Tanglewood Adjacent Condo with
For Sale
$220,000
1201 Bering Drive #44, Houston, TX 77057
Spacious 2 bed, 2 bath condo with attached 2-car garage.
Property Size1,177 SF
Price / SF$186.92
Days on Market472
Property Features for 1201 Bering Drive #44
General Information
Standard status
Active
Size
1,177 SF
Property subtype
Condominium
Amenities
Fireplace
Electric
Central Air
Central
Dryer
Dishwasher
Electric Oven
Electric Range
Disposal
Microwave
Oven
Washer
Refrigerator
Deck, In Garage,Electric Dryer Hookup, Composition
Building Details
Building Size
1,177 SF
Year Built
1978
Stories
2
Listing Agency:
Carlos Chavez, Broker
(713) 724-1915
Listed By:
Kelley Busby · License #TX
(713) 724-1915
Source:
Kw
Added: May 16, 2025
Changed: Aug 28
Last Checked: Aug 29 at 5:30PM
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 Carlos Chavez, Broker
Investment Insights
Based on property information with market context.
This second-floor end unit condo features two bedrooms and two full baths. A rare attached, oversized two-car garage includes private interior stairs. The floor plan features a vaulted ceiling in the den, a wood-burning fireplace, and wood-look laminate flooring throughout. The kitchen is equipped with stainless steel appliances and granite counters, as well as a full pantry. The primary bathroom has been renovated and includes a walk-in shower. The primary bedroom features two walk-in closets. The garage includes stairs with new carpet (scheduled for 2025) and a full-sized washer and dryer. Double-paned windows and a sliding door are present in the second bedroom (installed in 2022 per seller). The HVAC and ductwork were updated in 2023 (per seller). The washer, dryer, refrigerator, and two TVs are included. The HOA fee covers basic cable TV, water, exterior building and insurance, trash pickup, and access to the community pool and clubhouse. Ample storage and attic access are available in the garage. The unit is located in a courtyard close to the community pool and is within walking distance of restaurants, the YMCA, and parks. The dishwasher is scheduled for replacement in 2025. The property is located adjacent to Tanglewood.
Key Highlights
- Rare attached, OVERSIZED 2‑car garage with private interior stairs and ample storage.
- Prime location adjacent to Tanglewood, walking distance to restaurants, YMCA, and parks.
- RENOVATED en suite primary bath with walk‑in shower and two spacious walk‑in closets in the primary bedroom.
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
$13,334
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
6.06%
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%
$266,680
$266.7K
Cap Rate 7%
$190,486
$190.5K
Cap Rate 9%
$148,156
$148.2K
Market Conditions
NOI Build-Up for 1,177 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
$25.8K $21.96/SF
− Vacancy
−$1.6K −$1.36/SF
EGI
$24.2K $20.60/SF
− OpEx
−$10.9K −$9.27/SF
NOI
$13.3K $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%
$266,680
Cap Rate 7%
$190,486
Cap Rate 9%
$148,156
Alternative Uses
Best Use
Apartment 5plus
$190.5K
$166.7K – $222.2K
NOI $13,334 @ 7.0% cap · market cap 6.06%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$302.7K
$264.8K – $353.1K
NOI $21,186 @ 7.0% cap · market cap 9.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,925
Businesses Nearby
Explore this area
Business Placement
Demographics for 77057, TX
43,669
Population
25,231
Households
1.7
Avg Household Size
36
Median Age
53%
College-Educated
87%
High-School Grad
4.3 sq mi
ZIP Area
10,156
Density / Sq Mi
$66,200
Median Household Income
$40,419
Median Earnings
$1,354
Median Rent
$318,700
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 - Spacious 2 bed, 2 bath condo with attached 2-car garage.
Where is this apartment building located?
The property is located at 1201 Bering Drive #44 Houston, TX.
What is the asking price?
The asking price for this property is $220,000.
What are key features of this property?
This property features: Rare attached, OVERSIZED 2‑car garage with private interior stairs and ample storage.; Prime location adjacent to Tanglewood, walking distance to restaurants, YMCA, and parks.; RENOVATED en suite primary bath with walk‑in shower and two spacious walk‑in closets in the primary bedroom.
