New Townhome Community in
For Sale
$799,000
Pending
1503 Vermont St C, Houston, TX 77006
Gated townhome community near downtown Houston with stylish floor plans.
Property Size2,457 SF
Lot Size0.04 Acres
Days on Market269
Property Features for 1503 Vermont St C
General Information
Standard status
Pending
Size
2,457 SF
Lot size
0.04 Acres
Property subtype
Other
Building Details
Building Size
2,457 SF
Year Built
2024
Stories
3
Listing Agency:
KELLER WILLIAMS REALTY SOUTHWEST
(832) 594-3655
Listed By:
Gary Steuernagel
(832) 594-3655
Source:
Elliman
Added: Nov 27, 2025
Changed: Aug 22
Last Checked: Aug 23 at 8:44AM
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
Investment Insights
Based on property information with market context.
Commonwealth Park is a new gated townhome community located in Montrose, just west of downtown Houston. The community features 30 detached townhomes with multiple floor plan options. An on-site dog park is available. The property is located near restaurants and entertainment on Westheimer St. and the River Oaks Shopping District. Pre-construction buyers can select finishes including flooring, cabinetry, countertops, tile, lighting, hardware, appliances, and an elevator and fireplace options.
Key Highlights
- New, detached townhomes in a gated community.
- Prime Montrose location, near Westheimer St. and River Oaks Shopping District.
- Pre‑construction buyers can select custom finishes.
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
$27,836
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
3.48%
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%
$556,720
$556.7K
Cap Rate 7%
$397,657
$397.7K
Cap Rate 9%
$309,289
$309.3K
Market Conditions
NOI Build-Up for 2,457 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
$54.0K $21.96/SF
− Vacancy
−$3.3K −$1.36/SF
EGI
$50.6K $20.60/SF
− OpEx
−$22.8K −$9.27/SF
NOI
$27.8K $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%
$556,720
Cap Rate 7%
$397,657
Cap Rate 9%
$309,289
Alternative Uses
Best Use
Apartment 5plus
$397.7K
$348.0K – $463.9K
NOI $27,836 @ 7.0% cap · market cap 3.48%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$631.8K
$552.8K – $737.1K
NOI $44,226 @ 7.0% cap · market cap 5.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,051
Businesses Nearby
Explore this area
Business Placement
Demographics for 77006, TX
24,129
Population
16,654
Households
1.4
Avg Household Size
36
Median Age
80%
College-Educated
98%
High-School Grad
2.3 sq mi
ZIP Area
10,491
Density / Sq Mi
$102,003
Median Household Income
$73,275
Median Earnings
$1,761
Median Rent
$599,500
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 - Gated townhome community near downtown Houston with stylish floor plans.
Where is this apartment building located?
The property is located at 1503 Vermont St C Houston, TX.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: New, detached townhomes in a gated community.; Prime Montrose location, near Westheimer St. and River Oaks Shopping District.; Pre‑construction buyers can select custom finishes.
