Renovated Apartment
For Sale
$875,000
6420 Conley St, Houston, TX 77021
Newly renovated duplex with stainless steel appliances, in-unit washer and dryer, plus balcony and small yard units.
Property Size5,456 SF
Days on Market65
Property Features for 6420 Conley St
General Information
Standard status
Active
Size
5,456 SF
Property subtype
Multifamily
Additional Details
Highway Access
Yes
Multifamily Units
8
Amenities
stainless steel appliances
washer and dryer
balcony
yard space
Building Details
Building Size
5,456 SF
Year Built
1950
Tenancy
Multi
Listing Agency:
The Commercial Professionals
(713) 614-2670
Listed By:
Adam Olsen, CCIM · License #TX #0642075
Source:
Thecommercialprofessionals
Added: Jun 24
Changed: Aug 8
Last Checked: Aug 26 at 7:11AM
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 The Commercial Professionals
Investment Insights
Based on property information with market context.
This renovated apartment duplex offers updated interiors in each unit, with stainless steel appliances included and washer and dryer provided for added convenience. The top units feature a balcony for outdoor enjoyment, while the bottom units include a small yard space.
The property is positioned for convenient access to 610, 288, and 45-S, supporting straightforward commuting routes.
As a residential income property, the building provides a two-unit configuration with outdoor space variation between the upper and lower units.
The property is positioned for convenient access to 610, 288, and 45-S, supporting straightforward commuting routes.
As a residential income property, the building provides a two-unit configuration with outdoor space variation between the upper and lower units.
Key Highlights
- Newly renovated duplex with stainless steel appliances included
- In‑unit washer and dryer included
- Top units include a balcony
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
$71,461
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
8.17%
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%
$1,429,220
$1.4M
Cap Rate 7%
$1,020,871
$1.0M
Cap Rate 9%
$794,011
$794.0K
Market Conditions
NOI Build-Up for 5,456 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
$108.0K $19.80/SF
− Vacancy
−$5.9K −$1.09/SF
EGI
$102.1K $18.71/SF
− OpEx
−$30.6K −$5.61/SF
NOI
$71.5K $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 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%
$1,429,220
Cap Rate 7%
$1,020,871
Cap Rate 9%
$794,011
Alternative Uses
Best Use
Multifamily LT 5
$1.02M
$893.3K – $1.19M
NOI $71,461 @ 7.0% cap · market cap 8.17%
Second Best
Apartment 5plus
$883.0K
$772.7K – $1.03M
NOI $61,812 @ 7.0% cap · market cap 7.06%
Theoretical Best
Office A
$1.40M
$1.23M – $1.64M
NOI $98,208 @ 7.0% cap · market cap 11.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
894
Businesses Nearby
Explore this area
Business Placement
Demographics for 77021, TX
28,055
Population
12,819
Households
2.2
Avg Household Size
36
Median Age
34%
College-Educated
87%
High-School Grad
6.1 sq mi
ZIP Area
4,599
Density / Sq Mi
$45,034
Median Household Income
$38,041
Median Earnings
$1,193
Median Rent
$203,900
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?
Duplex - Newly renovated duplex with stainless steel appliances, in-unit washer and dryer, plus balcony and small yard units.
Where is this duplex located?
The property is located at 6420 Conley St Houston, TX.
What is the asking price?
The asking price for this property is $875,000.
What are key features of this property?
This property features: Newly renovated duplex with stainless steel appliances included; In‑unit washer and dryer included; Top units include a balcony
