Section 8-Approved
New
For Sale
$599,000
1210 Wafer St 4, Pasadena, TX 77506
Four-unit residential income property with existing Section 8 program approval and a 1971 construction date.
Property Size4,766 SF
Days on Market1
Property Features for 1210 Wafer St 4
General Information
Standard status
Active
Size
4,766 SF
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$11,955
Building Details
Building Size
4,766 SF
Year Built
1971
Stories
2
Units
4
Listed By:
Rella Sanders · License #483402
(713) 302-8098
Source:
Elliman
Added: Sep 19
Last Checked: Sep 19 at 8:57AM
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 Rella Sanders
Investment Insights
Based on property information with market context.
This four-unit residential income property in Pasadena, Texas, was built in 1971 and carries existing approval for the Section 8 program. The asset is identified as a quadplex and includes a mix of two-bedroom and three-bedroom units, although the unit count by bedroom type is not specified.
The property is located at 1210 Wafer St 4, Pasadena, TX 77506. Walk Score is 38, indicating a car-dependent setting, while Bike Score is 45, categorized as somewhat bikeable. The property information also identifies Ratio Utility Billing System implementation as a possible operating strategy for a future owner.
The property is located at 1210 Wafer St 4, Pasadena, TX 77506. Walk Score is 38, indicating a car-dependent setting, while Bike Score is 45, categorized as somewhat bikeable. The property information also identifies Ratio Utility Billing System implementation as a possible operating strategy for a future owner.
Key Highlights
- Four‑unit quadplex
- Approved for the Section 8 program
- Built in 1971
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
$54,277
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
9.06%
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%
$1,085,540
$1.1M
Cap Rate 7%
$775,386
$775.4K
Cap Rate 9%
$603,078
$603.1K
Market Conditions
NOI Build-Up for 4,766 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
$82.9K $17.40/SF
− Vacancy
−$5.4K −$1.13/SF
EGI
$77.5K $16.27/SF
− OpEx
−$23.3K −$4.88/SF
NOI
$54.3K $11.39/SF
Area
Pasadena, TX
Vacancy
6.50%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
30.00%
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%
$1,085,540
Cap Rate 7%
$775,386
Cap Rate 9%
$603,078
Alternative Uses
Best Use
Multifamily LT 5
$775.4K
$678.5K – $904.6K
NOI $54,277 @ 7.0% cap · market cap 9.06%
Second Best
Apartment 5plus
$697.0K
$609.9K – $813.1K
NOI $48,788 @ 7.0% cap · market cap 8.14%
Theoretical Best
Office A
$1.57M
$1.38M – $1.83M
NOI $110,099 @ 7.0% cap · market cap 18.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,349
Businesses Nearby
Explore this area
Business Placement
Demographics for 77506, TX
34,431
Population
11,973
Households
2.9
Avg Household Size
31
Median Age
5%
College-Educated
57%
High-School Grad
11.3 sq mi
ZIP Area
3,047
Density / Sq Mi
$50,045
Median Household Income
$31,621
Median Earnings
$1,049
Median Rent
$131,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Quadplex - Four-unit residential income property with existing Section 8 program approval and a 1971 construction date.
Where is this quadplex located?
The property is located at 1210 Wafer St 4 Pasadena, TX.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: Four‑unit quadplex; Approved for the Section 8 program; Built in 1971
