Updated Quadplex with Rear
For Sale
$639,888
1406 Elliott Street, Houston, TX 77023
The layout includes a front duplex, an upstairs garage apartment, and a rear bungalow.
Property Size3,040 SF
Days on Market15
Property Features for 1406 Elliott Street
General Information
Standard status
Active
Size
3,040 SF
Property subtype
Multi Family,Multiple Detached Dwellings
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
1 x 2BR/1BA, 3 x 1BR/1BA
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$4,616
Building Details
Building Size
3,040 SF
Year Built
1935
Listing Agency:
Urban Loop Realty
(281) 795-4145
Listed By:
Pualani Murillo · License #0658694
(281) 795-4145
Source:
Nancyalmodovar
Added: Aug 10
Changed: Aug 20
Last Checked: Aug 24 at 2:27PM
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 Urban Loop Realty
Investment Insights
Based on property information with market context.
Built in 1935, this four-unit quadplex includes a front duplex, an upstairs garage apartment, and a rear bungalow. The duplex offers one two-bedroom, one-bath unit and one one-bedroom, one-bath unit. The rear apartment is a one-bedroom, one-bath residence, while the bungalow adds another one-bedroom, one-bath layout with an enclosed patio porch and a separate fenced compound. Updates include granite kitchen countertops, extensive cabinetry, fresh interior and exterior paint, laminate flooring in the duplex, and hardwood floors in the apartment.
Each unit has designated parking, and the property provides convenient access to I-45, I-59, 610, I-10, and I-225. Downtown, the University of Houston, the Medical Center, The Rail, and a Metro Transit Station are nearby.
Each unit has designated parking, and the property provides convenient access to I-45, I-59, 610, I-10, and I-225. Downtown, the University of Houston, the Medical Center, The Rail, and a Metro Transit Station are nearby.
Key Highlights
- Four‑unit quadplex with a front duplex, upstairs garage apartment, and rear bungalow
- Front duplex includes 2‑bedroom and 1‑bedroom units, each with 1 bath
- Rear garage apartment offers 1 bedroom and 1 bath with hardwood floors
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
$39,817
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
6.22%
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%
$796,340
$796.3K
Cap Rate 7%
$568,814
$568.8K
Cap Rate 9%
$442,411
$442.4K
Market Conditions
NOI Build-Up for 3,040 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
$60.2K $19.80/SF
− Vacancy
−$3.3K −$1.09/SF
EGI
$56.9K $18.71/SF
− OpEx
−$17.1K −$5.61/SF
NOI
$39.8K $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%
$796,340
Cap Rate 7%
$568,814
Cap Rate 9%
$442,411
Alternative Uses
Best Use
Multifamily LT 5
$568.8K
$497.7K – $663.6K
NOI $39,817 @ 7.0% cap · market cap 6.22%
Second Best
Apartment 5plus
$492.0K
$430.5K – $574.0K
NOI $34,441 @ 7.0% cap · market cap 5.38%
Theoretical Best
Office A
$781.7K
$684.0K – $912.0K
NOI $54,720 @ 7.0% cap · market cap 8.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
742
Businesses Nearby
Explore this area
Business Placement
Demographics for 77023, TX
26,780
Population
11,850
Households
2.3
Avg Household Size
36
Median Age
24%
College-Educated
75%
High-School Grad
5.5 sq mi
ZIP Area
4,869
Density / Sq Mi
$50,018
Median Household Income
$35,730
Median Earnings
$1,079
Median Rent
$279,300
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?
Quadplex - The layout includes a front duplex, an upstairs garage apartment, and a rear bungalow.
Where is this quadplex located?
The property is located at 1406 Elliott Street Houston, TX.
What is the asking price?
The asking price for this property is $639,888.
What are key features of this property?
This property features: Four‑unit quadplex with a front duplex, upstairs garage apartment, and rear bungalow; Front duplex includes 2‑bedroom and 1‑bedroom units, each with 1 bath; Rear garage apartment offers 1 bedroom and 1 bath with hardwood floors
