Renovated Two-Unit
For Sale
$520,000
1909 Blodgett Street, Houston, TX 77004
Two updated residences offer flexible occupancy options near major Houston institutional and cultural destinations.
Property Size2,706 SF
Price / SF$192.17
Days on Market153
Property Features for 1909 Blodgett Street
General Information
Standard status
Active
Size
2,706 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/2BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$14,113
Amenities
granite countertops
laminate flooring
full appliance package
updated HVAC
gated entry
Laminate,Plank,Vinyl
Yes
2
Washer Hookup,Dryer Hookup
Appraiser
Granite Counters
5250
Two
Electric Gate
2706
Building Details
Building Size
2,706 SF
Year Built
1938
Stories
2
Listing Agency:
Texas Signature Realty
(713) 705-3053
Listed By:
Susan Cline · License #0738474
(713) 705-3053
Source:
Garygreene
Added: Mar 13
Changed: Aug 12
Last Checked: Aug 12 at 3:59AM
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 Texas Signature Realty
Investment Insights
Based on property information with market context.
This duplex contains two residences, each configured with 2 bedrooms and 2 bathrooms. Interior improvements include granite countertops, laminate and plank flooring, full appliance packages, and washer and dryer hookups. A stud-level renovation was completed five years ago, with updated HVAC systems and an electric gate also included. The property was built in 1938 and measures 2706 square feet.
Located at 1909 Blodgett Street in Houston, the property is near the Texas Medical Center, University of Houston, and Museum District. The residences can be leased together or separately, while residential, commercial, and live-work applications are identified as possibilities subject to buyer verification.
Located at 1909 Blodgett Street in Houston, the property is near the Texas Medical Center, University of Houston, and Museum District. The residences can be leased together or separately, while residential, commercial, and live-work applications are identified as possibilities subject to buyer verification.
Key Highlights
- Two‑unit duplex with 2 bedrooms and 2 bathrooms per unit
- 2706 square feet on a 5250‑square‑foot site
- Stud‑level renovation completed five years ago
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
$35,442
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
6.82%
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%
$708,840
$708.8K
Cap Rate 7%
$506,314
$506.3K
Cap Rate 9%
$393,800
$393.8K
Market Conditions
NOI Build-Up for 2,706 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
$53.6K $19.80/SF
− Vacancy
−$2.9K −$1.09/SF
EGI
$50.6K $18.71/SF
− OpEx
−$15.2K −$5.61/SF
NOI
$35.4K $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%
$708,840
Cap Rate 7%
$506,314
Cap Rate 9%
$393,800
Alternative Uses
Best Use
Multifamily LT 5
$506.3K
$443.0K – $590.7K
NOI $35,442 @ 7.0% cap · market cap 6.82%
Second Best
Apartment 5plus
$438.0K
$383.2K – $511.0K
NOI $30,657 @ 7.0% cap · market cap 5.90%
Theoretical Best
Office A
$695.8K
$608.9K – $811.8K
NOI $48,708 @ 7.0% cap · market cap 9.37%
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
1,029
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?
Duplex - Two updated residences offer flexible occupancy options near major Houston institutional and cultural destinations.
Where is this duplex located?
The property is located at 1909 Blodgett Street Houston, TX.
What is the asking price?
The asking price for this property is $520,000.
What are key features of this property?
This property features: Two‑unit duplex with 2 bedrooms and 2 bathrooms per unit; 2706 square feet on a 5250‑square‑foot site; Stud‑level renovation completed five years ago
