5-Property Multifamily
For Sale
$1,800,000
11454 Bonney, Conroe, TX 77385
Income-producing multifamily portfolio comprising five properties in Conroe’s 77385 ZIP code.
Property Size5,792 SF
Price / SF$310.77
Days on Market627
Property Features for 11454 Bonney
General Information
Standard status
Active
Size
5,792 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$1,688
Building Details
Year Built
1990
Listing Agency:
Keller Williams Realty The Woodlands
(281) 825-7745
Listed By:
Teresa Sartin · License #0558077
(281) 825-7745
Source:
Exitrealty
Added: Dec 12, 2024
Changed: Aug 30
Last Checked: Aug 30 at 1:31PM
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 Keller Williams Realty The Woodlands
Investment Insights
Based on property information with market context.
This multifamily offering comprises five income-producing properties associated with a single offering. The properties were built in 1990 and are located at 11454 Bonney in Conroe, Texas.
The property is in ZIP code 77385 within Montgomery County and the Houston metropolitan area. The surrounding area includes portions of Oak Ridge North, Shenandoah, and The Woodlands. The location is served by the Conroe Independent School District and combines residential neighborhoods with commercial development and local amenities.
The property is in ZIP code 77385 within Montgomery County and the Houston metropolitan area. The surrounding area includes portions of Oak Ridge North, Shenandoah, and The Woodlands. The location is served by the Conroe Independent School District and combines residential neighborhoods with commercial development and local amenities.
Key Highlights
- Five income‑producing multifamily properties
- Properties built in 1990
- 11454 Bonney, Conroe, TX 77385
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
$60,857
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
3.38%
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%
$1,217,140
$1.2M
Cap Rate 7%
$869,386
$869.4K
Cap Rate 9%
$676,189
$676.2K
Market Conditions
NOI Build-Up for 5,792 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
$117.5K $20.28/SF
− Vacancy
−$6.8K −$1.18/SF
EGI
$110.6K $19.10/SF
− OpEx
−$49.8K −$8.60/SF
NOI
$60.9K $10.51/SF
Area
Montgomery County, TX
Vacancy
5.80%
Lease Rate
$20.28 /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%
$1,217,140
Cap Rate 7%
$869,386
Cap Rate 9%
$676,189
Alternative Uses
Best Use
Apartment 5plus
$869.4K
$760.7K – $1.01M
NOI $60,857 @ 7.0% cap · market cap 3.38%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.46M
$1.28M – $1.71M
NOI $102,354 @ 7.0% cap · market cap 5.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
28
Businesses Nearby
Explore this area
Business Placement
Demographics for 77385, TX
27,801
Population
9,820
Households
2.8
Avg Household Size
35
Median Age
41%
College-Educated
92%
High-School Grad
21.7 sq mi
ZIP Area
1,281
Density / Sq Mi
$112,798
Median Household Income
$56,144
Median Earnings
$1,727
Median Rent
$294,900
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?
Multifamily property - Income-producing multifamily portfolio comprising five properties in Conroe’s 77385 ZIP code.
Where is this multifamily property located?
The property is located at 11454 Bonney Conroe, TX.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: Five income‑producing multifamily properties; Properties built in 1990; 11454 Bonney, Conroe, TX 77385
