Turnkey Rental Units Near
For Sale
$349,999
3817 Wipprecht St, Houston, TX 77026
Leased, turnkey rental units near downtown and major highways.
Property Size1,092 SF
Days on Market138
Property Features for 3817 Wipprecht St
General Information
Standard status
Active
Size
1,092 SF
Property subtype
Investment
Lease Term
Month-to-month
Building Details
Building Size
1,092 SF
Year Built
1950
Stories
1
Units
2
Listing Agency:
La Palma Realty
Listed By:
Christina Tantoco
(713) 701-7545
Source:
Elliman
Added: Apr 24
Changed: Sep 2
Last Checked: Sep 7 at 9:49AM
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 La Palma Realty
Investment Insights
Based on property information with market context.
This property features leased, turnkey rental units and is conveniently located close to downtown and major highways. The main house, Unit A, includes 3 bedrooms and 2 bathrooms. The two rear units, B and C, each offer 2 bedrooms and 1 bathroom. This property presents an opportunity for investors looking to expand their portfolio. Units A, B, and C are currently rented. The location has a bike score of 48, indicating it is somewhat bikeable, a walk score of 29, indicating car-dependence, and a transit score of 45, indicating some transit options are available.
Key Highlights
- Leased, turnkey rental units providing immediate income.
- Convenient location close to downtown and major highways.
- Main house (Unit A) features 3 bedrooms and 2 bathrooms.
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
$12,371
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
3.53%
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%
$247,420
$247.4K
Cap Rate 7%
$176,729
$176.7K
Cap Rate 9%
$137,456
$137.5K
Market Conditions
NOI Build-Up for 1,092 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
$24.0K $21.96/SF
− Vacancy
−$1.5K −$1.36/SF
EGI
$22.5K $20.60/SF
− OpEx
−$10.1K −$9.27/SF
NOI
$12.4K $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%
$247,420
Cap Rate 7%
$176,729
Cap Rate 9%
$137,456
Alternative Uses
Best Use
Apartment 5plus
$176.7K
$154.6K – $206.2K
NOI $12,371 @ 7.0% cap · market cap 3.53%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$280.8K
$245.7K – $327.6K
NOI $19,656 @ 7.0% cap · market cap 5.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
417
Businesses Nearby
Explore this area
Business Placement
Demographics for 77026, TX
23,405
Population
9,580
Households
2.4
Avg Household Size
36
Median Age
9%
College-Educated
70%
High-School Grad
6.6 sq mi
ZIP Area
3,546
Density / Sq Mi
$34,835
Median Household Income
$29,339
Median Earnings
$962
Median Rent
$104,800
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?
Multifamily property - Leased, turnkey rental units near downtown and major highways.
Where is this multifamily property located?
The property is located at 3817 Wipprecht St Houston, TX.
What is the asking price?
The asking price for this property is $349,999.
What are key features of this property?
This property features: Leased, **turnkey rental units providing immediate income.**; Convenient location close to downtown and major highways.; Main house (Unit A) features **3 bedrooms and 2 bathrooms.**
