Museum District Investment
For Sale
$1,500,000
1905 Binz Street 1-10, Houston, TX 77004
Multi-family property near Downtown, Medical Center, and Universities.
Property Size6,656 SF
Price / SF$225.36
Days on Market891
Property Features for 1905 Binz Street 1-10
General Information
Standard status
Active
Size
6,656 SF
Property subtype
Multi-Family
Site & Location
Neighborhood
Museum Park
Taxes and HOA fees
Annual Taxes
$14,375
Amenities
Yes
Appraiser
12750
One
Carport
6656
Building Details
Building Size
6,656 SF
Year Built
1940
Stories
2
Listing Agency:
Legacy South Realty, LLC
(281) 444-5140
Listed By:
Bob DiTullio
(832) 643-7996
Source:
Garygreene
Added: May 17, 2024
Changed: Oct 23
Last Checked: Oct 23 at 6:12AM
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 Legacy South Realty, LLC
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Review the available facts, identify missing information and prepare questions for the agent.
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 / Yr
$75,407
Cap Rate
5.03%
Suggested Prices Based on Cap Rates
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
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 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.
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Property Analytics
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Open Analytics
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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 Street 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).
