Income-Producing Multifamily
For Sale
$649,000
1501 Noble Street 5, Houston, TX 77009
Five-unit multifamily property on a corner lot in Houston.
Property Size2,028 SF
Lot Size0.11 Acres
Price / SF$320.02
Days on Market157
Property Features for 1501 Noble Street 5
General Information
Standard status
Active
Size
2,028 SF
Lot size
0.11 Acres
Property subtype
Income
Taxes and HOA fees
Annual Taxes
$3,889
Amenities
Yes
2
4
Appraiser
5000
2028
Building Details
Building Size
2,028 SF
Year Built
1935
Stories
1
Listing Agency:
L&D REALTY, LLC
(281) 444-5140
Listed By:
Linda Dietert
(281) 224-1562
Source:
Garygreene
Added: Apr 2
Changed: Sep 4
Last Checked: Sep 5 at 5:15AM
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 L&D REALTY, LLC
Investment Insights
Based on property information with market context.
The property at 1501 Noble Street is a 5-door, income-producing multi-family property. It features five units across three separate buildings, situated on a 5,000 sq ft corner lot. The property is located directly across from Sherman Elementary School and within walking distance to middle and high schools. It is also near major freeways, the University of Houston, Downtown Houston, and the Galleria. A Metro bus stop is located at the corner, with the Metro rail station just a 7-minute drive away, providing convenient access throughout the city. The property offers strong investment potential in a rapidly developing area and is an excellent opportunity for investors seeking steady income and long-term growth in a high-demand location.
Key Highlights
- Income‑producing multi‑family property with five units.
- Located on a 5,000 sq ft corner lot in a rapidly developing area.
- Convenient access to public transportation (Metro bus at the corner, Metro rail 7‑minute drive).
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
$22,976
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
3.54%
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%
$459,520
$459.5K
Cap Rate 7%
$328,229
$328.2K
Cap Rate 9%
$255,289
$255.3K
Market Conditions
NOI Build-Up for 2,028 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
$44.5K $21.96/SF
− Vacancy
−$2.8K −$1.36/SF
EGI
$41.8K $20.60/SF
− OpEx
−$18.8K −$9.27/SF
NOI
$23.0K $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%
$459,520
Cap Rate 7%
$328,229
Cap Rate 9%
$255,289
Alternative Uses
Best Use
Apartment 5plus
$328.2K
$287.2K – $382.9K
NOI $22,976 @ 7.0% cap · market cap 3.54%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$521.5K
$456.3K – $608.4K
NOI $36,504 @ 7.0% cap · market cap 5.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
781
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Five-unit multifamily property on a corner lot in Houston.
Where is this apartment building located?
The property is located at 1501 Noble Street 5 Houston, TX.
What is the asking price?
The asking price for this property is $649,000.
What are key features of this property?
This property features: Income‑producing multi‑family property with five units.; Located on a 5,000 sq ft corner lot in a rapidly developing area.; Convenient access to public transportation (Metro bus at the corner, Metro rail 7‑minute drive).
