Three-Unit Residential Income
For Sale
$1,600,000
764 Terraine Ave, Long Beach, CA 90804
Triplex with three separately addressed units on Terraine Ave, all currently occupied and offers are subject to inspection.
Property Size2,914 SF
Days on Market50
Property Features for 764 Terraine Ave
General Information
Standard status
Active
Size
2,914 SF
Property subtype
Investment
Building Details
Building Size
2,914 SF
Year Built
1937
Units
3
Listing Agency:
Keller Williams Coastal Properties
Listed By:
Trevor Cox · License #01935476
(562) 999-2743
Source:
Elliman
Added: Jul 22
Changed: Sep 2
Last Checked: Sep 8 at 8:11AM
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 Keller Williams Coastal Properties
Investment Insights
Based on property information with market context.
This for-sale triplex is a residential income property with three units, identified by separate addresses: 764, 766, and 770 Terraine Ave. The property is currently fully occupied, and prospective buyers should not disturb occupants. Offers will be considered subject to inspection.
Located in Alamitos Heights in Long Beach, the surrounding area is described as almost exclusively single-family homes. The property also benefits from very walkable and very bikeable conditions, with walkScore of 84 and bikeScore of 70, along with a transitScore of 45.
If you’re looking for an income-producing multi-family asset with established tenancy, this three-unit property provides an opportunity to evaluate the units in person through the inspection process before proceeding further.
Located in Alamitos Heights in Long Beach, the surrounding area is described as almost exclusively single-family homes. The property also benefits from very walkable and very bikeable conditions, with walkScore of 84 and bikeScore of 70, along with a transitScore of 45.
If you’re looking for an income-producing multi-family asset with established tenancy, this three-unit property provides an opportunity to evaluate the units in person through the inspection process before proceeding further.
Key Highlights
- Triplex built in 1937 with three separately addressed units at 764, 766, and 770 Terraine Ave
- All units are currently occupied; please do not disturb occupants
- Offers are subject to inspection
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
$62,653
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
3.92%
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%
$1,253,060
$1.3M
Cap Rate 7%
$895,043
$895.0K
Cap Rate 9%
$696,144
$696.1K
Market Conditions
NOI Build-Up for 2,914 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
$94.4K $32.40/SF
− Vacancy
−$4.9K −$1.68/SF
EGI
$89.5K $30.72/SF
− OpEx
−$26.9K −$9.21/SF
NOI
$62.7K $21.50/SF
Area
Long Beach, CA
Vacancy
5.20%
Lease Rate
$32.40 /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%
$1,253,060
Cap Rate 7%
$895,043
Cap Rate 9%
$696,144
Alternative Uses
Best Use
Multifamily LT 5
$895.0K
$783.2K – $1.04M
NOI $62,653 @ 7.0% cap · market cap 3.92%
Second Best
Apartment 5plus
$796.1K
$696.6K – $928.8K
NOI $55,726 @ 7.0% cap · market cap 3.48%
Theoretical Best
Office A
$1.56M
$1.37M – $1.82M
NOI $109,210 @ 7.0% cap · market cap 6.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,489
Businesses Nearby
Explore this area
Business Placement
Demographics for 90804, CA
39,370
Population
15,998
Households
2.5
Avg Household Size
33
Median Age
30%
College-Educated
75%
High-School Grad
2.2 sq mi
ZIP Area
17,895
Density / Sq Mi
$68,940
Median Household Income
$38,914
Median Earnings
$1,801
Median Rent
$673,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Triplex - Triplex with three separately addressed units on Terraine Ave, all currently occupied and offers are subject to inspection.
Where is this triplex located?
The property is located at 764 Terraine Ave Long Beach, CA.
What is the asking price?
The asking price for this property is $1,600,000.
What are key features of this property?
This property features: Triplex built in 1937 with three separately addressed units at 764, 766, and 770 Terraine Ave; All units are currently occupied; please do not disturb occupants; Offers are subject to inspection
