15-Unit Apartment
For Sale
$2,500,000
1849 W Main Street # 15, Houston, TX 77098
Three buildings offer laundry, garages, storage, parking, and central air conditioning for residents.
Property Size10,100 SF
Price / SF$231.48
Days on Market352
Property Features for 1849 W Main Street # 15
General Information
Standard status
Active
Size
10,100 SF
Property subtype
Multi Family,5 Plus
Additional Details
Multifamily Units
15
Amenities
on-site laundry
storage rooms
central AC
Building Details
Building Size
10,100 SF
Year Built
1940
Buildings
3
Listing Agency:
Boulevard Realty
(310) 307-9998
Listed By:
Amanda Smith
(310) 307-9998
Source:
Mpowerrealtygroup
Added: Aug 27, 2025
Changed: Aug 2
Last Checked: Aug 12 at 3:13PM
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 Boulevard Realty
Investment Insights
Based on property information with market context.
This 15-unit apartment property comprises two four-unit buildings and a seven-unit garden-style building totaling 10,800 SF. Units average 720 SF and include central AC. On-site features include laundry facilities, three garage units, two storage rooms, and ample parking. Front buildings have PEX plumbing with individual shut-offs.
Recent capital work includes roof replacements in 2020, electrical upgrades and parking-lot resurfacing in 2021, multiple HVAC replacements, new commercial laundry equipment, updated kitchens in two units, and several new water heaters. The Certificate of Occupancy was renewed in 2021. The property is located at 1849 W Main Street in Houston, Texas.
Recent capital work includes roof replacements in 2020, electrical upgrades and parking-lot resurfacing in 2021, multiple HVAC replacements, new commercial laundry equipment, updated kitchens in two units, and several new water heaters. The Certificate of Occupancy was renewed in 2021. The property is located at 1849 W Main Street in Houston, Texas.
Key Highlights
- 15‑unit apartment property with 10,800 SF across three buildings
- Two 4‑plex buildings plus a 7‑unit garden‑style building
- On‑site laundry, three garage units, two storage rooms, and ample parking
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
$122,355
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
4.89%
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%
$2,447,100
$2.4M
Cap Rate 7%
$1,747,929
$1.7M
Cap Rate 9%
$1,359,500
$1.4M
Market Conditions
NOI Build-Up for 10,800 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
$237.2K $21.96/SF
− Vacancy
−$14.7K −$1.36/SF
EGI
$222.5K $20.60/SF
− OpEx
−$100.1K −$9.27/SF
NOI
$122.4K $11.33/SF
Area
Houston, TX
Vacancy
6.20%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
45.00%
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%
$2,447,100
Cap Rate 7%
$1,747,929
Cap Rate 9%
$1,359,500
Alternative Uses
Best Use
Apartment 5plus
$1.75M
$1.53M – $2.04M
NOI $122,355 @ 7.0% cap · market cap 4.89%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.78M
$2.43M – $3.24M
NOI $194,400 @ 7.0% cap · market cap 7.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
15
Residential units
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?
Apartment building - Three buildings offer laundry, garages, storage, parking, and central air conditioning for residents.
Where is this apartment building located?
The property is located at 1849 W Main Street # 15 Houston, TX.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: 15‑unit apartment property with 10,800 SF across three buildings; Two 4‑plex buildings plus a 7‑unit garden‑style building; On‑site laundry, three garage units, two storage rooms, and ample parking
