Four-Plex Residential Income
For Sale
$899,000
1657 Bonnie Brae St, Houston, TX 77006
Well-appointed 1-bedroom units with updated interiors, climate control, and on-site amenities in an inner-loop setting.
Property Size3,761 SF
Price / SF$239.03
Days on Market101
Property Features for 1657 Bonnie Brae St
General Information
Standard status
Active
Size
3,761 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
4
Building Details
Year Built
1930
Tenancy
Multi
Listing Agency:
eXp Realty LLC
Listed By:
Shawn Manderscheid · License #0463952
(281) 773-0195
Source:
Nova-era
Added: Jun 13
Changed: Sep 10
Last Checked: Sep 21 at 12:04PM
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 eXp Realty LLC
Investment Insights
Based on property information with market context.
1657 Bonnie Brae is a 4-plex configured as four 1-bedroom, 1-bathroom residences. Each unit includes designated living and dining areas, hardwood floors, neutral finishes, and mini-split heating and cooling for individual climate control. Kitchens and bathrooms are updated, and the units offer a spacious, comfortable layout. Shared conveniences include a central laundry, plus an impressive climate-controlled sunroom. The property also features outdoor spaces for relaxing and gathering, along with off-street garage parking.
The property is located in an inner loop area off Dunlavy between 69th and Richmond. Tenants have easy access to Downtown, the Medical Center, and the University of Houston, as well as the Museum District, restaurants, pubs, shopping, and everyday conveniences. Nearby recreation includes access to Mandell, Menil, and Dunlavy Parks.
This asset is designed for rental households seeking in-unit climate control, updated kitchen and bath finishes, and shared community amenities. Off-street garage parking and a central laundry support day-to-day convenience, while the climate-controlled sunroom and outdoor areas add usable space beyond the private interior.
The property is located in an inner loop area off Dunlavy between 69th and Richmond. Tenants have easy access to Downtown, the Medical Center, and the University of Houston, as well as the Museum District, restaurants, pubs, shopping, and everyday conveniences. Nearby recreation includes access to Mandell, Menil, and Dunlavy Parks.
This asset is designed for rental households seeking in-unit climate control, updated kitchen and bath finishes, and shared community amenities. Off-street garage parking and a central laundry support day-to-day convenience, while the climate-controlled sunroom and outdoor areas add usable space beyond the private interior.
Key Highlights
- 4‑plex built in 1930 with 1‑bedroom, 1‑bath units
- Updated kitchens and bathrooms in each unit
- Each unit features designated living and dining areas and hardwood floors
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
$49,260
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
5.48%
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%
$985,200
$985.2K
Cap Rate 7%
$703,714
$703.7K
Cap Rate 9%
$547,333
$547.3K
Market Conditions
NOI Build-Up for 3,761 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
$74.5K $19.80/SF
− Vacancy
−$4.1K −$1.09/SF
EGI
$70.4K $18.71/SF
− OpEx
−$21.1K −$5.61/SF
NOI
$49.3K $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%
$985,200
Cap Rate 7%
$703,714
Cap Rate 9%
$547,333
Alternative Uses
Best Use
Multifamily LT 5
$703.7K
$615.8K – $821.0K
NOI $49,260 @ 7.0% cap · market cap 5.48%
Second Best
Apartment 5plus
$608.7K
$532.6K – $710.2K
NOI $42,609 @ 7.0% cap · market cap 4.74%
Theoretical Best
Office A
$967.1K
$846.2K – $1.13M
NOI $67,698 @ 7.0% cap · market cap 7.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,235
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
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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?
Quadplex - Well-appointed 1-bedroom units with updated interiors, climate control, and on-site amenities in an inner-loop setting.
Where is this quadplex located?
The property is located at 1657 Bonnie Brae St Houston, TX.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: 4‑plex built in 1930 with 1‑bedroom, 1‑bath units; Updated kitchens and bathrooms in each unit; Each unit features designated living and dining areas and hardwood floors
