Updated Duplex with Active
For Sale
$385,000
15117 & 15119 Grassington Drive, Channelview, TX 77530
Completely updated duplex features two leased units, each with two bedrooms and two bathrooms.
Property Size2,386 SF
Price / SF$161.36
Days on Market42
Property Features for 15117 & 15119 Grassington Drive
General Information
Standard status
Active
Size
2,386 SF
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Business Included
Yes
Fenced Yard
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,565
Amenities
Engineered Hardwood,Carpet,Hardwood
Yes
2
Window Coverings
Washer Hookup,Dryer Hookup
Appraiser
Fireplace,Granite Counters,Handicap Access,Window Treatments
Partial
Subdivision
8610
More than Two
Paved
2386
Building Details
Building Size
2,386 SF
Year Built
1982
Stories
1
Listing Agency:
Long Lake Ltd
(281) 460-4236
Listed By:
Kathryn Anderson
(281) 460-4236
Source:
Garygreene
Added: Jul 14
Changed: Aug 24
Last Checked: Aug 24 at 3:49AM
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 Long Lake Ltd
Investment Insights
Based on property information with market context.
This completely updated and modernized duplex includes all new finishings throughout. Each unit has two bedrooms and two bathrooms, along with a kitchen, dining area, and family room with a fireplace. Improvements include new LVT flooring, granite countertops, stainless steel appliances, newly remodeled bathrooms, new carpeting, and new backyard fencing. Both units have AC systems that were installed within the last two years, and both units are currently occupied with active signed leases.
The property is listed for sale at 15117 & 15119 Grassington Dr in Channelview, TX 77530. Walkability is limited, with a car-dependent profile, and there is no nearby transit indicated in the provided information.
For investors or owner-occupants seeking leased income, the duplex’s current occupancy status and active leases are notable, with consistent two-bedroom, two-bath layouts in both units.
The property is listed for sale at 15117 & 15119 Grassington Dr in Channelview, TX 77530. Walkability is limited, with a car-dependent profile, and there is no nearby transit indicated in the provided information.
For investors or owner-occupants seeking leased income, the duplex’s current occupancy status and active leases are notable, with consistent two-bedroom, two-bath layouts in both units.
Key Highlights
- Completely updated duplex built in 1982 with 2 leased units
- Each unit features 2 bedrooms and 2 bathrooms with kitchen, dining, and family room with fireplace
- New LVT flooring, new granite countertops, and stainless steel appliances in the kitchen
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
$18,233
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
4.74%
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%
$364,660
$364.7K
Cap Rate 7%
$260,471
$260.5K
Cap Rate 9%
$202,589
$202.6K
Market Conditions
NOI Build-Up for 2,386 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
$28.6K $12.00/SF
− Vacancy
−$2.6K −$1.08/SF
EGI
$26.0K $10.92/SF
− OpEx
−$7.8K −$3.27/SF
NOI
$18.2K $7.64/SF
Area
Harris County, TX
Vacancy
9.03%
Lease Rate
$12.00 /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%
$364,660
Cap Rate 7%
$260,471
Cap Rate 9%
$202,589
Alternative Uses
Best Use
Multifamily LT 5
$260.5K
$227.9K – $303.9K
NOI $18,233 @ 7.0% cap · market cap 4.74%
Second Best
Apartment 5plus
$226.0K
$197.7K – $263.7K
NOI $15,819 @ 7.0% cap · market cap 4.11%
Theoretical Best
Office A
$651.5K
$570.1K – $760.1K
NOI $45,605 @ 7.0% cap · market cap 11.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Turnkey business
Opportunity
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
294
Businesses Nearby
Explore this area
Business Placement
Demographics for 77530, TX
35,319
Population
10,579
Households
3.3
Avg Household Size
30
Median Age
14%
College-Educated
69%
High-School Grad
13.8 sq mi
ZIP Area
2,559
Density / Sq Mi
$64,151
Median Household Income
$36,279
Median Earnings
$1,131
Median Rent
$170,600
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?
Duplex - Completely updated duplex features two leased units, each with two bedrooms and two bathrooms.
Where is this duplex located?
The property is located at 15117 & 15119 Grassington Drive Channelview, TX.
What is the asking price?
The asking price for this property is $385,000.
What are key features of this property?
This property features: Completely updated duplex built in 1982 with 2 leased units; Each unit features 2 bedrooms and 2 bathrooms with kitchen, dining, and family room with fireplace; New LVT flooring, new granite countertops, and stainless steel appliances in the kitchen
