New Construction
For Sale
$426,400
1006 Garapan Street B, Houston, TX 77091
Two independent residences within a new construction duplex, each with three bedrooms and two full baths.
Property Size2,600 SF
Price / SF$164
Days on Market64
Property Features for 1006 Garapan Street B
General Information
Standard status
Active
Size
2,600 SF
Property subtype
Multi-Family
Additional Details
Highway Access
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$1,541
Amenities
gourmet kitchen
energy-efficient features
ample storage
Carpet,Engineered Hardwood
Yes
3
4
Washer Hookup,Dryer Hookup
Builder
Cleared
4650
Two
Appraiser
Garage,Garage Door Opener
2600
Building Details
Building Size
2,600 SF
Year Built
2026
Stories
2
Tenancy
Multi
Listing Agency:
Medve Real Estate, LLC
(713) 965-0812
Listed By:
Shad Bogany
(713) 828-6075
Source:
Garygreene
Added: Jul 14
Changed: Sep 14
Last Checked: Sep 15 at 5:06AM
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 Medve Real Estate, LLC
Investment Insights
Based on property information with market context.
Introducing a new construction duplex featuring two independent residences. Unit A and Unit B are each designed with approximately 2,600 square feet of living space, offering three spacious bedrooms and two full bathrooms. Both units include an open-concept floor plan and designer finishes throughout, with a gourmet kitchen featuring modern cabinetry and premium countertops. The primary suite includes a luxurious ensuite, and the secondary bedrooms are generously sized. Energy-efficient features and systems are incorporated throughout, and each unit offers an attached garage and ample storage.
The property is located in Northwest Houston, providing convenient access to Downtown Houston and The Heights via major highways I-45 and Loop 610. The surrounding area includes shopping, dining, entertainment, and recreational amenities, along with nearby parks.
This duplex is structured to support owner-occupancy or tenancy in either unit, with each residence functioning independently as Unit A and Unit B.
The property is located in Northwest Houston, providing convenient access to Downtown Houston and The Heights via major highways I-45 and Loop 610. The surrounding area includes shopping, dining, entertainment, and recreational amenities, along with nearby parks.
This duplex is structured to support owner-occupancy or tenancy in either unit, with each residence functioning independently as Unit A and Unit B.
Key Highlights
- New construction duplex built in 2026 with two independent residences (Unit A and Unit B).
- Each unit offers approximately 2,600 SF with 3 bedrooms and 2 full bathrooms.
- Open‑concept floor plan with designer finishes and a gourmet kitchen with modern cabinetry and premium countertops.
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
$34,054
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
7.99%
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%
$681,080
$681.1K
Cap Rate 7%
$486,486
$486.5K
Cap Rate 9%
$378,378
$378.4K
Market Conditions
NOI Build-Up for 2,600 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
$51.5K $19.80/SF
− Vacancy
−$2.8K −$1.09/SF
EGI
$48.6K $18.71/SF
− OpEx
−$14.6K −$5.61/SF
NOI
$34.1K $13.10/SF
Area
Houston, TX
Vacancy
5.50%
Lease Rate
$19.80 /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%
$681,080
Cap Rate 7%
$486,486
Cap Rate 9%
$378,378
Alternative Uses
Best Use
Multifamily LT 5
$486.5K
$425.7K – $567.6K
NOI $34,054 @ 7.0% cap · market cap 7.99%
Second Best
Apartment 5plus
$420.8K
$368.2K – $490.9K
NOI $29,456 @ 7.0% cap · market cap 6.91%
Theoretical Best
Office A
$668.6K
$585.0K – $780.0K
NOI $46,800 @ 7.0% cap · market cap 10.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
292
Businesses Nearby
Explore this area
Business Placement
Demographics for 77091, TX
28,020
Population
12,501
Households
2.2
Avg Household Size
34
Median Age
19%
College-Educated
73%
High-School Grad
7.1 sq mi
ZIP Area
3,946
Density / Sq Mi
$35,737
Median Household Income
$28,906
Median Earnings
$1,061
Median Rent
$223,700
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Two independent residences within a new construction duplex, each with three bedrooms and two full baths.
Where is this duplex located?
The property is located at 1006 Garapan Street B Houston, TX.
What is the asking price?
The asking price for this property is $426,400.
What are key features of this property?
This property features: New construction duplex built in 2026 with two independent residences (Unit A and Unit B).; Each unit offers approximately 2,600 SF with 3 bedrooms and 2 full bathrooms.; Open‑concept floor plan with designer finishes and a gourmet kitchen with modern cabinetry and premium countertops.
