Updated Triplex Income
106 Hanover Street Houston, TX 77012
For Sale
$399,900
Turnkey triplex with two tenant-occupied units and a third vacant unit, recently updated with new AC systems.
Property Size2,741 SF
Price / SF$145.90
Days on Market109
Property Features for 106 Hanover Street
General Information
- Standard status
- Active
- Size
- 2,741 SF
- Property subtype
- Multi-Family
Building Details
- Year Built
- 1946
Listing Agency:
Prime Texas Properties
(713) 248-1379
Listed By:
Melissa Erwin
(713) 248-1379
Source:
Garygreene
Added: Apr 6
Changed: Jul 22
Last Checked: Jul 23 at 3:28AM
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 Prime Texas Properties
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 For Multifamily LT 5
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 | $54.3k | $19.80 |
| − Vacancy | −$3.0k | −$1.09 |
| EGI | $51.3k | $18.71 |
| − OpEx | −$15.4k | −$5.61 |
| NOI | $35.9k | $13.10 |
2,741 SF · lease $19.80/SF/yr · vacancy 5.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$512.9K
$448.8K – $598.4K
NOI $35,901 @ 7.0% cap · market cap 8.98%
Second Best
Apartment 5plus
$443.6K
$388.2K – $517.6K
NOI $31,053 @ 7.0% cap · market cap 7.77%
Theoretical Best
Office A
$704.8K
$616.7K – $822.3K
NOI $49,338 @ 7.0% cap · market cap 12.34%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Triplexes
FAQs
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 $399,900.
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
