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 Market44
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
(918) 720-2408
Listed By:
Ilhan Mohamud
Source:
Nova-era
Added: Jul 19
Changed: Aug 28
Last Checked: Aug 30 at 6:51PM
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
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 = 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
$45,030
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
8.74%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
254
Businesses Nearby
Explore this area
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
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 - 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
