Occupied Fourplex with Garage
For Sale
$795,000
1823 W Main Street # 4, Houston, TX 77098
Month-to-month occupancy, shared laundry, and original hardwood floors define this established residential income property.
Property Size3,246 SF
Days on Market11
Property Features for 1823 W Main Street # 4
General Information
Standard status
Active
Size
3,246 SF
Total Parking Spaces
4
Property subtype
Multi Family,Quadruplex
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$23,377
Amenities
original hardwood floors
shared washer and dryer facilities
Building Details
Building Size
3,246 SF
Year Built
1935
Buildings
1
Tenancy
Multi
Listing Agency:
Martha Turner Sotheby's International Realty
(713) 320-5881
Listed By:
Tim Surratt
(713) 320-5881
Source:
Mpowerrealtygroup
Added: Aug 20
Changed: Aug 28
Last Checked: Aug 29 at 2:03PM
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
Investment Insights
Based on property information with market context.
This fourplex, built in 1935, is situated on an extra-deep lot and is currently occupied by month-to-month tenants. The property retains original hardwood floors and includes shared washer and dryer facilities for resident use. Garage parking accommodates four vehicles.
The property is located at 1823 W Main Street in Houston, with access to H-E-B, museums, restaurants, and entertainment venues. Units are available for viewing after execution of a contract.
The property is located at 1823 W Main Street in Houston, with access to H-E-B, museums, restaurants, and entertainment venues. Units are available for viewing after execution of a contract.
Key Highlights
- Fourplex built in 1935
- Currently occupied by month‑to‑month tenants
- Original 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
$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
Lease Details
4
Residential units
Multi-tenant
Tenancy
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 - Month-to-month occupancy, shared laundry, and original hardwood floors define this established residential income property.
Where is this quadplex located?
The property is located at 1823 W Main Street # 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 built in 1935; Currently occupied by month‑to‑month tenants; Original hardwood floors
