Newly Built Three-Bedroom
New
For Sale
$439,900
2516 Lucky St, Houston, TX 77088
Modern duplex offers private entrances, central electric HVAC, and in-unit laundry connections.
Property Size2,483 SF
Days on Market2
Property Features for 2516 Lucky St
General Information
Standard status
Active
Size
2,483 SF
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$2,828
Building Details
Building Size
2,483 SF
Year Built
2026
Stories
2
Units
2
Listing Agency:
(713) 293-2186
Listed By:
Carlen Rosson
(713) 293-2186
Source:
Elliman
Added: Aug 5
Changed: Aug 6
Last Checked: Aug 6 at 3:46AM
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 Carlen Rosson
Investment Insights
Based on property information with market context.
Completed in 2026, this duplex presents a two-unit residential income property with contemporary finishes and practical layouts. Each unit includes 3 bedrooms, 2 full bathrooms, an open-concept living area, light wood cabinetry, stainless steel appliances, a subway tile backsplash, and wood-look ceramic tile flooring. Additional interior details include spacious bedrooms with generous closet space, ceiling fans, tile-finished bathrooms, matte black fixtures, and a modern accent wall in the main living space.
Both units have separate private entrances, central electric HVAC, and connections for in-unit laundry equipment. The property occupies a large lot just north of the Heights, providing outdoor space alongside the duplex configuration. Mobility scores are 33 for biking, 14 for walking, and 32 for transit.
Both units have separate private entrances, central electric HVAC, and connections for in-unit laundry equipment. The property occupies a large lot just north of the Heights, providing outdoor space alongside the duplex configuration. Mobility scores are 33 for biking, 14 for walking, and 32 for transit.
Key Highlights
- Built in 2026
- Two units, each with 3 bedrooms and 2 full bathrooms
- Open‑concept layouts with stainless steel appliances and subway tile backsplashes
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
$32,522
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
7.39%
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%
$650,440
$650.4K
Cap Rate 7%
$464,600
$464.6K
Cap Rate 9%
$361,356
$361.4K
Market Conditions
NOI Build-Up for 2,483 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
$49.2K $19.80/SF
− Vacancy
−$2.7K −$1.09/SF
EGI
$46.5K $18.71/SF
− OpEx
−$13.9K −$5.61/SF
NOI
$32.5K $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%
$650,440
Cap Rate 7%
$464,600
Cap Rate 9%
$361,356
Alternative Uses
Best Use
Multifamily LT 5
$464.6K
$406.5K – $542.0K
NOI $32,522 @ 7.0% cap · market cap 7.39%
Second Best
Apartment 5plus
$401.9K
$351.6K – $468.8K
NOI $28,130 @ 7.0% cap · market cap 6.39%
Theoretical Best
Office A
$638.5K
$558.7K – $744.9K
NOI $44,694 @ 7.0% cap · market cap 10.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
530
Businesses Nearby
Explore this area
Business Placement
Demographics for 77088, TX
54,320
Population
18,500
Households
2.9
Avg Household Size
35
Median Age
13%
College-Educated
72%
High-School Grad
11.1 sq mi
ZIP Area
4,894
Density / Sq Mi
$52,549
Median Household Income
$32,015
Median Earnings
$1,177
Median Rent
$173,900
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 - Modern duplex offers private entrances, central electric HVAC, and in-unit laundry connections.
Where is this duplex located?
The property is located at 2516 Lucky St Houston, TX.
What is the asking price?
The asking price for this property is $439,900.
What are key features of this property?
This property features: Built in 2026; Two units, each with 3 bedrooms and 2 full bathrooms; Open‑concept layouts with stainless steel appliances and subway tile backsplashes
