Updated Duplex with Private
For Sale
$750,000
Pending
1003-1011 Lassen St, Richmond, CA 94805
Residential Income, Richmond, CA
Property Size1,332 SF
Lot Size0.11 Acres
Days on Market93
Property Features for 1003-1011 Lassen St
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Rooms
Bedroom 1, Bedroom 2, Bedroom 4, Bedroom 3
Window features
Double Pane Windows, Screens
Interior features
Tub w/Shower Over
Exterior features
Garden
Fencing
Fenced
Appliances
Gas Water Heater
Subdivision
RICHMOND HEIGHTS
Lot features
Corner Lot
View
Hills, Canyon
Standard status
Pending
APN
5230120122
Size
1,332 SF
Lot size
0.11 Acres
Utilities
Sewer type
Public Sewer
Heating system
Wall Furnace
Water source
Public
Amenities
private entrance
laundry area
backyard
Building Details
Year built
1952
Flooring type
Vinyl, Tile
Building materials
Stucco
Listing Agency:
KW Advisors East Bay · Keller Williams Realty
(510) 775-1079
Listed By:
Min Zhao · License #01449007
(510) 698-8886
Added: May 29
Changed: Aug 27
Last Checked: Aug 29 at 7:06AM
MLS# 41136559
Copyright © 2026 bridgeMLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This duplex contains 1,332 square feet on a 0.1102-acre lot and was built in 1952. The property is arranged as two 2-bedroom, 1-bathroom residences, each with a separate entrance, garage, laundry area, and private backyard. One unit is tenant-occupied, while unit 1003 has been updated with luxury vinyl plank flooring, tile in the bathroom, solid-surface kitchen countertops, a gas cooktop, range hood, and refrigerator. Both garages include 220V outlets. Additional features include stucco construction, fenced grounds, a garden, wall-furnace heating, a gas water heater, public water, and public sewer.
The property is located at 1003-1011 Lassen St in Richmond, with access to I-80, Richmond Parkway, BART, ferry service, shopping centers, restaurants, parks, schools, and major commuter routes. Berkeley, Oakland, San Francisco, and Marin County are identified as accessible from the property.
The property is located at 1003-1011 Lassen St in Richmond, with access to I-80, Richmond Parkway, BART, ferry service, shopping centers, restaurants, parks, schools, and major commuter routes. Berkeley, Oakland, San Francisco, and Marin County are identified as accessible from the property.
Key Highlights
- Two 2‑bedroom, 1‑bathroom units with separate entrances, garages, laundry areas, and private backyards
- 1332 Square Feet on a 0.1102‑acre lot
- One unit is tenant‑occupied; unit 1003 has updated flooring and kitchen finishes
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
$22,275
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
2.97%
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%
$445,500
$445.5K
Cap Rate 7%
$318,214
$318.2K
Cap Rate 9%
$247,500
$247.5K
Market Conditions
NOI Build-Up for 1,332 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
$33.6K $25.20/SF
− Vacancy
−$1.7K −$1.31/SF
EGI
$31.8K $23.89/SF
− OpEx
−$9.5K −$7.17/SF
NOI
$22.3K $16.72/SF
Area
Richmond, CA
Vacancy
5.20%
Lease Rate
$25.20 /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%
$445,500
Cap Rate 7%
$318,214
Cap Rate 9%
$247,500
Alternative Uses
Best Use
Multifamily LT 5
$318.2K
$278.4K – $371.3K
NOI $22,275 @ 7.0% cap · market cap 2.97%
Second Best
Apartment 5plus
$275.6K
$241.2K – $321.6K
NOI $19,295 @ 7.0% cap · market cap 2.57%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
50%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,058
Businesses Nearby
Explore this area
Business Placement
Demographics for 94805, CA
14,958
Population
6,076
Households
2.5
Avg Household Size
41
Median Age
44%
College-Educated
86%
High-School Grad
1.9 sq mi
ZIP Area
7,873
Density / Sq Mi
$114,191
Median Household Income
$57,133
Median Earnings
$2,272
Median Rent
$738,800
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two separate units provide private entrances, garages, laundry areas, and fenced outdoor space.
Where is this duplex located?
The property is located at 1003-1011 Lassen St Richmond, CA.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: Two 2‑bedroom, 1‑bathroom units with separate entrances, garages, laundry areas, and private backyards; 1332 Square Feet on a 0.1102‑acre lot; One unit is tenant‑occupied; unit 1003 has updated flooring and kitchen finishes
