Triplex with Renovation
1429 E South, Long Beach, CA 90805
For Sale
$1,499,999
Triplex in Long Beach with owner-assisted renovation potential.
Property Size5,500 SF
Lot Size0.19 Acres
Price / SF$272.73
Days on Market230
Property Features for 1429 E South
General Information
Standard status
Size
Lot size
Property subtype
Site & Location
Neighborhood
Building Details
Building Size
Year Built
Units
Listing Agency:
Century 21 Allstars
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
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Review the available facts, identify missing information and prepare questions for the agent.
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 / Yr
$99,511
Cap Rate
6.63%
Suggested Prices Based on Cap Rates
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
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 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.
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Current Use
Location Intelligence
Trade Area within ½ mile
1,068
Businesses Nearby
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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
$588,500
Median Home Value
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Market
Average Price Trend$/SF for Triplexes in Long Beach, CA
Properties on Market for Triplexes in Long Beach
Vacancy Rate% for Industrial in West region
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.
