Fourplex with Garage
For Sale
$700,000
1823 W Main St, Houston, TX 77098
Four residential units are occupied by month-to-month tenants and include shared laundry facilities.
Property Size3,246 SF
Price / SF$215.65
Days on Market47
Property Features for 1823 W Main St
General Information
Standard status
Active
Size
3,246 SF
Total Parking Spaces
4
Property subtype
Multi-Family
Site & Location
Neighborhood
Neartown - Montrose
Additional Details
Multifamily Units
4
Amenities
original hardwood floors
shared washer and dryer facilities
Building Details
Year Built
1935
Listing Agency:
Martha Turner Sotheby's International Realty
Listed By:
Tim Surratt
(713) 320-5881
Source:
Jasonaguirregroup
Added: Sep 9
Changed: Oct 23
Last Checked: Oct 24 at 8:48PM
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 Martha Turner Sotheby's International Realty
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Investment Insights
Based on property information with market context.
Built in 1935, this 3,246-square-foot fourplex contains four residential units with month-to-month tenancy in place. Interior features include original hardwood floors, while shared washer and dryer facilities serve the property. Garage parking accommodates four vehicles.
The property is located at 1823 W Main St Unit 4 in Houston, with access to H-E-B, museums, restaurants, and entertainment venues. Unit tours are available after a contract has been executed.
The property is located at 1823 W Main St Unit 4 in Houston, with access to H-E-B, museums, restaurants, and entertainment venues. Unit tours are available after a contract has been executed.
Key Highlights
- 3,246‑square‑foot fourplex with four residential units
- Month‑to‑month tenants currently occupy the units
- Original hardwood floors remain in the interiors
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$42,515
Cap Rate
6.07%
Suggested Prices Based on Cap Rates
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
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 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 6.07%
Second Best
Apartment 5plus
$525.3K
$459.7K – $612.9K
NOI $36,774 @ 7.0% cap · market cap 5.25%
Theoretical Best
Office A
$834.7K
$730.4K – $973.8K
NOI $58,428 @ 7.0% cap · market cap 8.35%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
3,110
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Quadplex - Four residential units are occupied by month-to-month tenants and include shared laundry facilities.
Where is this quadplex located?
The property is located at 1823 W Main St Houston, TX.
What is the asking price?
The asking price for this property is $700,000.
What are key features of this property?
This property features: 3,246‑square‑foot fourplex with four residential units; Month‑to‑month tenants currently occupy the units; Original hardwood floors remain in the interiors
