6-Unit Apartment
For Sale
$650,000
1867 Florida Drive, Seabrook, TX 77586
Six residential units offer two-bedroom layouts, individual storage, and carport parking in Seabrook.
Property Size5,488 SF
Price / SF$118.44
Days on Market32
Property Features for 1867 Florida Drive
General Information
Standard status
Active
Size
5,488 SF
Property subtype
Multi-Family
Units
Unit Mix
6 x 2BR/1BA
Multifamily Units
6
Amenities
washer/dryer connections
balcony
storage unit
carport
Yes
Appraiser
Cul-De-Sac
27213
Satellite Dish
5488
Building Details
Building Size
5,488 SF
Year Built
1960
Stories
2
Listing Agency:
SKW Realty
(713) 204-7838
Listed By:
Ray Hunt
(713) 204-7838
Source:
Garygreene
Added: Jul 11
Changed: Aug 11
Last Checked: Aug 11 at 5:01AM
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 SKW Realty
Investment Insights
Based on property information with market context.
This 6-unit apartment property at 1867 Florida Drive in Seabrook contains 5,488 square feet and was built in 1960. Each residence has two bedrooms and one bathroom. Four units include washer and dryer connections, while two have balconies. Every unit is paired with a small storage area and carport parking. The roof was replaced in June 2026.
The property is positioned near dining, shopping, parks, schools, and the library. It is also located in a cul-de-sac and operates without an HOA. Showings are restricted until an acceptable contract is in place, and renters should not be disturbed.
The property is positioned near dining, shopping, parks, schools, and the library. It is also located in a cul-de-sac and operates without an HOA. Showings are restricted until an acceptable contract is in place, and renters should not be disturbed.
Key Highlights
- Six‑unit apartment complex with 5,488 square feet
- All units feature two bedrooms and one bathroom
- Four units have washer and dryer connections
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
$36,386
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
5.60%
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%
$727,720
$727.7K
Cap Rate 7%
$519,800
$519.8K
Cap Rate 9%
$404,289
$404.3K
Market Conditions
NOI Build-Up for 5,488 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
$73.1K $13.32/SF
− Vacancy
−$6.9K −$1.27/SF
EGI
$66.2K $12.05/SF
− OpEx
−$29.8K −$5.42/SF
NOI
$36.4K $6.63/SF
Area
Harris County, TX
Vacancy
9.50%
Lease Rate
$13.32 /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%
$727,720
Cap Rate 7%
$519,800
Cap Rate 9%
$404,289
Alternative Uses
Best Use
Apartment 5plus
$519.8K
$454.8K – $606.4K
NOI $36,386 @ 7.0% cap · market cap 5.60%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.50M
$1.31M – $1.75M
NOI $104,895 @ 7.0% cap · market cap 16.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
397
Businesses Nearby
Explore this area
Business Placement
Demographics for 77586, TX
23,503
Population
10,419
Households
2.3
Avg Household Size
41
Median Age
44%
College-Educated
92%
High-School Grad
11.7 sq mi
ZIP Area
2,009
Density / Sq Mi
$115,301
Median Household Income
$60,392
Median Earnings
$1,421
Median Rent
$325,700
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 - Six residential units offer two-bedroom layouts, individual storage, and carport parking in Seabrook.
Where is this apartment building located?
The property is located at 1867 Florida Drive Seabrook, TX.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Six‑unit apartment complex with 5,488 square feet; All units feature two bedrooms and one bathroom; Four units have washer and dryer connections
