Museum District Townhome
For Sale
$1,690,000
1111 Autrey St 5, Houston, TX 77006
Remodeled townhomes near Hermann Park, Rice University, and Medical Center.
Property Size7,716 SF
Days on Market142
Property Features for 1111 Autrey St 5
General Information
Standard status
Active
Size
7,716 SF
Property subtype
Investment
Lease Term
12 months
Taxes and HOA fees
Annual Taxes
$29,955
Building Details
Building Size
7,716 SF
Year Built
1975
Stories
2
Listing Agency:
Walzel Properties - Galleria
(302) 503-2137
Listed By:
Chidozie Osueke
(302) 503-2137
Source:
Elliman
Added: Apr 4
Changed: Aug 19
Last Checked: Aug 22 at 12:11PM
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 Walzel Properties - Galleria
Investment Insights
Based on property information with market context.
Located in Houston's Museum District, this professionally managed multifamily property consists of five separate townhomes. The complex is about one mile from Hermann Park Golf Course, Rice University, and the Houston Medical Center. Each remodeled townhome includes a central HVAC system, 2 bedrooms, 2.5 bathrooms, a garage, a private outdoor patio, wood floors, and a full suite of appliances, including a washer and dryer. The location is considered very bikeable with a bike score of 77 and very walkable with a walk score of 90. Public transportation is readily accessible, indicated by a transit score of 66.
Key Highlights
- Premiere location in the heart of Houston's Museum District.
- Recently remodeled complex consisting of five separate townhomes.
- Each townhome includes a full suite of appliances, including washer and dryer.
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
$87,416
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
5.17%
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%
$1,748,320
$1.7M
Cap Rate 7%
$1,248,800
$1.2M
Cap Rate 9%
$971,289
$971.3K
Market Conditions
NOI Build-Up for 7,716 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
$169.4K $21.96/SF
− Vacancy
−$10.5K −$1.36/SF
EGI
$158.9K $20.60/SF
− OpEx
−$71.5K −$9.27/SF
NOI
$87.4K $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%
$1,748,320
Cap Rate 7%
$1,248,800
Cap Rate 9%
$971,289
Alternative Uses
Best Use
Apartment 5plus
$1.25M
$1.09M – $1.46M
NOI $87,416 @ 7.0% cap · market cap 5.17%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.98M
$1.74M – $2.31M
NOI $138,888 @ 7.0% cap · market cap 8.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,627
Businesses Nearby
Explore this area
Business Placement
Demographics for 77006, TX
24,129
Population
16,654
Households
1.4
Avg Household Size
36
Median Age
80%
College-Educated
98%
High-School Grad
2.3 sq mi
ZIP Area
10,491
Density / Sq Mi
$102,003
Median Household Income
$73,275
Median Earnings
$1,761
Median Rent
$599,500
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 - Remodeled townhomes near Hermann Park, Rice University, and Medical Center.
Where is this apartment building located?
The property is located at 1111 Autrey St 5 Houston, TX.
What is the asking price?
The asking price for this property is $1,690,000.
What are key features of this property?
This property features: Premiere location in the heart of Houston's Museum District.; Recently remodeled complex consisting of five separate townhomes.; Each townhome includes a full suite of appliances, including washer and dryer.
