Lake Conroe Area Income
For Sale
$790,000
Pending
14010 Longstreet Rd 22, Willis, TX 77318
Gated community near Lake Conroe with modern apartments.
Property Size4,098 SF
Lot Size0.14 Acres
Days on Market267
Property Features for 14010 Longstreet Rd 22
General Information
Standard status
Pending
Size
4,098 SF
Lot size
0.14 Acres
Property subtype
Investment
Building Details
Building Size
4,098 SF
Year Built
2025
Stories
2
Units
3
Listing Agency:
Ernesto Grey
(713) 447-7284
Listed By:
Anitha Krishna-Rao · License #0591229
(713) 447-7284
Source:
Elliman
Added: Nov 28, 2025
Changed: Aug 8
Last Checked: Aug 22 at 10:12AM
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 Ernesto Grey
Investment Insights
Based on property information with market context.
The Vintage at Lake Conroe is located in the high-growth area of northwest Houston/Conroe, within walking distance of Lake Conroe and minutes from FM I-45 via FM 1097. This gated community consists of 60 buildings, each containing three apartments. Each apartment features a modern design with 3 bedrooms and 2.5 bathrooms, along with a covered porch at the front and back. Each apartment includes a one-car garage, one driveway parking spot, and access to overflow parking. The open kitchen features granite countertops and includes all appliances. This property is presented as an income property investment in the Lake Conroe area. Pre-selling is underway, offering the option to purchase a building and lease out the three apartments, or reside in one and lease out the other two. Construction is scheduled to begin this spring, with an estimated completion date by the Fall of 2025. The photos shown are renderings from similar properties.
Key Highlights
- Prime investment opportunity in the high‑growth Lake Conroe area.
- Potential for rental income by leasing out all three apartments in a building.
- Modern 3‑bedroom, 2.5‑bathroom apartments with covered porches.
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
$43,058
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
5.45%
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%
$861,160
$861.2K
Cap Rate 7%
$615,114
$615.1K
Cap Rate 9%
$478,422
$478.4K
Market Conditions
NOI Build-Up for 4,098 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
$83.1K $20.28/SF
− Vacancy
−$4.8K −$1.18/SF
EGI
$78.3K $19.10/SF
− OpEx
−$35.2K −$8.60/SF
NOI
$43.1K $10.51/SF
Area
Montgomery County, TX
Vacancy
5.80%
Lease Rate
$20.28 /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%
$861,160
Cap Rate 7%
$615,114
Cap Rate 9%
$478,422
Alternative Uses
Best Use
Apartment 5plus
$615.1K
$538.2K – $717.6K
NOI $43,058 @ 7.0% cap · market cap 5.45%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.03M
$905.2K – $1.21M
NOI $72,419 @ 7.0% cap · market cap 9.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
12
Businesses Nearby
Explore this area
Business Placement
Demographics for 77318, TX
17,518
Population
8,654
Households
2
Avg Household Size
44
Median Age
30%
College-Educated
91%
High-School Grad
37.0 sq mi
ZIP Area
473
Density / Sq Mi
$90,246
Median Household Income
$51,428
Median Earnings
$1,209
Median Rent
$288,900
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 - Gated community near Lake Conroe with modern apartments.
Where is this apartment building located?
The property is located at 14010 Longstreet Rd 22 Willis, TX.
What is the asking price?
The asking price for this property is $790,000.
What are key features of this property?
This property features: Prime investment opportunity in the high‑growth Lake Conroe area.; Potential for rental income by leasing out all three apartments in a building.; Modern 3‑bedroom, 2.5‑bathroom apartments with covered porches.
