Four-Unit Apartment
For Sale
$550,000
1524 Halpern Street # 4, Houston, TX 77009
Four apartment units occupy a building constructed in 1972.
Property Size2,976 SF
Days on Market9
Property Features for 1524 Halpern Street # 4
General Information
Standard status
Active
Size
2,976 SF
Property subtype
Multi Family,Multiple Detached Dwellings
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$7,925
Building Details
Building Size
2,976 SF
Year Built
1972
Listing Agency:
COLDWELL BANKER CENTRAL
Listed By:
Russell Hernandez · License #0531041
(713) 906-6012
Source:
Nancyalmodovar
Added: Aug 26
Changed: Aug 31
Last Checked: Sep 2 at 9:18PM
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 COLDWELL BANKER CENTRAL
Investment Insights
Based on property information with market context.
This multifamily property contains four apartment units within a building completed in 1972. The asset is located at 1524 Halpern Street #4 in Houston, Texas 77009.
Key Highlights
- Four apartment units
- Building constructed in 1972
- Located at 1524 Halpern Street #4, Houston, TX 77009
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
$38,979
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
7.09%
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%
$779,580
$779.6K
Cap Rate 7%
$556,843
$556.8K
Cap Rate 9%
$433,100
$433.1K
Market Conditions
NOI Build-Up for 2,976 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
$58.9K $19.80/SF
− Vacancy
−$3.2K −$1.09/SF
EGI
$55.7K $18.71/SF
− OpEx
−$16.7K −$5.61/SF
NOI
$39.0K $13.10/SF
Area
Houston, TX
Vacancy
5.50%
Lease Rate
$19.80 /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%
$779,580
Cap Rate 7%
$556,843
Cap Rate 9%
$433,100
Alternative Uses
Best Use
Multifamily LT 5
$556.8K
$487.2K – $649.7K
NOI $38,979 @ 7.0% cap · market cap 7.09%
Second Best
Apartment 5plus
$481.7K
$421.5K – $561.9K
NOI $33,716 @ 7.0% cap · market cap 6.13%
Theoretical Best
Office A
$765.3K
$669.6K – $892.8K
NOI $53,568 @ 7.0% cap · market cap 9.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
731
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Four apartment units occupy a building constructed in 1972.
Where is this quadplex located?
The property is located at 1524 Halpern Street # 4 Houston, TX.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Four apartment units; Building constructed in 1972; Located at 1524 Halpern Street #4, Houston, TX 77009
