Renovated Duplex with
For Sale
$889,000
1220 W Gray Street, Houston, TX 77019
Corner-lot property pairs a professional office layout with a private three-bedroom residence.
Property Size2,298 SF
Price / SF$386.86
Days on Market51
Property Features for 1220 W Gray Street
General Information
Standard status
Active
Size
2,298 SF
Property subtype
Multi-Family
Additional Details
Floor
First Floor
Office Units
1
Taxes and HOA fees
Annual Taxes
$19,570
Amenities
Engineered Hardwood,Tile
Basement,Den,Dining Room,Entry/Foyer,Living Room,Office,Utility Room
Yes
4
Washer Hookup,Electric Dryer Hookup
Appraiser
Bedroom on Main Level,En Suite Bathroom,Full Bath on Main Level,Granite Counters,Kitchen/Family Room Combo,ThreeBedroomsUp,Living/Dining Room
Corner Lot
No
Public
5000
Balcony,Sprinkler/Irrigation
Other
2298
Building Details
Building Size
2,298 SF
Year Built
1946
Year Renovated
2016
Buildings
1
Stories
2
Listing Agency:
Caldwell Companies
(281) 444-5140
Listed By:
Dana Hines · License #0679323
(713) 851-8059
Source:
Garygreene
Added: Aug 28
Changed: Oct 15
Last Checked: Oct 16 at 7:03AM
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 Caldwell Companies
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Investment Insights
Based on property information with market context.
This 2,298-square-foot duplex, built in 1946 and renovated in 2016, combines distinct residential and professional configurations. Each unit has a separate entrance. The first level is arranged as office space with rooms that can support a professional setting or creative studio, while the upper level includes three bedrooms and two bathrooms for residential occupancy.
Set on a corner lot at 1220 W Gray Street in Houston’s Montrose area, the property is steps from the new Harlow District. Its current arrangement can be maintained as two separate units, adapted into a single-family residence, or used as a multifamily property. Interior details include engineered hardwood and tile flooring, granite counters, a balcony, sprinkler irrigation, and a basement.
Set on a corner lot at 1220 W Gray Street in Houston’s Montrose area, the property is steps from the new Harlow District. Its current arrangement can be maintained as two separate units, adapted into a single-family residence, or used as a multifamily property. Interior details include engineered hardwood and tile flooring, granite counters, a balcony, sprinkler irrigation, and a basement.
Key Highlights
- 2,298 SF duplex on a corner lot
- Built in 1946; renovated in 2016
- Two units with separate private entrances
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$30,099
Cap Rate
3.39%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$601,980
$602.0K
Cap Rate 7%
$429,986
$430.0K
Cap Rate 9%
$334,433
$334.4K
Market Conditions
NOI Build-Up for 2,298 SF
Gross rent
$45.5K $19.80/SF
− Vacancy
−$2.5K −$1.09/SF
EGI
$43.0K $18.71/SF
− OpEx
−$12.9K −$5.61/SF
NOI
$30.1K $13.10/SF
Area
Houston, TX
Vacancy
5.50%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$601,980
Cap Rate 7%
$429,986
Cap Rate 9%
$334,433
Alternative Uses
Best Use
Multifamily LT 5
$430.0K
$376.2K – $501.7K
NOI $30,099 @ 7.0% cap · market cap 3.39%
Second Best
Office B
$382.9K
$335.1K – $446.7K
NOI $26,804 @ 7.0% cap · market cap 3.02%
Theoretical Best
Office A
$590.9K
$517.1K – $689.4K
NOI $41,364 @ 7.0% cap · market cap 4.65%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
1
Office units
Location Intelligence
Trade Area within ½ mile
2,494
Businesses Nearby
Explore this area
Business Placement
Demographics for 77019, TX
24,136
Population
14,387
Households
1.7
Avg Household Size
37
Median Age
76%
College-Educated
98%
High-School Grad
3.7 sq mi
ZIP Area
6,523
Density / Sq Mi
$108,353
Median Household Income
$75,871
Median Earnings
$1,886
Median Rent
$724,900
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Houston, TX
Frequently Asked Questions
What type of property is this?
Duplex - Corner-lot property pairs a professional office layout with a private three-bedroom residence.
Where is this duplex located?
The property is located at 1220 W Gray Street Houston, TX.
What is the asking price?
The asking price for this property is $889,000.
What are key features of this property?
This property features: 2,298 SF duplex on a corner lot; Built in 1946; renovated in 2016; Two units with separate private entrances
