Well-Maintained 15-Unit Apartment
For Sale
$2,500,000
1849 W Main St 15, Houston, TX 77098
Turnkey investment property with immediate cash flow and future growth.
Property Size10,800 SF
Lot Size0.29 Acres
Price / SF$231.48
Days on Market143
Property Features for 1849 W Main St 15
General Information
Standard status
Active
Size
10,800 SF
Lot size
0.29 Acres
Property subtype
Investment
Building Details
Year Built
1940
Listing Agency:
Boulevard Realty
(310) 307-9998
Listed By:
Amanda Smith
(310) 307-9998
Source:
Elliman
Added: Mar 24
Changed: Jul 6
Last Checked: Aug 12 at 6:16AM
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 Boulevard Realty
Investment Insights
Based on property information with market context.
This well-maintained 15-unit apartment complex is situated on a valuable corner lot within a rapidly improving neighborhood. The property consists of two 4-plex buildings constructed in 1940 and a 7-unit garden-style building built in 1962, totaling 10,800 square feet. The average unit size is 720 square feet. On-site amenities include laundry facilities, three garage units, two storage rooms, and ample parking. All units are equipped with central AC. The front buildings have been repiped with PEX plumbing and individual shut-offs. Recent capital improvements exceeding $100,000 include new roofs installed in 2020, electrical upgrades completed in 2021, and a resurfaced parking lot, also in 2021. Multiple HVAC replacements, new commercial laundry units, updated kitchens in two units, and several new water heaters have also been implemented. The Certificate of Occupancy was renewed in 2021. This turnkey investment offers strong current income and long-term upside, benefiting from steady tenant demand and a prime location.
Key Highlights
- Strong current income and long‑term upside potential in a rapidly improving neighborhood.
- Turnkey investment with over $100K in recent capital improvements.
- All units feature central AC; front buildings have PEX plumbing with individual shut‑offs.
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
$122,355
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
4.89%
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%
$2,447,100
$2.4M
Cap Rate 7%
$1,747,929
$1.7M
Cap Rate 9%
$1,359,500
$1.4M
Market Conditions
NOI Build-Up for 10,800 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
$237.2K $21.96/SF
− Vacancy
−$14.7K −$1.36/SF
EGI
$222.5K $20.60/SF
− OpEx
−$100.1K −$9.27/SF
NOI
$122.4K $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%
$2,447,100
Cap Rate 7%
$1,747,929
Cap Rate 9%
$1,359,500
Alternative Uses
Best Use
Apartment 5plus
$1.75M
$1.53M – $2.04M
NOI $122,355 @ 7.0% cap · market cap 4.89%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.78M
$2.43M – $3.24M
NOI $194,400 @ 7.0% cap · market cap 7.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,110
Businesses Nearby
Explore this area
Business Placement
Demographics for 77098, TX
15,717
Population
10,181
Households
1.5
Avg Household Size
36
Median Age
81%
College-Educated
99%
High-School Grad
1.8 sq mi
ZIP Area
8,732
Density / Sq Mi
$115,867
Median Household Income
$83,401
Median Earnings
$1,854
Median Rent
$777,700
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 - Turnkey investment property with immediate cash flow and future growth.
Where is this apartment building located?
The property is located at 1849 W Main St 15 Houston, TX.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: Strong current income and long‑term upside potential in a rapidly improving neighborhood.; Turnkey investment with over $100K in recent capital improvements.; All units feature central AC; front buildings have PEX plumbing with individual shut‑offs.
