5-Unit Apartment
For Sale
$649,000
1501 Noble Street # 5, Houston, TX 77009
Five units across three buildings on a corner lot with a Metro bus stop at the corner.
Lot Size0.11 Acres
Days on Market122
Property Features for 1501 Noble Street # 5
General Information
Standard status
Active
Lot size
0.11 Acres
Property subtype
Multi Family,Multiple Detached Dwellings
Site & Location
Road Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
5
Building Details
Building Size
2,028 SF
Year Built
1935
Buildings
3
Listing Agency:
eXp Realty LLC
(979) 758-2300
Listed By:
Charles Jansky · License #0783801
(979) 758-2300
Source:
Mpowerrealtygroup
Added: Apr 2
Changed: Jul 31
Last Checked: Jul 31 at 8:21PM
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 eXp Realty LLC
Investment Insights
Based on property information with market context.
1501 Noble Street is a five-unit apartment property arranged across three separate buildings on a 5,000 square foot corner lot. Built in 1935, the property is described as income-producing and includes five residential units.
A Metro bus stop is located at the corner, while the Metro rail station is a 7-minute drive away. The property sits directly across from Sherman Elementary School and is within walking distance of 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, while the Metro rail station is a 7-minute drive away. The property sits directly across from Sherman Elementary School and is within walking distance of middle and high schools. It is also near major freeways, the University of Houston, Downtown Houston, and the Galleria.
Key Highlights
- Five units across three separate buildings
- 5,000 sq ft corner lot
- Built in 1935
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $44.5k | $21.96 |
| − Vacancy | −$2.8k | −$1.36 |
| EGI | $41.8k | $20.60 |
| − OpEx | −$18.8k | −$9.27 |
| NOI | $23.0k | $11.33 |
2,028 SF · lease $21.96/SF/yr · vacancy 6.20% · expense 45.00%
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
Current Use
Lease Details
5
Residential units
Yes
Paved road access
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 units across three buildings on a corner lot with a Metro bus stop at the corner.
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: Five units across three separate buildings; 5,000 sq ft corner lot; Built in 1935
