Renovated 8-Unit Multifamily
For Sale
$1,999,500
12455 Melville Drive, Montgomery, TX 77356
Renovated 8-unit complex with two-bedroom, two-bath layouts, in-unit washer and dryer hookups, and a resort-style pool.
Property Size11,360 SF
Price / SF$176.01
Days on Market109
Property Features for 12455 Melville Drive
General Information
Standard status
Active
Size
11,360 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
8
Taxes and HOA fees
Annual Taxes
$3,247
Amenities
resort-style pool
Yes
2
Appraiser
31087
11360
Building Details
Building Size
11,360 SF
Year Built
1984
Stories
2
Tenancy
Multi
Listing Agency:
Gregtxrealty - Central
(281) 433-0226
Listed By:
Lucy Reyes · License #0600618
(281) 433-0226
Source:
Garygreene
Added: May 7
Changed: Aug 23
Last Checked: Aug 22 at 9:01AM
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 Gregtxrealty - Central
Investment Insights
Based on property information with market context.
This renovated 8-unit multifamily complex features four units on each side surrounding a central resort-style pool. Each residence is configured as a two-bedroom, two-bath home with an open-concept living area, sleek white quartz countertops, elegant cabinetry, and high-end finishes. Kitchens include a stylish backsplash and ample storage, and each unit has a utility room with washer and dryer hookup availability. An interior fireplace is included in the open-concept living space.
The property is described as being near Lake Walden, with a short walk to the water and easy access to outdoor activities, scenic views, and local amenities. Walkability is noted as limited (walkScore 11) and the area is characterized as car-dependent, with some bikeability (bikeScore 25).
The property is described as being near Lake Walden, with a short walk to the water and easy access to outdoor activities, scenic views, and local amenities. Walkability is noted as limited (walkScore 11) and the area is characterized as car-dependent, with some bikeability (bikeScore 25).
Key Highlights
- 1984‑built renovated 8‑unit complex with two‑bedroom, two‑bath layouts
- Each unit features an open‑concept living area with a fireplace
- Kitchens include quartz countertops, elegant cabinetry, and a stylish backsplash
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
$119,360
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
5.97%
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%
$2,387,200
$2.4M
Cap Rate 7%
$1,705,143
$1.7M
Cap Rate 9%
$1,326,222
$1.3M
Market Conditions
NOI Build-Up for 11,360 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
$230.4K $20.28/SF
− Vacancy
−$13.4K −$1.18/SF
EGI
$217.0K $19.10/SF
− OpEx
−$97.7K −$8.60/SF
NOI
$119.4K $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%
$2,387,200
Cap Rate 7%
$1,705,143
Cap Rate 9%
$1,326,222
Alternative Uses
Best Use
Apartment 5plus
$1.71M
$1.49M – $1.99M
NOI $119,360 @ 7.0% cap · market cap 5.97%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.87M
$2.51M – $3.35M
NOI $200,750 @ 7.0% cap · market cap 10.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
130
Businesses Nearby
Explore this area
Business Placement
Demographics for 77356, TX
32,136
Population
14,982
Households
2.1
Avg Household Size
49
Median Age
44%
College-Educated
95%
High-School Grad
127.1 sq mi
ZIP Area
253
Density / Sq Mi
$113,750
Median Household Income
$55,533
Median Earnings
$1,608
Median Rent
$369,200
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 - Renovated 8-unit complex with two-bedroom, two-bath layouts, in-unit washer and dryer hookups, and a resort-style pool.
Where is this apartment building located?
The property is located at 12455 Melville Drive Montgomery, TX.
What is the asking price?
The asking price for this property is $1,999,500.
What are key features of this property?
This property features: 1984‑built renovated 8‑unit complex with two‑bedroom, two‑bath layouts; Each unit features an open‑concept living area with a fireplace; Kitchens include quartz countertops, elegant cabinetry, and a stylish backsplash
