Lakewood Multi-Unit Market: 3 New-Construction Triplexes Under Contract — What $1.95M Now Buys Investors in September 2026
If you've been watching the Lakewood multi-unit market, September is giving us a lot to talk about. We have 4 active listings, 3 properties under contract, and 1 closed sale that tells a very clear story about where this market stands heading into fall.
Let me break it all down.
What's Active Right Now
There are currently four multi-unit properties on the market in Lakewood, and they couldn't be more different from each other — which actually makes this snapshot really useful for understanding what buyers are actually willing to pay.
5822 Autry, Lakewood 90712 — $899,000 is the lowest-priced active listing and the most complicated. This is a 3-unit triplex built in 1943, sitting at 1,924 square feet on a 7,702 sq. ft. lot. At $467/sqft, it's priced at a value-play level — but there's a reason. The property has a death-on-property disclosure (an elderly occupant passed away peacefully), it's cash only, and tenants are in place with rights. This listing is aimed squarely at experienced investors comfortable with as-is acquisitions. The pro forma projects $1,850/month per unit, but those numbers need verification since the property shows no current income on the sheet. It's been on market since September 3rd — barely a week old as of this writing. If you're a cash buyer who knows how to work through occupancy situations, this one has real upside.
4332 Andy, Lakewood 90712 — $1,450,000 is the most polished vintage play on the market. This fully renovated 1944-built triplex was originally listed at $1,485,000 and took a $35,000 price reduction on August 17th — which is meaningful. Seller spent roughly $160,000 in capital improvements: new plumbing, dual-pane windows, renovated interiors, fresh interior/exterior paint, new landscaping, perimeter fencing. The income picture is solid with actual rents at $3,195 / $3,095 / $2,995 across three 2-bed/1-bath units, an NOI of $79,302, and a 5.47% cap rate with a 13.01 GRM. These are real numbers on a stabilized asset. The price reduction tells you buyers are negotiating on renovated vintage stock — even when the work is done. Seller will consider 1031 exchange, cash, or new loan terms.
5919 Arbor, Lakewood 90713 — $2,000,000 is the priciest active listing and the most compelling from an ADU investment standpoint. This is brand new construction — completed in 2025 — a 3-unit property that includes a detached ADU and an SB9 upper unit, totaling 3,920 square feet on a 5,491 sq. ft. lot. Two rear units are fully occupied at $3,700 and $3,850/month. The front house is vacant and ready for an owner-occupant at estimated market rent of $4,800/month, or you move in and collect $7,550/month from the back two. The NOI clocks in at $140,400 with total operating expenses of only $9,060 — a consequence of building new. This is a rare opportunity: a brand new, turnkey, income-producing asset with virtually no near-term capital requirements, positioned in the Lakewood Park neighborhood near the 605 and 91. It's priced accordingly, and it hasn't moved yet — which isn't unusual at the $2M mark. This one needs the right buyer.
5746-5748 Rocket, Lakewood 90713 — $989,000 rounds out the active inventory as a 2-unit duplex (1,603 sqft, 1944 built) sitting on a 7,035 sq. ft. lot. It's vacant — which is both an opportunity and a data gap, since there are no current rents to anchor underwriting. At $617/sqft it's priced high for a vacant vintage duplex, and the showing instructions require contacting the listing agent, suggesting it may need some creativity to access. Listed September 1st, it's accepting 1031 exchange and conventional financing. Watch this one — the lack of income history makes it harder to underwrite, but a vacant duplex has flexibility for an owner-occupant strategy or a full repositioning.
What's Pending (Under Contract)
Three properties are currently under contract, and they tell a very consistent story: new construction triplexes at the $1.95M price point are moving in Lakewood.
6118 Amos, Lakewood 90712 — $1,950,000 went under contract July 10th. This all-new-construction triplex is arguably the most premium listing in the bunch — a 4BR/3BA main residence, a 3BR/2BA SB9 ADU, and a 3BR/2BA third unit, totaling 4,053 square feet. Solar panels, high-end finishes throughout, minimum 7 parking spaces off-street. Pro forma income runs $4,700 / $3,900 / $3,900. It took about seven months from list date to get under contract, which suggests the buyer pool for $1.95M new construction is real but patient.
5711 Rocket, Lakewood 90713 — $1,950,000 just went under contract September 2nd — literally days ago. This is a 2026-built triplex totaling 3,654 square feet: a 3BD/2BA front residence, two newly constructed 3BD/2BA rear townhome-style units. One rear unit is already rented at $3,900/month with a new tenant. Pro forma: $4,200 / $3,900 / $4,200. NOI of $109,125, cap rate of 5%, GRM of 14.2. This one went from list to pending in roughly two months on a $1.95M ask — a strong signal that the market is absorbing this product type when it's priced and presented right. The listing required proof of funds and DU approval before showings, which tells you exactly the buyer profile they were targeting.
6025 Bellflower, Lakewood 90713 — $1,950,000 has been pending since July 28th. Another new-construction ADU/SB9 triplex at 3,640 square feet, featuring a 3BD/2BA front house with an attached ADU/SB9 lower unit and a 3BD/2BA upper unit. Pro forma income of $4,800 / $3,500 / $4,000 across three fully occupied units, NOI of $139,800. This one was originally listed in April and took about four months to find a buyer — patience paid off.
The pattern here is impossible to ignore. All three pending properties are new construction. All three are priced at exactly $1,950,000. All three are ADU/SB9 triplex configurations. The market has effectively set a price anchor for what a brand-new, three-unit Lakewood income property is worth right now — and that number is $1.95M.
What's Sold
There's only one closed sale in this pull, but it's a good one.
5867 Adenmoor Ave, Lakewood 90713 — a 2-unit property (main home + 2025-built detached ADU) listed at $999,000, closed at $1,070,000 on September 3rd. That's $71,000 over asking — a 7% premium — after just 15 days on market. The property featured a 1941 main house with a brand-new 2025 ADU (669 sq. ft., 2BD/2BA), fully updated kitchen, and all the features that make ADU properties attractive to both investors and owner-occupants. The buyer used conventional financing.
Here's the footnote worth paying attention to: the comparable information notes a "reduction from original offer price of $1,075,000 due to appraisal." That means the buyer initially agreed to $1,075,000, the property appraised short, and the deal was renegotiated down $5,000 to get it closed. The buyer still closed $71K over asking after that adjustment — demand was real, but the appraisal gap dynamic is showing up even in Lakewood.
At $698/sqft on a 2-unit property, this is the highest price-per-foot of anything in this market snapshot. The market is clearly rewarding new ADU construction — even on single-family lots — with strong premiums.
How Buyers Are Reacting
Buyers are still active, but they're increasingly strategic about what they'll pay for. The data tells a bifurcated story.
New construction buyers are moving with conviction. All three new-construction triplexes at $1.95M have found buyers — and 5711 Rocket went under contract in two months. These buyers are underwriting on pro forma income, long-term appreciation, and the practical reality that a new asset doesn't need anything for 10+ years. They're typically coming in with proof of funds, 1031 exchange capital, or cash-to-new-loan positioning, because that's what sellers of premium product are requiring.
Vintage buyers are negotiating. The $35,000 price cut on 4332 Andy — a beautifully renovated property with real income in place — signals that buyers aren't just accepting the ask on older product, even when the work is done. They know that a 1944 building comes with deferred maintenance risk that a 2025 build doesn't, and they're pricing that into their offers.
Cash and 1031 buyers are dominating the most active end of the market. Multiple listings require proof of funds before showings. The cash-only mandate on 5822 Autry effectively removes a majority of retail buyers from consideration. This isn't surprising given where rates are heading — but it does compress the buyer pool on certain assets and extend days on market for listings that can't support financing.
How Sellers Are Reacting
Sellers of new construction are holding firm. The $1.95M comp cluster is tight — all three new-build triplexes are priced identically, and all three have found buyers without major concessions. If you're a developer or investor who recently completed a project in Lakewood, the data supports your price.
Sellers of renovated vintage product are starting to move. That price reduction on 4332 Andy tells you something: even when the asset is turnkey and income-stabilized, there's a ceiling buyers are willing to push through on pre-1950s construction — especially as rates rise and financing gets more selective. Sellers who price aggressively at the start will find buyers. Sellers who push for top dollar on vintage need to be patient, or they'll eventually chase the market down.
The seller on 5867 Adenmoor gave up $5,000 due to the appraisal — but still collected $71K over list in 15 days. The takeaway: ADU-equipped properties in good condition are extraordinarily compelling to buyers right now. If you own an SFR with a functioning ADU in Lakewood, you are sitting on something the market wants badly.
The Rate Picture — What Rising Rates Mean Here
Rates ticking up creates real pressure on two fronts.
First, it tightens the buyer pool on conventionally financed deals. Fewer buyers can qualify for a $1.95M purchase, which is why you're seeing 1031 exchange capital and institutional cash driving the new construction segment. These buyers don't care as much about rate movement — they care about yield, depreciation, and long-term cash flow.
Second, it increases appraisal gap risk on deals that do involve financing. The Adenmoor sale is a preview of what happens: a buyer agrees to an above-ask price, the appraiser doesn't agree, and both parties have to decide whether to bridge the gap or renegotiate. As rates rise and monthly payments increase, buyers have less room to absorb that gap out of pocket. Expect more appraisal conversations in fall closings.
For ADU-specific properties, there's a counterweight worth noting. ADU income — when properly documented with leases and rental history — can now be used to help qualify borrowers under updated Fannie Mae ADU income guidelines. For owner-occupants buying a property with a rented ADU, that income increasingly helps them get to the payment. That's a meaningful tailwind that partially offsets rate pressure for a specific buyer segment.
The investors who are most insulated from rate movement right now are the ones buying all-cash, 1031-exchanging into larger assets, or buying new construction where the depreciation schedule offsets taxable income enough to make the deal work even with higher financing costs. The buyers who feel it most are first-time landlords using conventional 30-year financing on properties priced above appraised value.
Bottom Line
Lakewood's multi-unit market entering September 2026 is active, bifurcated, and telling a clear story:
New construction ADU/SB9 triplexes at $1.95M are the market's center of gravity. Three under contract proves it. Buyers are paying that number for turnkey, income-producing, new assets without major pushback.
Vintage inventory has a pricing ceiling. Even beautifully renovated product is getting negotiated down. Price reductions are showing up on older stock, and cash-only requirements on the most distressed assets limit who can even participate.
The one sold comp — $1.07M on an SFR+ADU — is the most actionable number for owner-occupants. If you own a single-family home in Lakewood with a built-out ADU, September's sold data suggests the market will reward you well. The appraisal dynamic bears watching as rates continue to rise, but demand clearly outpaced supply on that property.
If you're thinking about selling a Lakewood multi-unit property or you're an investor trying to figure out what your entry price looks like right now, I'd encourage you to look at this data not as a market that's cooling — but as one that's getting more specific. The right product, priced correctly, is still moving fast.
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Dylan Serna is a licensed California real estate agent (DRE #02217359) with eXp Realty, specializing in ADU and multi-unit investment properties across Orange County and LA County. Data sourced from the MLS as of September 8, 2026.
