Residential Income Property with
For Sale
$120,500
12027 Greenwood Forest Drive 29D, Houston, TX 77066
Two-bedroom condo with an open living area, private courtyard, and detached carport.
Property Size878 SF
Price / SF$137.24
Days on Market23
Property Features for 12027 Greenwood Forest Drive 29D
General Information
Standard status
Active
Size
878 SF
Property subtype
Multi-Family
Additional Details
Highway Access
Yes
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$2,794
Amenities
private fenced courtyard
outdoor patio
Tile
Family Room,Living Room,Utility Room
Yes
1
2
Washer Hookup,Electric Dryer Hookup
Appraiser
Tub Shower,Living/Dining Room
Cleared,Corner Lot
No
Public
1677
Detached Carport
Concrete
Deck,Patio
Slab
878
Building Details
Building Size
878 SF
Year Built
1983
Stories
1
Listing Agency:
Realm Real Estate Professionals - Katy
(814) 321-7970
Listed By:
Rachelle Thompson
(814) 321-7970
Source:
Garygreene
Added: Aug 1
Changed: Aug 23
Last Checked: Aug 23 at 2:43AM
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 Realm Real Estate Professionals - Katy
Investment Insights
Based on property information with market context.
This 878-square-foot condominium was built in 1983 and offers an open arrangement connecting the living, dining, and kitchen areas. The residence includes two bedrooms, two bathrooms, tile finishes, a utility room, and washer and electric dryer connections. A primary bedroom opens to the outdoor patio, while the private fenced courtyard adds usable exterior space. The property also includes a detached carport and concrete construction.
Positioned in North Houston, the condo provides access to Highway 249, Beltway 8, FM 1960, and I-45. Shopping, dining, and entertainment options are identified nearby, including Vintage Park and Willowbrook Mall. The property sits on a cleared corner lot and includes a deck and patio for outdoor use.
Positioned in North Houston, the condo provides access to Highway 249, Beltway 8, FM 1960, and I-45. Shopping, dining, and entertainment options are identified nearby, including Vintage Park and Willowbrook Mall. The property sits on a cleared corner lot and includes a deck and patio for outdoor use.
Key Highlights
- 878 SF condominium built in 1983
- Two bedrooms and two bathrooms
- Open living, dining, and kitchen arrangement
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
$9,947
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
8.25%
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%
$198,940
$198.9K
Cap Rate 7%
$142,100
$142.1K
Cap Rate 9%
$110,522
$110.5K
Market Conditions
NOI Build-Up for 878 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
$19.3K $21.96/SF
− Vacancy
−$1.2K −$1.36/SF
EGI
$18.1K $20.60/SF
− OpEx
−$8.1K −$9.27/SF
NOI
$9.9K $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%
$198,940
Cap Rate 7%
$142,100
Cap Rate 9%
$110,522
Alternative Uses
Best Use
Apartment 5plus
$142.1K
$124.3K – $165.8K
NOI $9,947 @ 7.0% cap · market cap 8.25%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$225.8K
$197.6K – $263.4K
NOI $15,804 @ 7.0% cap · market cap 13.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
452
Businesses Nearby
Explore this area
Business Placement
Demographics for 77066, TX
34,443
Population
12,156
Households
2.8
Avg Household Size
35
Median Age
20%
College-Educated
77%
High-School Grad
8.6 sq mi
ZIP Area
4,005
Density / Sq Mi
$83,545
Median Household Income
$36,865
Median Earnings
$1,396
Median Rent
$217,500
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Two-bedroom condo with an open living area, private courtyard, and detached carport.
Where is this residential income property located?
The property is located at 12027 Greenwood Forest Drive 29D Houston, TX.
What is the asking price?
The asking price for this property is $120,500.
What are key features of this property?
This property features: 878 SF condominium built in 1983; Two bedrooms and two bathrooms; Open living, dining, and kitchen arrangement
