Side-by-Side Duplex with
For Sale
$975,000
1632 Kipling Street, Houston, TX 77006
Two attached rental units accompany a separate apartment with enclosed porch and deck areas.
Property Size3,920 SF
Days on Market15
Property Features for 1632 Kipling Street
General Information
Standard status
Active
Size
3,920 SF
Property subtype
Multi Family,Multiple Detached Dwellings
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$19,977
Building Details
Building Size
3,920 SF
Year Built
1930
Listing Agency:
Creekview Realty
(281) 444-7071
Listed By:
John Prell · License #0493630
(281) 444-7071
Source:
Nancyalmodovar
Added: Aug 11
Changed: Aug 24
Last Checked: Aug 24 at 12:45PM
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 Creekview Realty
Investment Insights
Based on property information with market context.
This 1930-built duplex property includes two side-by-side units, each offering 2 bedrooms and 1.5 bathrooms. Oak flooring extends through the duplex, and each residence has an enclosed front porch. A separate 2/2 apartment adds concrete flooring on the lower level, wood flooring above, and an oversized deck.
The property is located on Kipling St in Houston’s Montrose area, within blocks of HEB, dining, and shopping. WalkScore is 79, with a BikeScore of 55 and TransitScore of 48. The location also offers access to Downtown, the Medical Center, and Memorial. The property is deed restricted and zoned to schools.
The property is located on Kipling St in Houston’s Montrose area, within blocks of HEB, dining, and shopping. WalkScore is 79, with a BikeScore of 55 and TransitScore of 48. The location also offers access to Downtown, the Medical Center, and Memorial. The property is deed restricted and zoned to schools.
Key Highlights
- Separate 2/2 apartment with concrete floors downstairs, wood floors upstairs, and an oversized deck
- Side‑by‑side duplex configuration with two 2‑bedroom, 1.5‑bathroom units
- Oak floors throughout the duplex units
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
$51,343
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
5.27%
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%
$1,026,860
$1.0M
Cap Rate 7%
$733,471
$733.5K
Cap Rate 9%
$570,478
$570.5K
Market Conditions
NOI Build-Up for 3,920 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
$77.6K $19.80/SF
− Vacancy
−$4.3K −$1.09/SF
EGI
$73.3K $18.71/SF
− OpEx
−$22.0K −$5.61/SF
NOI
$51.3K $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%
$1,026,860
Cap Rate 7%
$733,471
Cap Rate 9%
$570,478
Alternative Uses
Best Use
Multifamily LT 5
$733.5K
$641.8K – $855.7K
NOI $51,343 @ 7.0% cap · market cap 5.27%
Second Best
Apartment 5plus
$634.4K
$555.1K – $740.2K
NOI $44,410 @ 7.0% cap · market cap 4.55%
Theoretical Best
Office A
$1.01M
$882.0K – $1.18M
NOI $70,560 @ 7.0% cap · market cap 7.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,147
Businesses Nearby
Explore this area
Business Placement
Demographics for 77006, TX
24,129
Population
16,654
Households
1.4
Avg Household Size
36
Median Age
80%
College-Educated
98%
High-School Grad
2.3 sq mi
ZIP Area
10,491
Density / Sq Mi
$102,003
Median Household Income
$73,275
Median Earnings
$1,761
Median Rent
$599,500
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?
Duplex - Two attached rental units accompany a separate apartment with enclosed porch and deck areas.
Where is this duplex located?
The property is located at 1632 Kipling Street Houston, TX.
What is the asking price?
The asking price for this property is $975,000.
What are key features of this property?
This property features: Separate 2/2 apartment with concrete floors downstairs, wood floors upstairs, and an oversized deck; Side‑by‑side duplex configuration with two 2‑bedroom, 1.5‑bathroom units; Oak floors throughout the duplex units
