Two-Unit Duplex with Open
For Sale
$515,000
1621 Wellington St, Houston, TX 77093
One unit is tenant-occupied, while the other is ready for an owner-occupant or new lease.
Property Size3,438 SF
Price / SF$149.80
Days on Market91
Property Features for 1621 Wellington St
General Information
Standard status
Active
Size
3,438 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
2023
Listing Agency:
Substantia Realty, LLC
Listed By:
Ilhan Mohamud
(918) 720-2408
Source:
Vincesoldit
Added: Jul 19
Changed: Oct 8
Last Checked: Oct 16 at 12:38PM
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 Substantia Realty, LLC
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Investment Insights
Based on property information with market context.
Built in 2023, this duplex contains two matching residences, each with three bedrooms and two-and-a-half baths. Both units use an open-concept floor plan with nine-foot ceilings, granite counters, soft-close cabinetry, luxury vinyl flooring, a walk-in pantry, and a generously sized laundry room. The upscale interior package provides consistent finishes across the property, while ample parking supports both residences.
One unit has a long-term tenant in place, and the second is prepared for occupancy or leasing. The property has no HOA or deed restrictions and is outside a flood zone. Downtown Houston and The Heights are each within a 15-minute drive, providing access to established urban destinations while maintaining a duplex configuration suited to an owner-occupant or investor.
One unit has a long-term tenant in place, and the second is prepared for occupancy or leasing. The property has no HOA or deed restrictions and is outside a flood zone. Downtown Houston and The Heights are each within a 15-minute drive, providing access to established urban destinations while maintaining a duplex configuration suited to an owner-occupant or investor.
Key Highlights
- Two‑unit duplex completed in 2023
- Each unit includes 3 bedrooms and 2.5 baths
- One unit has a long‑term tenant; the second is move‑in ready
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$45,030
Cap Rate
8.74%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$900,600
$900.6K
Cap Rate 7%
$643,286
$643.3K
Cap Rate 9%
$500,333
$500.3K
Market Conditions
NOI Build-Up for 3,438 SF
Gross rent
$68.1K $19.80/SF
− Vacancy
−$3.7K −$1.09/SF
EGI
$64.3K $18.71/SF
− OpEx
−$19.3K −$5.61/SF
NOI
$45.0K $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 Rate 5%
$900,600
Cap Rate 7%
$643,286
Cap Rate 9%
$500,333
Alternative Uses
Best Use
Multifamily LT 5
$643.3K
$562.9K – $750.5K
NOI $45,030 @ 7.0% cap · market cap 8.74%
Second Best
Apartment 5plus
$556.4K
$486.9K – $649.2K
NOI $38,950 @ 7.0% cap · market cap 7.56%
Theoretical Best
Office A
$884.1K
$773.6K – $1.03M
NOI $61,884 @ 7.0% cap · market cap 12.02%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
254
Businesses Nearby
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Business Placement
Demographics for 77093, TX
47,736
Population
14,671
Households
3.3
Avg Household Size
31
Median Age
5%
College-Educated
51%
High-School Grad
12.0 sq mi
ZIP Area
3,978
Density / Sq Mi
$41,958
Median Household Income
$28,493
Median Earnings
$1,102
Median Rent
$122,400
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
Frequently Asked Questions
What type of property is this?
Duplex - One unit is tenant-occupied, while the other is ready for an owner-occupant or new lease.
Where is this duplex located?
The property is located at 1621 Wellington St Houston, TX.
What is the asking price?
The asking price for this property is $515,000.
What are key features of this property?
This property features: Two‑unit duplex completed in 2023; Each unit includes 3 bedrooms and 2.5 baths; One unit has a long‑term tenant; the second is move‑in ready
