Apartment-Style Multifamily
For Sale
$795,500
1306 3rd Street 8, Galena Park, TX 77547
Well-maintained apartment-style unit with a bright living area, spacious bedrooms, and a kitchen equipped with a stove and refrigerator.
Property Size5,292 SF
Price / SF$150.32
Days on Market47
Property Features for 1306 3rd Street 8
General Information
Standard status
Active
Size
5,292 SF
Property subtype
Multi-Family
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$11,824
Amenities
Yes
1
Appraiser
Balcony
Cleared
10750
Two
5292
Building Details
Building Size
5,292 SF
Year Built
1960
Stories
2
Listing Agency:
Coventry Homes
(832) 606-3679
Listed By:
Matt Vargas · License #0622334
(832) 606-3679
Source:
Garygreene
Added: Jul 9
Changed: Aug 23
Last Checked: Aug 24 at 3:35AM
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 Coventry Homes
Investment Insights
Based on property information with market context.
This well-maintained apartment-style residence offers a comfortable, functional layout with a bright living area and spacious bedrooms. The kitchen is well-appointed and includes a stove and refrigerator, supporting an easy move-in experience.
The property is located in Galena Park near schools, parks, shopping, dining, and major highways, providing convenient access to Downtown Houston and surrounding areas. Bike and walk ratings indicate the area is somewhat bikeable and car-dependent.
Overall, it presents as a practical, move-in-ready residential income option with an established in-unit configuration.
The property is located in Galena Park near schools, parks, shopping, dining, and major highways, providing convenient access to Downtown Houston and surrounding areas. Bike and walk ratings indicate the area is somewhat bikeable and car-dependent.
Overall, it presents as a practical, move-in-ready residential income option with an established in-unit configuration.
Key Highlights
- 1960‑built, well‑maintained apartment‑style residence with a bright living area
- Kitchen includes a stove and refrigerator
- Spacious bedrooms and functional, comfortable layout
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
$35,086
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
4.41%
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%
$701,720
$701.7K
Cap Rate 7%
$501,229
$501.2K
Cap Rate 9%
$389,844
$389.8K
Market Conditions
NOI Build-Up for 5,292 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
$70.5K $13.32/SF
− Vacancy
−$6.7K −$1.27/SF
EGI
$63.8K $12.05/SF
− OpEx
−$28.7K −$5.42/SF
NOI
$35.1K $6.63/SF
Area
Harris County, TX
Vacancy
9.50%
Lease Rate
$13.32 /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%
$701,720
Cap Rate 7%
$501,229
Cap Rate 9%
$389,844
Alternative Uses
Best Use
Apartment 5plus
$501.2K
$438.6K – $584.8K
NOI $35,086 @ 7.0% cap · market cap 4.41%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.44M
$1.26M – $1.69M
NOI $101,149 @ 7.0% cap · market cap 12.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
370
Businesses Nearby
Explore this area
Business Placement
Demographics for 77547, TX
9,627
Population
2,928
Households
3.3
Avg Household Size
31
Median Age
9%
College-Educated
68%
High-School Grad
3.9 sq mi
ZIP Area
2,468
Density / Sq Mi
$53,854
Median Household Income
$30,171
Median Earnings
$1,099
Median Rent
$109,100
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 - Well-maintained apartment-style unit with a bright living area, spacious bedrooms, and a kitchen equipped with a stove and refrigerator.
Where is this multifamily property located?
The property is located at 1306 3rd Street 8 Galena Park, TX.
What is the asking price?
The asking price for this property is $795,500.
What are key features of this property?
This property features: 1960‑built, well‑maintained apartment‑style residence with a bright living area; Kitchen includes a stove and refrigerator; Spacious bedrooms and functional, comfortable layout
