two-story expansion to double the space. The landlord is open to either lease or sale options, with financing available.
Key Highlights
- Landlord‑funded build‑out to your specifications (lease or purchase).
- High‑density zoning allows for up to 11 residential units or conversion to 5‑7 units.
- Versatile mixed‑use zoning with 96 feet of frontage on South St.
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
$99,511
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
6.63%
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%
$1,990,220
$2.0M
Cap Rate 7%
$1,421,586
$1.4M
Cap Rate 9%
$1,105,678
$1.1M
Market Conditions
NOI Build-Up for 5,500 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
$148.5K $27.00/SF
− Vacancy
−$6.3K −$1.15/SF
EGI
$142.2K $25.85/SF
− OpEx
−$42.6K −$7.75/SF
NOI
$99.5K $18.09/SF
Area
ZIP 90805
Vacancy
4.27%
Lease Rate
$27.00 /SF/Yr
Expense Ratio
30.00%
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%
$1,990,220
Cap Rate 7%
$1,421,586
Cap Rate 9%
$1,105,678
Alternative Uses
Best Use
Multifamily LT 5
$1.42M
$1.24M – $1.66M
NOI $99,511 @ 7.0% cap · market cap 6.63%
Second Best
Apartment 5plus
$1.31M
$1.15M – $1.53M
NOI $91,866 @ 7.0% cap · market cap 6.12%
Theoretical Best
Office A
$1.65M
$1.44M – $1.92M
NOI $115,315 @ 7.0% cap · market cap 7.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,068
Businesses Nearby
Explore this area
Business Placement
Demographics for 90805, CA
95,350
Population
28,954
Households
3.3
Avg Household Size
34
Median Age
18%
College-Educated
74%
High-School Grad
7.4 sq mi
ZIP Area
12,885
Density / Sq Mi
$68,615
Median Household Income
$34,948
Median Earnings
$1,664
Median Rent
$588,500
Median Home Value
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Triplex in Long Beach with owner-assisted renovation potential.
Where is this triplex located?
The property is located at 1429 E South Long Beach, CA.
What is the asking price?
The asking price for this property is $1,499,999.
What are key features of this property?
This property features: Landlord‑funded build‑out to your specifications (lease or purchase).; High‑density zoning allows for up to 11 residential units or conversion to 5‑7 units.; Versatile mixed‑use zoning with 96 feet of frontage on South St.
