Updated Duplex with Leased
For Sale
$320,000
1408 Edward Drive, South Houston, TX 77587
Two-bedroom units feature refreshed kitchens, bathrooms, and flooring.
Property Size1,998 SF
Price / SF$160.16
Days on Market75
Property Features for 1408 Edward Drive
General Information
Standard status
Active
Size
1,998 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1.5BA
Multifamily Units
2
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$5,812
Amenities
Living Room,Utility Room,Half Bath
2
Yes
4
Washer Hookup,Gas Dryer Hookup
Appraiser
All Bedrooms Up,Full Bath on Main Level,Bath in Primary Bedroom,Ceiling Fan(s)
Partial
Corner Lot
No
Public
6270
0.1439
Fence,Porch,Private Yard
Slab
1998
Building Details
Building Size
1,998 SF
Year Built
1980
Buildings
1
Stories
2
Listing Agency:
Keller Williams Realty Southwest
(832) 334-0001
Listed By:
Velvet Harris · License #522754
(832) 444-5652
Source:
Garygreene
Added: Aug 7
Changed: Oct 19
Last Checked: Oct 19 at 5:26AM
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 Southwest
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Investment Insights
Based on property information with market context.
This duplex contains two units, each with 2 bedrooms and 1.5 baths. Interior updates include flooring, kitchens, and bathrooms, while the property also has a recent roof replacement and a backyard. Both units are currently subject to lease contracts, which must be honored upon purchase. The building was constructed in 1980.
The property is within walking distance of LF Smith Elementary School and is surrounded by residential neighborhoods. Spencer Hwy, grocery stores, and shopping centers are nearby, with access to I-45 and Beltway 8 South within minutes.
The property is within walking distance of LF Smith Elementary School and is surrounded by residential neighborhoods. Spencer Hwy, grocery stores, and shopping centers are nearby, with access to I-45 and Beltway 8 South within minutes.
Key Highlights
- Both units are currently under lease contracts that must be honored upon purchase
- Each unit offers 2 bedrooms and 1.5 baths
- Updated flooring, kitchens, and bathrooms
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$15,268
Cap Rate
4.77%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$305,360
$305.4K
Cap Rate 7%
$218,114
$218.1K
Cap Rate 9%
$169,644
$169.6K
Market Conditions
NOI Build-Up for 1,998 SF
Gross rent
$24.0K $12.00/SF
− Vacancy
−$2.2K −$1.08/SF
EGI
$21.8K $10.92/SF
− OpEx
−$6.5K −$3.27/SF
NOI
$15.3K $7.64/SF
Area
Harris County, TX
Vacancy
9.03%
Lease Rate
$12.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$305,360
Cap Rate 7%
$218,114
Cap Rate 9%
$169,644
Alternative Uses
Best Use
Multifamily LT 5
$218.1K
$190.9K – $254.5K
NOI $15,268 @ 7.0% cap · market cap 4.77%
Second Best
Apartment 5plus
$189.2K
$165.6K – $220.8K
NOI $13,247 @ 7.0% cap · market cap 4.14%
Theoretical Best
Office A
$545.6K
$477.4K – $636.5K
NOI $38,189 @ 7.0% cap · market cap 11.93%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
913
Businesses Nearby
Explore this area
Business Placement
Demographics for 77587, TX
16,179
Population
5,549
Households
2.9
Avg Household Size
32
Median Age
9%
College-Educated
60%
High-School Grad
3.1 sq mi
ZIP Area
5,219
Density / Sq Mi
$52,407
Median Household Income
$30,669
Median Earnings
$1,174
Median Rent
$177,000
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - Two-bedroom units feature refreshed kitchens, bathrooms, and flooring.
Where is this duplex located?
The property is located at 1408 Edward Drive South Houston, TX.
What is the asking price?
The asking price for this property is $320,000.
What are key features of this property?
This property features: Both units are currently under lease contracts that must be honored upon purchase; Each unit offers 2 bedrooms and 1.5 baths; Updated flooring, kitchens, and bathrooms
