Income-Producing Property in Pasadena,
For Sale
$2,675,000
1502 1/2 Jenkins Rd, Pasadena, TX 77506
Unique income property with multiple revenue streams and expansion potential.
Property Size7,036 SF
Lot Size2.87 Acres
Days on Market167
Property Features for 1502 1/2 Jenkins Rd
General Information
Standard status
Active
Size
7,036 SF
Lot size
2.87 Acres
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$12,502
Building Details
Building Size
7,036 SF
Year Built
1968
Stories
1
Units
2
Listing Agency:
INDEPENDENCE REAL ESTATE, INC.
(713) 459-2222
Listed By:
Ernesto Ramirez · License #719511
(713) 459-2222
Source:
Elliman
Added: Mar 11
Changed: Aug 10
Last Checked: Aug 24 at 5:53AM
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 INDEPENDENCE REAL ESTATE, INC.
Investment Insights
Based on property information with market context.
This unique income-producing property is located in Pasadena, Texas. It features multiple streams of income, including 3 residential dwellings, 10 RV parking pads, 22 self-storage units, 60 horse/livestock stables, 15 outside storage parking spaces for RVs/boats/trailers, and 10 covered storage parking spaces for RVs/boats/trailers. The property offers a range of possibilities and uses, with additional land available for expanding the various income streams. Its strategic location provides easy access to major roads and highways, ensuring traffic and excellent accessibility for tenants and customers.
Key Highlights
- Multiple income streams from residential dwellings, RV parking, self‑storage, stables, and RV/boat/trailer storage.
- Significant income potential with additional land available for expansion.
- Prime location in Pasadena, Texas, with easy access to major roads and highways.
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
$78,287
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
2.93%
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%
$1,565,740
$1.6M
Cap Rate 7%
$1,118,386
$1.1M
Cap Rate 9%
$869,856
$869.9K
Market Conditions
NOI Build-Up for 7,036 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
$125.0K $17.76/SF
− Vacancy
−$13.1K −$1.86/SF
EGI
$111.8K $15.90/SF
− OpEx
−$33.6K −$4.77/SF
NOI
$78.3K $11.13/SF
Area
Pasadena, TX
Vacancy
10.50%
Lease Rate
$17.76 /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%
$1,565,740
Cap Rate 7%
$1,118,386
Cap Rate 9%
$869,856
Alternative Uses
Best Use
Industrial
$1.12M
$978.6K – $1.30M
NOI $78,287 @ 7.0% cap · market cap 2.93%
Second Best
Apartment 5plus
$1.03M
$900.3K – $1.20M
NOI $72,025 @ 7.0% cap · market cap 2.69%
Theoretical Best
Office A
$2.32M
$2.03M – $2.71M
NOI $162,538 @ 7.0% cap · market cap 6.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,024
Businesses Nearby
Explore this area
Business Placement
Demographics for 77506, TX
34,431
Population
11,973
Households
2.9
Avg Household Size
31
Median Age
5%
College-Educated
57%
High-School Grad
11.3 sq mi
ZIP Area
3,047
Density / Sq Mi
$50,045
Median Household Income
$31,621
Median Earnings
$1,049
Median Rent
$131,800
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Multifamily property - Unique income property with multiple revenue streams and expansion potential.
Where is this multifamily property located?
The property is located at 1502 1/2 Jenkins Rd Pasadena, TX.
What is the asking price?
The asking price for this property is $2,675,000.
What are key features of this property?
This property features: Multiple income streams from residential dwellings, RV parking, self‑storage, stables, and RV/boat/trailer storage.; Significant income potential with additional land available for expansion.; Prime location in Pasadena, Texas, with easy access to major roads and highways.
