Triplex Property with Updated 1-Bed
For Sale
$2,640,000
505 & 507 500 & 502 Boyett & First Street, College Station, TX 77840
MULTI_FAMILY - College Station, TX
Property Size14,560 SF
Lot Size0.16 Acres
Price / SF$181.32
Days on Market186
Property Features for 505 & 507 500 & 502 Boyett & First Street
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning
C02
Fencing
Privacy
Subdivision
979 North Condominium
Elementary school district
College Station
Middle school district
College Station
High school district
College Station
Directions
From HWY 6, Exit University Drive and travel Southwest, Turn Right on Boyett and the unit will be on your left.
Standard status
Active
APN
505 & 507, 500 & 502 Boyett & First C02
Size
14,560 SF
Lot size
0.16 Acres
Utilities
Heating system
Natural Gas, Central
Cooling system
Electric, Central Air
Amenities
shared courtyard
Building Details
Year built
1968
Floors in Building
2
Number of units
1
Flooring type
Carpet, Tile
Roof type
Composition
Listing Agency:
Texas Prime Real Estate
(979) 695-3300
Listed By:
Kathy Scott · License #0589435
(979) 777-9067
Added: Feb 2
Changed: Aug 4
Last Checked: Aug 7 at 4:06PM
MLS# 26001333
Copyright © 2026 Bryan-College Station Regional MLS. 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 triplex offers updated, furnished-in-approach living in one-bedroom, one-bath units. Each unit includes quartz countertops, stainless steel appliances, wood-look tile flooring, and an oversized walk-in closet, with access to a shared courtyard. In-unit amenities include a refrigerator, gas range, dishwasher, microwave, and an in-unit washer and dryer. The courtyard lawn care is maintained by the owner, while tenants handle back patio lawn areas. A Matterport 3D immersive tour is available.
The property is located in College Station, Texas, at 505 & 507 and 500 & 502 Boyett & First Street (77840) in Brazos County. The zoning is C02, and the lot size is 0.156 acres.
Built in 1968, the home has a composition roof and central systems including natural gas heating and central air conditioning, with carpet and tile flooring and privacy fencing.
The property is located in College Station, Texas, at 505 & 507 and 500 & 502 Boyett & First Street (77840) in Brazos County. The zoning is C02, and the lot size is 0.156 acres.
Built in 1968, the home has a composition roof and central systems including natural gas heating and central air conditioning, with carpet and tile flooring and privacy fencing.
Key Highlights
- 0.156‑acre lot in College Station zoned C02
- One‑bedroom, one‑bath units at 910 sq ft each
- Quartz countertops, stainless steel appliances, and wood‑look tile flooring
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
$156,525
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
5.93%
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%
$3,130,500
$3.1M
Cap Rate 7%
$2,236,071
$2.2M
Cap Rate 9%
$1,739,167
$1.7M
Market Conditions
NOI Build-Up for 14,560 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
$235.9K $16.20/SF
− Vacancy
−$12.3K −$0.84/SF
EGI
$223.6K $15.36/SF
− OpEx
−$67.1K −$4.61/SF
NOI
$156.5K $10.75/SF
Area
College Station, TX
Vacancy
5.20%
Lease Rate
$16.20 /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%
$3,130,500
Cap Rate 7%
$2,236,071
Cap Rate 9%
$1,739,167
Alternative Uses
Best Use
Multifamily LT 5
$2.24M
$1.96M – $2.61M
NOI $156,525 @ 7.0% cap · market cap 5.93%
Second Best
Apartment 5plus
$2.00M
$1.75M – $2.33M
NOI $139,676 @ 7.0% cap · market cap 5.29%
Theoretical Best
Office A
$3.59M
$3.14M – $4.18M
NOI $250,968 @ 7.0% cap · market cap 9.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
23
Businesses Nearby
Explore this area
Business Placement
Demographics for 77840, TX
55,180
Population
25,423
Households
2.2
Avg Household Size
25
Median Age
46%
College-Educated
91%
High-School Grad
10.0 sq mi
ZIP Area
5,518
Density / Sq Mi
$31,278
Median Household Income
$14,521
Median Earnings
$1,085
Median Rent
$241,000
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Updated triplex with one-bedroom, one-bath units featuring modern finishes and in-unit washer and dryer access to a shared courtyard.
Where is this triplex located?
The property is located at 505 & 507 500 & 502 Boyett & First Street College Station, TX.
What is the asking price?
The asking price for this property is $2,640,000.
What are key features of this property?
This property features: 0.156‑acre lot in College Station zoned C02; One‑bedroom, one‑bath units at 910 sq ft each; Quartz countertops, stainless steel appliances, and wood‑look tile flooring
