Five Remodeled Condos in
For Sale
$420,000
12955 Woodforest Blvd 53, Houston, TX 77015
Five remodeled one-bedroom condos in a gated community.
Property Size3,356 SF
Lot Size2.76 Acres
Days on Market166
Property Features for 12955 Woodforest Blvd 53
General Information
Standard status
Active
Size
3,356 SF
Lot size
2.76 Acres
Property subtype
Investment
Lease Term
12 months
Taxes and HOA fees
Annual Taxes
$6,814
Building Details
Building Size
3,356 SF
Year Built
1980
Stories
1
Units
1
Listing Agency:
Soluna Realty
(409) 767-0315
Listed By:
Roger Pallas-Nieto
(409) 767-0315
Source:
Elliman
Added: Mar 10
Changed: Aug 22
Last Checked: Aug 22 at 7:35AM
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 Soluna Realty
Investment Insights
Based on property information with market context.
The property consists of five condominium units, each featuring one bedroom and one bathroom. All units have been remodeled and are currently leased. Located within a gated community on Woodforest Boulevard, residents have access to a pool and assigned covered parking. Each remodeled unit includes new A/C, wood floors, granite kitchen countertops, stainless steel appliances, a washer and dryer, a refrigerator, and upgraded bathrooms with new bathtubs, sliding glass doors, and vanities. The units are identified as #4, #22, #38, #41, and #65.
Key Highlights
- Package of 5 fully remodeled condos.
- All units are currently leased.
- Each unit features new A/C, wood floors, granite kitchen countertops, stainless steel appliances, washer and dryer, and refrigerator.
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
$38,021
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
9.05%
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%
$760,420
$760.4K
Cap Rate 7%
$543,157
$543.2K
Cap Rate 9%
$422,456
$422.5K
Market Conditions
NOI Build-Up for 3,356 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
$73.7K $21.96/SF
− Vacancy
−$4.6K −$1.36/SF
EGI
$69.1K $20.60/SF
− OpEx
−$31.1K −$9.27/SF
NOI
$38.0K $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%
$760,420
Cap Rate 7%
$543,157
Cap Rate 9%
$422,456
Alternative Uses
Best Use
Apartment 5plus
$543.2K
$475.3K – $633.7K
NOI $38,021 @ 7.0% cap · market cap 9.05%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$863.0K
$755.1K – $1.01M
NOI $60,408 @ 7.0% cap · market cap 14.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
220
Businesses Nearby
Explore this area
Business Placement
Demographics for 77015, TX
57,106
Population
19,961
Households
2.9
Avg Household Size
31
Median Age
11%
College-Educated
70%
High-School Grad
20.7 sq mi
ZIP Area
2,759
Density / Sq Mi
$57,324
Median Household Income
$34,477
Median Earnings
$1,169
Median Rent
$164,700
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 - Five remodeled one-bedroom condos in a gated community.
Where is this apartment building located?
The property is located at 12955 Woodforest Blvd 53 Houston, TX.
What is the asking price?
The asking price for this property is $420,000.
What are key features of this property?
This property features: Package of 5 fully remodeled condos.; All units are currently leased.; Each unit features new A/C, wood floors, granite kitchen countertops, stainless steel appliances, washer and dryer, and refrigerator.
