Renovated 14-Unit Multifamily
For Sale
Contact for pricing
1011 W 10TH ST, Houston, TX 77008
Fully renovated 14-unit multifamily property offering modernized interiors and currently 100% occupancy in Houston Heights.
Property Size9,812 SF
Price / SF$203.83
Days on Market59
Property Features for 1011 W 10TH ST
General Information
Standard status
Active
Size
9,812 SF
Class
C
Property subtype
Multifamily
Occupancy
100%
Investment Type
Stabilized
Additional Details
Multifamily Units
14
Building Details
Year Built
1970
Year Renovated
2023
Stories
2
Units
14
Tenancy
Single
Listing Agency:
Partners
(713) 316-7059
Listed By:
Ryan DeGennaro · License #TX 9004042
Source:
Crexi
Added: Jun 16
Changed: Aug 8
Last Checked: Aug 12 at 1:21PM
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 Partners
Investment Insights
Based on property information with market context.
1011 W. 10th Street is a fully renovated 14-unit multifamily community built for modern, low-maintenance operations. The property has undergone a comprehensive capital improvement program, with modernized interiors and significant upgrades throughout. This boutique-scale configuration provides an income-producing setup centered on upgraded residential finishes and day-to-day manageability.
Located in the heart of the Houston Heights, the community benefits from an inner-loop rental setting within one of Houston’s most active neighborhoods. The offering is described as currently operating at 100% occupancy, reflecting strong in-place leasing performance at the time of listing.
For investors or owner-operators, the combination of a renovated asset base and stabilized occupancy can be particularly appealing for those seeking a turn-key residential income property. The 14-unit size supports hands-on management and streamlined operations, while the recent improvements may help reduce near-term property refresh needs. Buyers focused on a smaller multifamily format with updated interiors and immediate occupancy should find the current configuration well aligned with an actively maintained rental strategy.
Located in the heart of the Houston Heights, the community benefits from an inner-loop rental setting within one of Houston’s most active neighborhoods. The offering is described as currently operating at 100% occupancy, reflecting strong in-place leasing performance at the time of listing.
For investors or owner-operators, the combination of a renovated asset base and stabilized occupancy can be particularly appealing for those seeking a turn-key residential income property. The 14-unit size supports hands-on management and streamlined operations, while the recent improvements may help reduce near-term property refresh needs. Buyers focused on a smaller multifamily format with updated interiors and immediate occupancy should find the current configuration well aligned with an actively maintained rental strategy.
Key Highlights
- Fully renovated 14‑unit multifamily community at 1011 W. 10th Street
- 100% occupancy currently in place
- Year built 1970
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
$111,162
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
5.56%
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%
$2,223,240
$2.2M
Cap Rate 7%
$1,588,029
$1.6M
Cap Rate 9%
$1,235,133
$1.2M
Market Conditions
NOI Build-Up for 9,812 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
$215.5K $21.96/SF
− Vacancy
−$13.4K −$1.36/SF
EGI
$202.1K $20.60/SF
− OpEx
−$91.0K −$9.27/SF
NOI
$111.2K $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%
$2,223,240
Cap Rate 7%
$1,588,029
Cap Rate 9%
$1,235,133
Alternative Uses
Best Use
Apartment 5plus
$1.59M
$1.39M – $1.85M
NOI $111,162 @ 7.0% cap · market cap 5.56%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.52M
$2.21M – $2.94M
NOI $176,616 @ 7.0% cap · market cap 8.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
14
Residential units
Location Intelligence
Trade Area within ½ mile
1,510
Businesses Nearby
Explore this area
Business Placement
Demographics for 77008, TX
36,631
Population
20,709
Households
1.8
Avg Household Size
36
Median Age
72%
College-Educated
96%
High-School Grad
6.5 sq mi
ZIP Area
5,636
Density / Sq Mi
$142,414
Median Household Income
$84,642
Median Earnings
$1,567
Median Rent
$609,300
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?
Apartment building - Fully renovated 14-unit multifamily property offering modernized interiors and currently 100% occupancy in Houston Heights.
Where is this apartment building located?
The property is located at 1011 W 10TH ST Houston, TX.
What is the asking price?
The asking price for this property is $2,000,000.
What are key features of this property?
This property features: Fully renovated 14‑unit multifamily community at 1011 W. 10th Street; 100% occupancy currently in place; Year built 1970
