Museum District Investment
For Sale
$1,500,000
1905 Binz St 1-10, Houston, TX 77004
Multi-family property near Downtown, Medical Center, and Universities.
Property Size6,656 SF
Lot Size0.29 Acres
Days on Market268
Property Features for 1905 Binz St 1-10
General Information
Standard status
Active
Size
6,656 SF
Lot size
0.29 Acres
Property subtype
Investment
Lease Term
Month-to-month
Taxes and HOA fees
Annual Taxes
$14,375
Building Details
Building Size
6,656 SF
Year Built
1940
Stories
2
Listing Agency:
Hamilton Properties
(713) 748-3502
Listed By:
Tyrone Hamilton · License #0422040
(713) 748-3502
Source:
Elliman
Added: Nov 28, 2025
Changed: Aug 18
Last Checked: Aug 23 at 5:16AM
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 Hamilton Properties
Investment Insights
Based on property information with market context.
This commercial/residential investment property is located minutes from Downtown, Texas Medical Center, Rice University, and the University of Houston. Situated on a prime lot in the Museum District, the 10-plex is currently 40% rented, offering value in both the existing structure and the land. The property is conveniently located close to the Children's Museum and Asian Museum, with great access to 288, downtown, and the Medical Center. A Metro line is nearby, and there is new construction in the surrounding area. The property is tenant-occupied at 100%.
Key Highlights
- Prime location minutes from Downtown, Texas Medical Center, Rice University, and University of Houston.
- High‑value land in the Museum District with new construction nearby.
- 10‑plex with existing rental income (40% occupancy).
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
$75,407
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
5.03%
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%
$1,508,140
$1.5M
Cap Rate 7%
$1,077,243
$1.1M
Cap Rate 9%
$837,856
$837.9K
Market Conditions
NOI Build-Up for 6,656 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
$146.2K $21.96/SF
− Vacancy
−$9.1K −$1.36/SF
EGI
$137.1K $20.60/SF
− OpEx
−$61.7K −$9.27/SF
NOI
$75.4K $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%
$1,508,140
Cap Rate 7%
$1,077,243
Cap Rate 9%
$837,856
Alternative Uses
Best Use
Apartment 5plus
$1.08M
$942.6K – $1.26M
NOI $75,407 @ 7.0% cap · market cap 5.03%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.71M
$1.50M – $2.00M
NOI $119,808 @ 7.0% cap · market cap 7.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,326
Businesses Nearby
Explore this area
Business Placement
Demographics for 77004, TX
37,005
Population
18,321
Households
2
Avg Household Size
31
Median Age
57%
College-Educated
96%
High-School Grad
5.2 sq mi
ZIP Area
7,116
Density / Sq Mi
$65,901
Median Household Income
$55,909
Median Earnings
$1,320
Median Rent
$384,100
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 - Multi-family property near Downtown, Medical Center, and Universities.
Where is this apartment building located?
The property is located at 1905 Binz St 1-10 Houston, TX.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Prime location minutes from Downtown, Texas Medical Center, Rice University, and University of Houston.; High‑value land in the Museum District with new construction nearby.; 10‑plex with existing rental income (40% occupancy).
