Two-Unit Duplex with Gated
New
For Sale
$325,000
1905 Chapman Street, Houston, TX 77009
Two separate residences offer private baths, full kitchens, and shared laundry facilities within a fenced property.
Property Size1,410 SF
Price / SF$230.50
Days on Market7
Property Features for 1905 Chapman Street
General Information
Standard status
Active
Size
1,410 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 1BR, 1 x 2BR
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,341
Amenities
on-site washer and dryer
fully fenced
sidewalk gate
automatic driveway gate
Wood
Breakfast Room/Nook,Living Room,Office,Utility Room
Yes
3
Appraiser
All Bedrooms Down,Full Bath on Main Level,Granite Counters,Main Level Primary,TwoBedroomsDown,Tub Shower,Ceiling Fan(s)
Cleared
No
Public
7500
Concrete
Block
1410
Building Details
Building Size
1,410 SF
Year Built
1910
Stories
1
Listing Agency:
Pine Forest Group
(713) 417-7227
Listed By:
Steve Caton · License #0487244
(713) 417-7227
Source:
Garygreene
Added: Aug 18
Changed: Aug 24
Last Checked: Aug 24 at 3:27AM
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 Pine Forest Group
Investment Insights
Based on property information with market context.
This duplex contains two residential units: one with a bedroom and another with two bedrooms. Each unit includes a private bath, closet space, and a full kitchen, while an on-site washer and dryer serve both residences. The 1,410-square-foot property also includes a living room, breakfast area, office, utility room, granite countertops, wood finishes, and main-level bedrooms. The structure was built in 1910.
The property is located at 1905 Chapman Street in Houston. Security and access features include full perimeter fencing, a pedestrian gate, and an automatic driveway gate. Both units have their bedrooms and full baths on the main level.
The property is located at 1905 Chapman Street in Houston. Security and access features include full perimeter fencing, a pedestrian gate, and an automatic driveway gate. Both units have their bedrooms and full baths on the main level.
Key Highlights
- Two‑unit duplex with one 1‑bedroom unit and one 2‑bedroom unit
- 1,410 square feet; built in 1910
- Private bath, closet, and full kitchen in each unit
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
$18,468
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
5.68%
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%
$369,360
$369.4K
Cap Rate 7%
$263,829
$263.8K
Cap Rate 9%
$205,200
$205.2K
Market Conditions
NOI Build-Up for 1,410 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
$27.9K $19.80/SF
− Vacancy
−$1.5K −$1.09/SF
EGI
$26.4K $18.71/SF
− OpEx
−$7.9K −$5.61/SF
NOI
$18.5K $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%
$369,360
Cap Rate 7%
$263,829
Cap Rate 9%
$205,200
Alternative Uses
Best Use
Multifamily LT 5
$263.8K
$230.9K – $307.8K
NOI $18,468 @ 7.0% cap · market cap 5.68%
Second Best
Apartment 5plus
$228.2K
$199.7K – $266.2K
NOI $15,974 @ 7.0% cap · market cap 4.92%
Theoretical Best
Office A
$362.6K
$317.3K – $423.0K
NOI $25,380 @ 7.0% cap · market cap 7.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
813
Businesses Nearby
Explore this area
Business Placement
Demographics for 77009, TX
36,425
Population
17,890
Households
2
Avg Household Size
37
Median Age
39%
College-Educated
78%
High-School Grad
6.2 sq mi
ZIP Area
5,875
Density / Sq Mi
$81,921
Median Household Income
$49,446
Median Earnings
$1,229
Median Rent
$403,600
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?
Duplex - Two separate residences offer private baths, full kitchens, and shared laundry facilities within a fenced property.
Where is this duplex located?
The property is located at 1905 Chapman Street Houston, TX.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: Two‑unit duplex with one 1‑bedroom unit and one 2‑bedroom unit; 1,410 square feet; built in 1910; Private bath, closet, and full kitchen in each unit
