Occupied Fourplex with Garage
New
For Sale
$795,000
1823 W Main St 4, Houston, TX 77098
Original hardwood floors and shared laundry facilities serve the currently occupied units.
Property Size3,246 SF
Days on Market4
Property Features for 1823 W Main St 4
General Information
Standard status
Active
Size
3,246 SF
Total Parking Spaces
4
Property subtype
Investment
Lease Term
Month-to-month
Taxes and HOA fees
Annual Taxes
$23,377
Amenities
shared washer and dryer facilities
Building Details
Building Size
3,246 SF
Year Built
1935
Buildings
1
Stories
2
Units
5
Listing Agency:
(713) 320-5881
Listed By:
Tim Surratt
(713) 320-5881
Source:
Elliman
Added: Aug 21
Changed: Aug 24
Last Checked: Aug 24 at 5:10AM
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 Tim Surratt
Investment Insights
Based on property information with market context.
Built in 1935, this fourplex is occupied by month-to-month tenants and sits on an extra-deep lot. Interior features include original hardwood flooring, while shared washer and dryer facilities support the four units. Garage parking accommodates 4 vehicles.
The property is located at 1823 W Main St 4 in Houston, with access to H-E-B, museums, restaurants, and entertainment venues. WalkScore is 90, BikeScore is 74, and TransitScore is 59. Unit showings are available after contract execution.
The property is located at 1823 W Main St 4 in Houston, with access to H-E-B, museums, restaurants, and entertainment venues. WalkScore is 90, BikeScore is 74, and TransitScore is 59. Unit showings are available after contract execution.
Key Highlights
- Fourplex occupied by month‑to‑month tenants
- Built in 1935 with original hardwood floors
- Shared washer and dryer facilities
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
$42,515
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
5.35%
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%
$850,300
$850.3K
Cap Rate 7%
$607,357
$607.4K
Cap Rate 9%
$472,389
$472.4K
Market Conditions
NOI Build-Up for 3,246 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
$64.3K $19.80/SF
− Vacancy
−$3.5K −$1.09/SF
EGI
$60.7K $18.71/SF
− OpEx
−$18.2K −$5.61/SF
NOI
$42.5K $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%
$850,300
Cap Rate 7%
$607,357
Cap Rate 9%
$472,389
Alternative Uses
Best Use
Multifamily LT 5
$607.4K
$531.4K – $708.6K
NOI $42,515 @ 7.0% cap · market cap 5.35%
Second Best
Apartment 5plus
$525.3K
$459.7K – $612.9K
NOI $36,774 @ 7.0% cap · market cap 4.63%
Theoretical Best
Office A
$834.7K
$730.4K – $973.8K
NOI $58,428 @ 7.0% cap · market cap 7.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,110
Businesses Nearby
Explore this area
Business Placement
Demographics for 77098, TX
15,717
Population
10,181
Households
1.5
Avg Household Size
36
Median Age
81%
College-Educated
99%
High-School Grad
1.8 sq mi
ZIP Area
8,732
Density / Sq Mi
$115,867
Median Household Income
$83,401
Median Earnings
$1,854
Median Rent
$777,700
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?
Quadplex - Original hardwood floors and shared laundry facilities serve the currently occupied units.
Where is this quadplex located?
The property is located at 1823 W Main St 4 Houston, TX.
What is the asking price?
The asking price for this property is $795,000.
What are key features of this property?
This property features: Fourplex occupied by month‑to‑month tenants; Built in 1935 with original hardwood floors; Shared washer and dryer facilities
