New Duplex in Independence
For Sale
$495,000
1321 E 35th Street, Houston, TX 77022
Recently built duplex with modern features in a growing area.
Property Size2,410 SF
Price / SF$205.39
Days on Market652
Property Features for 1321 E 35th Street
General Information
Standard status
Active
Size
2,410 SF
Property subtype
Multi-Family
Amenities
Plank,Vinyl
Yes
2
3
Window Coverings
Washer Hookup,Dryer Hookup
Builder
Granite Counters,Window Treatments,Ceiling Fan(s)
Partial
Other,Subdivision
Two
100x40
Appraiser
Paved
Private Entrance
2410
Building Details
Building Size
2,410 SF
Year Built
2023
Stories
2
Listing Agency:
RMR Properties
(713) 582-2202
Listed By:
Lynette Lew
(713) 582-2202
Source:
Garygreene
Added: Nov 16, 2024
Changed: Aug 28
Last Checked: Aug 30 at 1:46PM
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 RMR Properties
Investment Insights
Based on property information with market context.
This recently constructed duplex is located in the Independence Heights area. Each unit features 3 bedrooms and 2 baths with an open layout. The interiors are designed with elevated ceilings and large windows to maximize natural light. The layout flows into the dining area, kitchen, and living area. The kitchens are equipped with stainless steel appliances, granite countertops, and a pantry. Additional features include modern fixtures, vinyl plank flooring, ceiling fans, neutral paint, and walk-in closets. Ample parking is available, along with a fenced backyard. The property is suitable for investors seeking rental income or for owner-occupants looking to offset their mortgage by renting out one unit. The location provides close access to major roadways.
Key Highlights
- Recently built duplex (2023) in Independence Heights.
- Ideal for investors or owner‑occupants seeking rental income.
- Enjoy the open floor plan filled with abundant natural light.**
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
$31,565
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
6.38%
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%
$631,300
$631.3K
Cap Rate 7%
$450,929
$450.9K
Cap Rate 9%
$350,722
$350.7K
Market Conditions
NOI Build-Up for 2,410 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
$47.7K $19.80/SF
− Vacancy
−$2.6K −$1.09/SF
EGI
$45.1K $18.71/SF
− OpEx
−$13.5K −$5.61/SF
NOI
$31.6K $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%
$631,300
Cap Rate 7%
$450,929
Cap Rate 9%
$350,722
Alternative Uses
Best Use
Multifamily LT 5
$450.9K
$394.6K – $526.1K
NOI $31,565 @ 7.0% cap · market cap 6.38%
Second Best
Apartment 5plus
$390.0K
$341.3K – $455.1K
NOI $27,303 @ 7.0% cap · market cap 5.52%
Theoretical Best
Office A
$619.7K
$542.3K – $723.0K
NOI $43,380 @ 7.0% cap · market cap 8.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
686
Businesses Nearby
Explore this area
Business Placement
Demographics for 77022, TX
28,748
Population
10,717
Households
2.7
Avg Household Size
35
Median Age
13%
College-Educated
63%
High-School Grad
5.8 sq mi
ZIP Area
4,957
Density / Sq Mi
$48,386
Median Household Income
$28,877
Median Earnings
$1,047
Median Rent
$197,200
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 - Recently built duplex with modern features in a growing area.
Where is this duplex located?
The property is located at 1321 E 35th Street Houston, TX.
What is the asking price?
The asking price for this property is $495,000.
What are key features of this property?
This property features: Recently built duplex (2023) in Independence Heights.; Ideal for investors or owner‑occupants seeking rental income.; Enjoy the open floor plan filled with abundant natural light.**
