Three-Story
New
For Sale
$515,000
3237 Real Street Unit A/B, Houston, TX 77087
Newer two-unit property with leased residences, included appliances, and no HOA.
Property Size3,068 SF
Days on Market6
Property Features for 3237 Real Street Unit A/B
General Information
Standard status
Active
Size
3,068 SF
Property subtype
Multi Family,Duplex
Occupancy
100%
Units
Unit Mix
2 x 3BR/3BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$10,414
Amenities
appliances included
Building Details
Building Size
3,068 SF
Year Built
2022
Buildings
1
Stories
3
Tenancy
Multi
Listing Agency:
Central Metro Realty
Listed By:
Gabriela Paiz Gomez
(832) 652-0028
Source:
Greenwoodking
Added: Sep 18
Changed: Sep 20
Last Checked: Sep 22 at 10:42PM
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 Central Metro Realty
Investment Insights
Based on property information with market context.
Built in 2022, this duplex contains two three-story residences identified as Units A/B. Each unit includes 3 bedrooms, 3 full bathrooms, appliances, and multiple parking spaces. Both residences are fully leased, providing an existing rental-income profile for the next owner, and the property has no HOA.
Located at 3237 Real Street in Houston, the property is approximately 10 to 15 minutes from Downtown Houston. Its newer construction, two-unit configuration, and occupied status create a straightforward residential income property format.
Located at 3237 Real Street in Houston, the property is approximately 10 to 15 minutes from Downtown Houston. Its newer construction, two-unit configuration, and occupied status create a straightforward residential income property format.
Key Highlights
- Built in 2022
- Two three‑story units, A/B
- Each unit has 3 bedrooms and 3 full bathrooms
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
$40,184
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
7.80%
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%
$803,680
$803.7K
Cap Rate 7%
$574,057
$574.1K
Cap Rate 9%
$446,489
$446.5K
Market Conditions
NOI Build-Up for 3,068 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
$60.7K $19.80/SF
− Vacancy
−$3.3K −$1.09/SF
EGI
$57.4K $18.71/SF
− OpEx
−$17.2K −$5.61/SF
NOI
$40.2K $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%
$803,680
Cap Rate 7%
$574,057
Cap Rate 9%
$446,489
Alternative Uses
Best Use
Multifamily LT 5
$574.1K
$502.3K – $669.7K
NOI $40,184 @ 7.0% cap · market cap 7.80%
Second Best
Apartment 5plus
$496.5K
$434.5K – $579.3K
NOI $34,758 @ 7.0% cap · market cap 6.75%
Theoretical Best
Office A
$788.9K
$690.3K – $920.4K
NOI $55,224 @ 7.0% cap · market cap 10.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
789
Businesses Nearby
Explore this area
Business Placement
Demographics for 77087, TX
34,654
Population
12,400
Households
2.8
Avg Household Size
35
Median Age
12%
College-Educated
63%
High-School Grad
6.6 sq mi
ZIP Area
5,251
Density / Sq Mi
$53,624
Median Household Income
$32,927
Median Earnings
$1,015
Median Rent
$148,400
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 - Newer two-unit property with leased residences, included appliances, and no HOA.
Where is this duplex located?
The property is located at 3237 Real Street Unit A/B Houston, TX.
What is the asking price?
The asking price for this property is $515,000.
What are key features of this property?
This property features: Built in 2022; Two three‑story units, A/B; Each unit has 3 bedrooms and 3 full bathrooms
