Furnished Two-Unit
New
For Sale
$814,999
1305 Blodgett St, Houston, TX 77004
Both residences are furnished and can accommodate short-term or traditional residential use.
Property Size2,958 SF
Days on Market2
Property Features for 1305 Blodgett St
General Information
Standard status
Active
Size
2,958 SF
Property subtype
Investment
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Furnished
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$17,460
Building Details
Building Size
2,958 SF
Year Built
1925
Stories
2
Units
2
Listed By:
Dami Olatunde
(786) 942-8436
Source:
Elliman
Added: Sep 24
Last Checked: Sep 24 at 2:59PM
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 Dami Olatunde
Investment Insights
Based on property information with market context.
Built in 1925, this duplex contains two furnished residences. The existing furnishings support use for short-term stays or conventional residential occupancy, as described for the property.
The Houston property has stated access to Downtown, the Medical Center, the Museum District, universities, dining, entertainment, and major freeways. Its Walk Score is 93, Bike Score is 74, and Transit Score is 75.
The Houston property has stated access to Downtown, the Medical Center, the Museum District, universities, dining, entertainment, and major freeways. Its Walk Score is 93, Bike Score is 74, and Transit Score is 75.
Key Highlights
- Two furnished residential units
- Built in 1925
- Short‑term and traditional residential use identified
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
$38,743
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
4.75%
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%
$774,860
$774.9K
Cap Rate 7%
$553,471
$553.5K
Cap Rate 9%
$430,478
$430.5K
Market Conditions
NOI Build-Up for 2,958 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
$58.6K $19.80/SF
− Vacancy
−$3.2K −$1.09/SF
EGI
$55.3K $18.71/SF
− OpEx
−$16.6K −$5.61/SF
NOI
$38.7K $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%
$774,860
Cap Rate 7%
$553,471
Cap Rate 9%
$430,478
Alternative Uses
Best Use
Multifamily LT 5
$553.5K
$484.3K – $645.7K
NOI $38,743 @ 7.0% cap · market cap 4.75%
Second Best
Apartment 5plus
$478.7K
$418.9K – $558.5K
NOI $33,512 @ 7.0% cap · market cap 4.11%
Theoretical Best
Office A
$760.6K
$665.6K – $887.4K
NOI $53,244 @ 7.0% cap · market cap 6.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
3,182
Businesses Nearby
Explore this area
Business Placement
Demographics for 77004, TX
37,005
Population
18,321
Households
2
Avg Household Size
31
Median Age
57%
College-Educated
96%
High-School Grad
5.2 sq mi
ZIP Area
7,116
Density / Sq Mi
$65,901
Median Household Income
$55,909
Median Earnings
$1,320
Median Rent
$384,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Both residences are furnished and can accommodate short-term or traditional residential use.
Where is this duplex located?
The property is located at 1305 Blodgett St Houston, TX.
What is the asking price?
The asking price for this property is $814,999.
What are key features of this property?
This property features: Two furnished residential units; Built in 1925; Short‑term and traditional residential use identified
