Updated Triplex with Occupied
For Sale
$385,000
106 Hanover Street, Houston, TX 77012
Updated triplex with two occupied units and a vacant four-bedroom, two-bath residence.
Property Size2,741 SF
Days on Market122
Property Features for 106 Hanover Street
General Information
Standard status
Active
Size
2,741 SF
Property subtype
Multi Family,Triplex
Taxes and HOA fees
Annual Taxes
$4,913
Building Details
Building Size
2,741 SF
Year Built
1946
Tenancy
Multi
Listing Agency:
eXp Realty LLC
(713) 298-3004
Listed By:
Gina Thayer · License #0723773
(713) 298-3004
Source:
Greenwoodking
Added: Apr 6
Changed: Aug 2
Last Checked: Aug 4 at 8:12AM
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 eXp Realty LLC
Investment Insights
Based on property information with market context.
This 1946 triplex includes three separate residences arranged as a front 4/2 unit and two rear 1/1 units. Two residences are tenant-occupied, while the front unit is vacant. Improvements completed since October 2024 include interior painting, added insulation in the main unit, refreshed bathrooms, a granite-counter kitchen, new appliances, exterior siding on the main unit, new fencing, and new AC systems serving all three units.
The property is located in Houston’s downtown area at 106 Hanover Street. Its three-unit configuration combines an existing tenant base with a vacant residence and updated building systems. The unit mix offers a clear physical layout for evaluating a multifamily acquisition, while the recent work addresses interiors, exterior elements, appliances, insulation, and air conditioning.
The property is located in Houston’s downtown area at 106 Hanover Street. Its three-unit configuration combines an existing tenant base with a vacant residence and updated building systems. The unit mix offers a clear physical layout for evaluating a multifamily acquisition, while the recent work addresses interiors, exterior elements, appliances, insulation, and air conditioning.
Key Highlights
- Three‑unit triplex built in 1946
- Front unit is 4/2; two rear units are each 1/1
- Two of three units are tenant‑occupied
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $60.2k | $21.96 |
| − Vacancy | −$3.7k | −$1.36 |
| EGI | $56.5k | $20.60 |
| − OpEx | −$25.4k | −$9.27 |
| NOI | $31.1k | $11.33 |
2,741 SF · lease $21.96/SF/yr · vacancy 6.20% · expense 45.00%
Alternative Uses
Best Use
Multifamily LT 5
$512.9K
$448.8K – $598.4K
NOI $35,901 @ 7.0% cap · market cap 9.32%
Second Best
Apartment 5plus
$443.6K
$388.2K – $517.6K
NOI $31,053 @ 7.0% cap · market cap 8.07%
Theoretical Best
Office A
$704.8K
$616.7K – $822.3K
NOI $49,338 @ 7.0% cap · market cap 12.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
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
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Frequently Asked Questions
What type of property is this?
Triplex - Updated triplex with two occupied units and a vacant four-bedroom, two-bath residence.
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 $385,000.
What are key features of this property?
This property features: Three‑unit triplex built in 1946; Front unit is 4/2; two rear units are each 1/1; Two of three units are tenant‑occupied
