Freestanding Legal 4-Unit
For Sale
$1,550,000
1073 Hoffman, Long Beach, CA 90813
Freestanding property with a main house plus back building containing five units (one non-conforming).
Property Size3,462 SF
Lot Size0.16 Acres
Price / SF$447.72
Days on Market57
Property Features for 1073 Hoffman
General Information
Standard status
Active
Size
3,462 SF
Lot size
0.16 Acres
Additional Details
Multifamily Units
5
Building Details
Year Built
1924
Tenancy
Multi
Listing Agency:
Lee & Associates Commercial Real Estate Services Inc - South Bay
Listed By:
Tom Torabi · License #00936845
(310) 965-1754
Source:
Myfabuloushome
Added: Jul 22
Changed: Sep 13
Last Checked: Sep 15 at 7:08PM
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 Lee & Associates Commercial Real Estate Services Inc - South Bay
Investment Insights
Based on property information with market context.
1073–1075 Hoffman Ave. presents an owner-user and/or investment opportunity featuring a large freestanding single-family home with a second building in the back that houses multiple apartments. The property is legally configured as 4 units, and includes a 5th 2-bedroom/1-bath unit in the back building that is described as legal but non-conforming; it was converted from a storage unit into an apartment.
The building is reported to be in good condition, with new windows, newer roofs, extensively upgraded plumbing, and a concrete driveway. WalkScore is 87 (very walkable), transitScore is 50 (good transit), and bikeScore is 59 (bikeable), supporting day-to-day convenience for tenants.
Overall, this is a freestanding multi-building rental setup with established unit count and documented improvements, including the back-building apartment configuration and conversion noted in the public remarks.
The building is reported to be in good condition, with new windows, newer roofs, extensively upgraded plumbing, and a concrete driveway. WalkScore is 87 (very walkable), transitScore is 50 (good transit), and bikeScore is 59 (bikeable), supporting day-to-day convenience for tenants.
Overall, this is a freestanding multi-building rental setup with established unit count and documented improvements, including the back-building apartment configuration and conversion noted in the public remarks.
Key Highlights
- 1924‑built freestanding property with a main house plus a back building containing five apartment units
- Property is legally 4 units; includes an additional 5th 2 bed/1 bath unit that is legal but non‑conforming
- Back building provides 4 apartment units and the non‑conforming unit; net rentable area is approx. 3,462 SF
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
$73,330
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
4.73%
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%
$1,466,600
$1.5M
Cap Rate 7%
$1,047,571
$1.0M
Cap Rate 9%
$814,778
$814.8K
Market Conditions
NOI Build-Up for 3,462 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
$139.2K $40.20/SF
− Vacancy
−$5.8K −$1.69/SF
EGI
$133.3K $38.51/SF
− OpEx
−$60.0K −$17.33/SF
NOI
$73.3K $21.18/SF
Area
ZIP 90813
Vacancy
4.20%
Lease Rate
$40.20 /SF/Yr
Expense Ratio
45.00%
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%
$1,466,600
Cap Rate 7%
$1,047,571
Cap Rate 9%
$814,778
Alternative Uses
Best Use
Apartment 5plus
$1.05M
$916.6K – $1.22M
NOI $73,330 @ 7.0% cap · market cap 4.73%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$1.14M
$994.7K – $1.33M
NOI $79,573 @ 7.0% cap · market cap 5.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
5
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,860
Businesses Nearby
Explore this area
Business Placement
Demographics for 90813, CA
54,565
Population
18,603
Households
2.9
Avg Household Size
32
Median Age
16%
College-Educated
63%
High-School Grad
3.1 sq mi
ZIP Area
17,602
Density / Sq Mi
$50,302
Median Household Income
$31,450
Median Earnings
$1,578
Median Rent
$543,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Freestanding property with a main house plus back building containing five units (one non-conforming).
Where is this apartment building located?
The property is located at 1073 Hoffman Long Beach, CA.
What is the asking price?
The asking price for this property is $1,550,000.
What are key features of this property?
This property features: 1924‑built freestanding property with a main house plus a back building containing five apartment units; Property is legally 4 units; includes an additional 5th 2 bed/1 bath unit that is legal but non‑conforming; Back building provides 4 apartment units and the non‑conforming unit; net rentable area is approx. 3,462 SF
