Redevelopment Opportunity with Income
For Sale
$545,000
1910 Blodgett St, Houston, TX 77004
Dual-purpose investment property near Downtown and Texas Medical Center.
Property Size2,160 SF
Lot Size0.15 Acres
Days on Market138
Property Features for 1910 Blodgett St
General Information
Standard status
Active
Size
2,160 SF
Lot size
0.15 Acres
Property subtype
Investment
Lease Term
Month-to-month
Taxes and HOA fees
Annual Taxes
$7,492
Building Details
Building Size
2,160 SF
Year Built
1938
Stories
1
Units
3
Listing Agency:
Homecoin.com
(888) 400-2513
Listed By:
Jonathan Minerick · License #0225248917
(888) 400-2513
Source:
Elliman
Added: Mar 24
Changed: Aug 8
Last Checked: Jul 15 at 9:00PM
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 Homecoin.com
Investment Insights
Based on property information with market context.
This property, priced for land value, presents a dual-purpose investment opportunity situated between Downtown and the Texas Medical Center. The approximately 6,600 square foot lot offers significant redevelopment potential. Included on the lot is a well-maintained brick triplex, featuring one 2-bedroom, 1-bathroom unit and two 1-bedroom, 1-bathroom units. This triplex provides immediate rental income while offering the opportunity to plan for future development. The property is suitable for investors seeking a strategic asset with immediate returns and long-term appreciation. It is located minutes from parks, universities, and major highways.
Key Highlights
- Prime location between Downtown and the Texas Medical Center.
- Significant redevelopment potential on a ~6,600 SF lot.
- Well‑maintained brick triplex provides immediate rental income.
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
$28,291
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
5.19%
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%
$565,820
$565.8K
Cap Rate 7%
$404,157
$404.2K
Cap Rate 9%
$314,344
$314.3K
Market Conditions
NOI Build-Up for 2,160 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
$42.8K $19.80/SF
− Vacancy
−$2.4K −$1.09/SF
EGI
$40.4K $18.71/SF
− OpEx
−$12.1K −$5.61/SF
NOI
$28.3K $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%
$565,820
Cap Rate 7%
$404,157
Cap Rate 9%
$314,344
Alternative Uses
Best Use
Multifamily LT 5
$404.2K
$353.6K – $471.5K
NOI $28,291 @ 7.0% cap · market cap 5.19%
Second Best
Apartment 5plus
$349.6K
$305.9K – $407.9K
NOI $24,471 @ 7.0% cap · market cap 4.49%
Theoretical Best
Office A
$555.4K
$486.0K – $648.0K
NOI $38,880 @ 7.0% cap · market cap 7.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Residential land & home lot - Dual-purpose investment property near Downtown and Texas Medical Center.
Where is this residential land & home lot located?
The property is located at 1910 Blodgett St Houston, TX.
What is the asking price?
The asking price for this property is $545,000.
What are key features of this property?
This property features: Prime location between Downtown and the Texas Medical Center.; Significant redevelopment potential on a ~6,600 SF lot.; Well‑maintained brick triplex provides immediate rental income.
