Occupied Two-Unit
For Sale
$339,900
10028 Spring Place Dr, Houston, TX 77070
Open-concept residences provide flexible living areas, private bedrooms, and dedicated garage parking on each side.
Property Size2,507 SF
Price / SF$135.58
Days on Market45
Property Features for 10028 Spring Place Dr
General Information
Standard status
Active
Size
2,507 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
2 x 3BR/2.5BA
Multifamily Units
2
Building Details
Year Built
1983
Buildings
1
Tenancy
Multi
Listing Agency:
Compass RE Texas, LLC - The Heights
(281) 509-3604
Listed By:
Laura Miranda · License #0648081
Source:
Vincesoldit
Added: Jul 20
Changed: Aug 28
Last Checked: Sep 1 at 10:43PM
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 Compass RE Texas, LLC - The Heights
Investment Insights
Based on property information with market context.
Located at 10028 Spring Place Dr in Houston, this duplex contains two occupied residences totaling 2,507 square feet. Built in 1983, the property offers a practical two-unit configuration for rental ownership or shared living arrangements.
Each residence includes 1,253 square feet with three bedrooms, two-and-one-half bathrooms, and a one-car garage. The interiors use an open arrangement connecting the living, dining, and kitchen areas. Both units are currently occupied, and the property has never flooded.
Each residence includes 1,253 square feet with three bedrooms, two-and-one-half bathrooms, and a one-car garage. The interiors use an open arrangement connecting the living, dining, and kitchen areas. Both units are currently occupied, and the property has never flooded.
Key Highlights
- Two‑unit duplex with 2,507 square feet total
- Each unit measures 1,253 square feet
- Both residences offer 3 bedrooms and 2.5 bathrooms
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
$28,402
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
8.36%
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%
$568,040
$568.0K
Cap Rate 7%
$405,743
$405.7K
Cap Rate 9%
$315,578
$315.6K
Market Conditions
NOI Build-Up for 2,507 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
$55.1K $21.96/SF
− Vacancy
−$3.4K −$1.36/SF
EGI
$51.6K $20.60/SF
− OpEx
−$23.2K −$9.27/SF
NOI
$28.4K $11.33/SF
Area
Houston, TX
Vacancy
6.20%
Lease Rate
$21.96 /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%
$568,040
Cap Rate 7%
$405,743
Cap Rate 9%
$315,578
Alternative Uses
Best Use
Multifamily LT 5
$469.1K
$410.5K – $547.3K
NOI $32,836 @ 7.0% cap · market cap 9.66%
Second Best
Apartment 5plus
$405.7K
$355.0K – $473.4K
NOI $28,402 @ 7.0% cap · market cap 8.36%
Theoretical Best
Office A
$644.7K
$564.1K – $752.1K
NOI $45,126 @ 7.0% cap · market cap 13.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
470
Businesses Nearby
Explore this area
Business Placement
Demographics for 77070, TX
52,943
Population
23,272
Households
2.3
Avg Household Size
36
Median Age
38%
College-Educated
91%
High-School Grad
13.0 sq mi
ZIP Area
4,073
Density / Sq Mi
$72,440
Median Household Income
$44,073
Median Earnings
$1,571
Median Rent
$264,300
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?
Duplex - Open-concept residences provide flexible living areas, private bedrooms, and dedicated garage parking on each side.
Where is this duplex located?
The property is located at 10028 Spring Place Dr Houston, TX.
What is the asking price?
The asking price for this property is $339,900.
What are key features of this property?
This property features: Two‑unit duplex with 2,507 square feet total; Each unit measures 1,253 square feet; Both residences offer 3 bedrooms and 2.5 bathrooms
