Gated
1501 Lee Street, Houston, TX 77009
For Sale
$450,000
Three independent residences include a two-bedroom home, a studio, and a one-bedroom apartment.
Property Size2,332 SF
Days on Market10
Property Features for 1501 Lee Street
General Information
Standard status
Size
Property subtype
Site & Location
Neighborhood
Units
Unit Mix
Multifamily Units
Amenities
in-unit washer/dryer
modern electric gate
shared backyard
Building Details
Building Size
Year Built
Listing Agency:
Real Broker, LLC
Listed By:
Vania Delgado · License TX #0754597
(713) 245-0679
Source:
Mpowerrealtygroup
Added: Nov 4
Changed: Nov 11
Last Checked: Nov 12 at 6:00PM
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 Real Broker, LLC
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Investment Insights
Based on property information with market context.
Built in 1935, this triplex combines a two-bedroom, two-bathroom main residence with a separate garage apartment building containing a studio and a one-bedroom, one-bathroom unit. The main home has a kitchen island and an in-unit washer and dryer; the one-bedroom apartment also includes its own washer and dryer. A shared backyard serves all three residences, and the lot has an electric gate and driveway access.
The property is approximately five minutes from downtown Houston. The three-unit configuration supports separate occupancy, with outdoor space shared among the residents.
The property is approximately five minutes from downtown Houston. The three-unit configuration supports separate occupancy, with outdoor space shared among the residents.
Key Highlights
- Three residences: a 2‑bedroom, 2‑bathroom home, a studio, and a 1‑bedroom, 1‑bathroom apartment
- Garage apartment building contains two of the three units
- Main residence and 1‑bedroom apartment each have an in‑unit washer and dryer
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$30,544
Cap Rate
6.79%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$610,880
$610.9K
Cap Rate 7%
$436,343
$436.3K
Cap Rate 9%
$339,378
$339.4K
Market Conditions
NOI Build-Up for 2,332 SF
Gross rent
$46.2K $19.80/SF
− Vacancy
−$2.5K −$1.09/SF
EGI
$43.6K $18.71/SF
− OpEx
−$13.1K −$5.61/SF
NOI
$30.5K $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 Rate 5%
$610,880
Cap Rate 7%
$436,343
Cap Rate 9%
$339,378
Alternative Uses
Best Use
Multifamily LT 5
$436.3K
$381.8K – $509.1K
NOI $30,544 @ 7.0% cap · market cap 6.79%
Second Best
Apartment 5plus
$377.4K
$330.3K – $440.3K
NOI $26,420 @ 7.0% cap · market cap 5.87%
Theoretical Best
Office A
$599.7K
$524.7K – $699.6K
NOI $41,976 @ 7.0% cap · market cap 9.33%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
733
Businesses Nearby
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Business Placement
Demographics for 77009, TX
36,425
Population
17,890
Households
2
Avg Household Size
37
Median Age
39%
College-Educated
78%
High-School Grad
6.2 sq mi
ZIP Area
5,875
Density / Sq Mi
$81,921
Median Household Income
$49,446
Median Earnings
$1,229
Median Rent
$403,600
Median Home Value
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Market
Average Price Trend$/SF for Triplexes in Houston, TX
Properties on Market for Triplexes in Houston
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Triplex - Three independent residences include a two-bedroom home, a studio, and a one-bedroom apartment.
Where is this triplex located?
The property is located at 1501 Lee Street Houston, TX.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Three residences: a 2‑bedroom, 2‑bathroom home, a studio, and a 1‑bedroom, 1‑bathroom apartment; Garage apartment building contains two of the three units; Main residence and 1‑bedroom apartment each have an in‑unit washer and dryer
