Section 8-Approved
For Sale
$599,000
1210 Wafer Street # 4, Pasadena, TX 77506
Four-unit residential income property with existing approval for participation in the Section 8 program.
Property Size4,766 SF
Days on Market8
Property Features for 1210 Wafer Street # 4
General Information
Standard status
Active
Size
4,766 SF
Property subtype
Multi Family,Quadruplex
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$11,955
Building Details
Building Size
4,766 SF
Year Built
1971
Buildings
1
Listing Agency:
RE/MAX Fine Properties
Listed By:
Rella Sanders
(713) 302-8098
Source:
Greenwoodking
Added: Sep 18
Changed: Sep 19
Last Checked: Sep 24 at 3:31PM
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 RE/MAX Fine Properties
Investment Insights
Based on property information with market context.
This four-unit residential income property is located at 1210 Wafer Street #4 in Pasadena, Texas. The quadplex was built in 1971 and is approved for the Section 8 program, providing an established framework for voucher-based occupancy.
The property is presented as a multifamily asset with an existing ownership and management history. Its four-unit configuration and program approval may support continued residential income use, subject to applicable program requirements and operating terms.
The property is presented as a multifamily asset with an existing ownership and management history. Its four-unit configuration and program approval may support continued residential income use, subject to applicable program requirements and operating terms.
Key Highlights
- Four‑unit quadplex configuration
- 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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Open Analytics
Current Use
Lease Details
4
Residential units
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 approval for participation in the Section 8 program.
Where is this quadplex located?
The property is located at 1210 Wafer Street # 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 configuration; Approved for the Section 8 program; Built in 1971
