Updated Triplex Income
For Sale
$349,000
Pending
106 Hanover Street, Houston, TX 77012
Turnkey triplex with two tenant-occupied units and a third vacant unit, recently updated with new AC systems.
Property Size2,741 SF
Days on Market155
Property Features for 106 Hanover Street
General Information
Standard status
Pending
Size
2,741 SF
Property subtype
Multi-Family
Additional Details
Fenced Yard
Yes
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$4,913
Amenities
Carpet,Plank,Tile,Vinyl
Yes
2
4
tx.membership@exprealty.com
Washer Hookup,Dryer Hookup
Appraiser
Subdivision
5000
2741
Building Details
Building Size
2,741 SF
Year Built
1946
Stories
2
Listing Agency:
Womack Development & Investment Realtors
(281) 444-5140
Listed By:
Melissa Erwin
(713) 248-1379
Source:
Garygreene
Added: Apr 6
Changed: Sep 6
Last Checked: Sep 7 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 Womack Development & Investment Realtors
Investment Insights
Based on property information with market context.
This turnkey triplex offers three separate residential units. Two units are currently tenant-occupied, supporting immediate income at closing, while the front vacant unit is a 4/2 and the two back units are each 1/1.
Recent updates since October 2024 include complete interior paint and added insulation in the main unit, updated bathrooms, and a refreshed kitchen with granite countertops. Additional improvements include new siding on the main unit exterior, new AC systems across all three units, new appliances, and new fencing.
With its updated interiors and mechanicals across the full property, this triplex is positioned as a low-maintenance residential income asset in downtown Houston.
Recent updates since October 2024 include complete interior paint and added insulation in the main unit, updated bathrooms, and a refreshed kitchen with granite countertops. Additional improvements include new siding on the main unit exterior, new AC systems across all three units, new appliances, and new fencing.
With its updated interiors and mechanicals across the full property, this triplex is positioned as a low-maintenance residential income asset in downtown Houston.
Key Highlights
- Turnkey triplex in Houston with two tenant‑occupied units and a third vacant unit ready for occupancy
- Unit mix: front 4/2 (vacant) plus back duplex with two 1/1 units
- Recent updates since October 2024: interior paint, added insulation, updated bathrooms, refreshed kitchen with granite 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
$31,053
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
8.90%
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%
$621,060
$621.1K
Cap Rate 7%
$443,614
$443.6K
Cap Rate 9%
$345,033
$345.0K
Market Conditions
NOI Build-Up for 2,741 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
$60.2K $21.96/SF
− Vacancy
−$3.7K −$1.36/SF
EGI
$56.5K $20.60/SF
− OpEx
−$25.4K −$9.27/SF
NOI
$31.1K $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%
$621,060
Cap Rate 7%
$443,614
Cap Rate 9%
$345,033
Alternative Uses
Best Use
Multifamily LT 5
$512.9K
$448.8K – $598.4K
NOI $35,901 @ 7.0% cap · market cap 10.29%
Second Best
Apartment 5plus
$443.6K
$388.2K – $517.6K
NOI $31,053 @ 7.0% cap · market cap 8.90%
Theoretical Best
Office A
$704.8K
$616.7K – $822.3K
NOI $49,338 @ 7.0% cap · market cap 14.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
521
Businesses Nearby
Explore this area
Business Placement
Demographics for 77012, TX
18,397
Population
6,867
Households
2.7
Avg Household Size
33
Median Age
10%
College-Educated
59%
High-School Grad
3.9 sq mi
ZIP Area
4,717
Density / Sq Mi
$48,287
Median Household Income
$34,012
Median Earnings
$944
Median Rent
$127,400
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Turnkey triplex with two tenant-occupied units and a third vacant unit, recently updated with new AC systems.
Where is this triplex located?
The property is located at 106 Hanover Street Houston, TX.
What is the asking price?
The asking price for this property is $349,000.
What are key features of this property?
This property features: Turnkey triplex in Houston with two tenant‑occupied units and a third vacant unit ready for occupancy; Unit mix: front 4/2 (vacant) plus back duplex with two 1/1 units; Recent updates since October 2024: interior paint, added insulation, updated bathrooms, refreshed kitchen with granite countertops
