New Construction
New
For Sale
$600,000
1564 Godwin St, Houston, TX 77023
Two-story duplex with private garages, flexible interior selections, and covered outdoor space.
Property Size3,874 SF
Days on Market5
Property Features for 1564 Godwin St
General Information
Standard status
Active
Size
3,874 SF
Property subtype
Investment
Units
Unit Mix
2 x 3BR/2.5BA
Multifamily Units
2
Parking per Unit
2
Taxes and HOA fees
Annual Taxes
$4,590
Building Details
Building Size
3,874 SF
Year Built
2026
Stories
2
Units
2
Listing Agency:
HomeSmart
Listed By:
Luis Navarro
(832) 707-2778
Source:
Elliman
Added: Sep 19
Last Checked: Sep 22 at 3:46PM
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 HomeSmart
Investment Insights
Based on property information with market context.
Planned for completion in 2026, this duplex contains two residential units with 1,937 square feet per unit. Each two-story layout includes three bedrooms and two full bathrooms on the upper level, along with a half bathroom downstairs. The primary bathroom includes both a tub and shower.
Interior features include a kitchen island, walk-in pantry, covered patio, and a 25-by-24-foot grass backyard for each unit. Every residence also includes a two-car garage. The buyer may select cabinet, countertop, and tile colors, allowing finish choices to be made during construction. The property is located at 1564 Godwin St in Houston, Texas 77023, with a Walk Score of 80, Bike Score of 61, and Transit Score of 53.
Interior features include a kitchen island, walk-in pantry, covered patio, and a 25-by-24-foot grass backyard for each unit. Every residence also includes a two-car garage. The buyer may select cabinet, countertop, and tile colors, allowing finish choices to be made during construction. The property is located at 1564 Godwin St in Houston, Texas 77023, with a Walk Score of 80, Bike Score of 61, and Transit Score of 53.
Key Highlights
- Two‑unit duplex planned for completion in 2026
- Each unit measures 1937 sqft and includes 3 bedrooms and 2 full bathrooms
- Two‑story layouts include 1 half bathroom on the first floor
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
$50,740
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
8.46%
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%
$1,014,800
$1.0M
Cap Rate 7%
$724,857
$724.9K
Cap Rate 9%
$563,778
$563.8K
Market Conditions
NOI Build-Up for 3,874 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
$76.7K $19.80/SF
− Vacancy
−$4.2K −$1.09/SF
EGI
$72.5K $18.71/SF
− OpEx
−$21.7K −$5.61/SF
NOI
$50.7K $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%
$1,014,800
Cap Rate 7%
$724,857
Cap Rate 9%
$563,778
Alternative Uses
Best Use
Multifamily LT 5
$724.9K
$634.3K – $845.7K
NOI $50,740 @ 7.0% cap · market cap 8.46%
Second Best
Apartment 5plus
$627.0K
$548.6K – $731.5K
NOI $43,889 @ 7.0% cap · market cap 7.31%
Theoretical Best
Office A
$996.2K
$871.7K – $1.16M
NOI $69,732 @ 7.0% cap · market cap 11.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
763
Businesses Nearby
Explore this area
Business Placement
Demographics for 77023, TX
26,780
Population
11,850
Households
2.3
Avg Household Size
36
Median Age
24%
College-Educated
75%
High-School Grad
5.5 sq mi
ZIP Area
4,869
Density / Sq Mi
$50,018
Median Household Income
$35,730
Median Earnings
$1,079
Median Rent
$279,300
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Two-story duplex with private garages, flexible interior selections, and covered outdoor space.
Where is this duplex located?
The property is located at 1564 Godwin St Houston, TX.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: Two‑unit duplex planned for completion in 2026; Each unit measures 1937 sqft and includes 3 bedrooms and 2 full bathrooms; Two‑story layouts include 1 half bathroom on the first floor
