1924 Masonry Duplex
For Sale
$1,550,000
1073-1075 Hoffman Ave, Long Beach, CA 90813
Built in 1924 with masonry construction, this duplex offers updated interiors, hardwood flooring, and ample natural light.
Property Size3,462 SF
Price / SF$447.72
Days on Market51
Property Features for 1073-1075 Hoffman Ave
General Information
Standard status
Active
Size
3,462 SF
Property subtype
Multifamily
Building Details
Building Size
3,462 SF
Year Built
1924
Listing Agency:
Lee & Associates - Long Beach
(310) 408-4364
Listed By:
Joseph Linkogle · License #CalDRE #01212631
Source:
Lee-associates
Added: Jul 11
Changed: Aug 17
Last Checked: Aug 29 at 6:40AM
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 - Long Beach
Investment Insights
Based on property information with market context.
This 1924-era multifamily property at 1073–1075 Hoffman Avenue offers classic residential character paired with updated finishes. The building features enduring masonry craftsmanship and is described as having well-maintained interiors. Inside, tenants benefit from traditional hardwood flooring and large windows that provide abundant natural light. The layout is presented as well-proportioned for rental stability, with multiple entrances supporting resident privacy and convenience.
With 3,462 square feet of established multifamily living space, the property is positioned as a compact footprint designed for efficient day-to-day management. The exterior is described as low-maintenance, with a sturdy roofing and foundational systems supporting long-term durability.
The offering notes potential for value creation through modest renovation and unit upgrades, making it well-suited for buyers seeking a manageable multifamily asset with historic-style building fundamentals.
With 3,462 square feet of established multifamily living space, the property is positioned as a compact footprint designed for efficient day-to-day management. The exterior is described as low-maintenance, with a sturdy roofing and foundational systems supporting long-term durability.
The offering notes potential for value creation through modest renovation and unit upgrades, making it well-suited for buyers seeking a manageable multifamily asset with historic-style building fundamentals.
Key Highlights
- Built in 1924 with masonry construction and 3,462 SF of established multifamily living space
- Traditional hardwood floors throughout the primary living areas
- Large windows provide abundant natural light in each unit
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
$79,573
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
5.13%
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%
$1,591,460
$1.6M
Cap Rate 7%
$1,136,757
$1.1M
Cap Rate 9%
$884,144
$884.1K
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
$118.4K $34.20/SF
− Vacancy
−$4.7K −$1.36/SF
EGI
$113.7K $32.84/SF
− OpEx
−$34.1K −$9.85/SF
NOI
$79.6K $22.98/SF
Area
ZIP 90813
Vacancy
3.99%
Lease Rate
$34.20 /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%
$1,591,460
Cap Rate 7%
$1,136,757
Cap Rate 9%
$884,144
Alternative Uses
Best Use
Multifamily LT 5
$1.14M
$994.7K – $1.33M
NOI $79,573 @ 7.0% cap · market cap 5.13%
Second Best
Apartment 5plus
$1.05M
$916.6K – $1.22M
NOI $73,330 @ 7.0% cap · market cap 4.73%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
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
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 - Built in 1924 with masonry construction, this duplex offers updated interiors, hardwood flooring, and ample natural light.
Where is this duplex located?
The property is located at 1073-1075 Hoffman Ave 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: Built in 1924 with masonry construction and 3,462 SF of established multifamily living space; Traditional hardwood floors throughout the primary living areas; Large windows provide abundant natural light in each unit
