Eight-Unit Apartment
New
For Sale
$1,385,000
840 Cortlandt Street # 8, Houston, TX 77007
Long-term occupancy and preserved architectural details support an income-producing multifamily property.
Property Size4,116 SF
Lot Size0.20 Acres
Days on Market4
Property Features for 840 Cortlandt Street # 8
General Information
Standard status
Active
Size
4,116 SF
Total Parking Spaces
8
Lot size
0.20 Acres
Property subtype
Multi Family,5 Plus
Units
Unit Mix
4 x 1BR, 2 x studio, 2 x 2BR
Multifamily Units
8
Taxes and HOA fees
Annual Taxes
$26,205
Building Details
Building Size
4,116 SF
Year Built
1920
Listing Agency:
Realty Of America, LLC
Listed By:
Eileen Smedley
(281) 450-7420
Source:
Greenwoodking
Added: Sep 19
Last Checked: Sep 21 at 7:54AM
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 Realty Of America, LLC
Investment Insights
Based on property information with market context.
This designated historic apartment property dates to 1920 and contains eight units across the main building and garage. The primary structure offers four one-bedroom apartments and two studios, while the garage contains two additional two-bedroom apartments totaling 1,296 square feet; that area is excluded from the listed building square footage. Interior details include hardwood flooring, subway tile, and original-home character, with a freshly painted exterior. The property sits on an 8,580-square-foot lot and is occupied by long-term tenants.
Alley access serves on-site parking for eight vehicles. The property is near White Oak Dr, Harvard Elementary, Heights Mercantile, and the hike and bike trail. It carries historic, commercial, and multifamily designations, providing a range of documented property-use considerations. Listing attachments include the rent roll, updates, and unit details.
Alley access serves on-site parking for eight vehicles. The property is near White Oak Dr, Harvard Elementary, Heights Mercantile, and the hike and bike trail. It carries historic, commercial, and multifamily designations, providing a range of documented property-use considerations. Listing attachments include the rent roll, updates, and unit details.
Key Highlights
- Eight‑unit configuration: four 1‑bedroom units, two studios, and two 2‑bedroom garage apartments
- Garage apartments total 1,296 sq ft and are excluded from the listed building square footage
- 8,580 sq ft lot with parking for eight vehicles
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
$46,631
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
3.37%
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%
$932,620
$932.6K
Cap Rate 7%
$666,157
$666.2K
Cap Rate 9%
$518,122
$518.1K
Market Conditions
NOI Build-Up for 4,116 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
$90.4K $21.96/SF
− Vacancy
−$5.6K −$1.36/SF
EGI
$84.8K $20.60/SF
− OpEx
−$38.2K −$9.27/SF
NOI
$46.6K $11.33/SF
Area
Houston, TX
Vacancy
6.20%
Lease Rate
$21.96 /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%
$932,620
Cap Rate 7%
$666,157
Cap Rate 9%
$518,122
Alternative Uses
Best Use
Apartment 5plus
$666.2K
$582.9K – $777.2K
NOI $46,631 @ 7.0% cap · market cap 3.37%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.06M
$926.1K – $1.23M
NOI $74,088 @ 7.0% cap · market cap 5.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
1,437
Businesses Nearby
Explore this area
Business Placement
Demographics for 77007, TX
42,908
Population
26,281
Households
1.6
Avg Household Size
34
Median Age
80%
College-Educated
99%
High-School Grad
7.5 sq mi
ZIP Area
5,721
Density / Sq Mi
$140,878
Median Household Income
$92,408
Median Earnings
$1,951
Median Rent
$501,300
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Apartment building - Long-term occupancy and preserved architectural details support an income-producing multifamily property.
Where is this apartment building located?
The property is located at 840 Cortlandt Street # 8 Houston, TX.
What is the asking price?
The asking price for this property is $1,385,000.
What are key features of this property?
This property features: Eight‑unit configuration: four 1‑bedroom units, two studios, and two 2‑bedroom garage apartments; Garage apartments total 1,296 sq ft and are excluded from the listed building square footage; 8,580 sq ft lot with parking for eight vehicles
