Multifamily Property with Three
1603 Airline Drive, Houston, TX 77009
For Sale
$1,695,000
Three separate buildings and on-site parking are situated on a sizable urban parcel.
Property Size3,640 SF
Lot Size0.23 Acres
Price / SF$313.89
Days on Market114
Property Features for 1603 Airline Drive
General Information
Standard status
Size
Total Parking Spaces
Lot size
Property subtype
Site & Location
Neighborhood
Taxes and HOA fees
Annual Taxes
Building Details
Building Size
Year Built
Buildings
Listing Agency:
Coldwell Banker Realty - Heights
Listed By:
Tracy Brandon
(713) 705-6244
Source:
Livingvoguerealestate
Added: Jul 22
Changed: Nov 11
Last Checked: Nov 7 at 3:45PM
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 Realty - Heights
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Investment Insights
Based on property information with market context.
This multifamily property includes three separate structures on an approximately 10,000-square-foot lot, with 10 on-site parking spaces. The property dates to 1910.
In Houston’s Heights area, the site is near Downtown and has access to major thoroughfares, retail, dining, and employment centers. Showings require an appointment.
In Houston’s Heights area, the site is near Downtown and has access to major thoroughfares, retail, dining, and employment centers. Showings require an appointment.
Key Highlights
- Three separate structures on an approximately 10,000‑square‑foot lot
- 10 on‑site parking spaces
- Built in 1910
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$61,177
Cap Rate
3.61%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,223,540
$1.2M
Cap Rate 7%
$873,957
$874.0K
Cap Rate 9%
$679,744
$679.7K
Market Conditions
NOI Build-Up for 5,400 SF
Gross rent
$118.6K $21.96/SF
− Vacancy
−$7.4K −$1.36/SF
EGI
$111.2K $20.60/SF
− OpEx
−$50.1K −$9.27/SF
NOI
$61.2K $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 Rate 5%
$1,223,540
Cap Rate 7%
$873,957
Cap Rate 9%
$679,744
Alternative Uses
Best Use
Apartment 5plus
$874.0K
$764.7K – $1.02M
NOI $61,177 @ 7.0% cap · market cap 3.61%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.39M
$1.22M – $1.62M
NOI $97,200 @ 7.0% cap · market cap 5.73%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Location Intelligence
Trade Area within ½ mile
989
Businesses Nearby
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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
$403,600
Median Home Value
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Market
Average Price Trend$/SF for Multifamily properties in Houston, TX
Properties on Market for Multifamily properties in Houston
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Multifamily property - Three separate buildings and on-site parking are situated on a sizable urban parcel.
Where is this multifamily property located?
The property is located at 1603 Airline Drive Houston, TX.
What is the asking price?
The asking price for this property is $1,695,000.
What are key features of this property?
This property features: Three separate structures on an approximately 10,000‑square‑foot lot; 10 on‑site parking spaces; Built in 1910
