Montrose Duplex with Garage
For Sale
$885,000
1912 Ridgewood Street, Houston, TX 77006
Charming Montrose duplex with garage apartment, great location.
Property Size2,124 SF
Price / SF$416.67
Days on Market168
Property Features for 1912 Ridgewood Street
General Information
Standard status
Active
Size
2,124 SF
Property subtype
Multi-Family
Taxes and HOA fees
Annual Taxes
$16,104
Amenities
Hardwood
Yes
1
2
Appraiser
Balcony
5000
One
Carport
2124
Building Details
Building Size
2,124 SF
Year Built
1935
Stories
2
Listing Agency:
Staples Sotheby's International Realty
(281) 444-5140
Listed By:
Liset Gomez
(832) 969-4250
Source:
Garygreene
Added: Apr 7
Changed: Sep 20
Last Checked: Sep 21 at 4:39AM
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 Staples Sotheby's International Realty
Investment Insights
Based on property information with market context.
This charming Montrose duplex includes a separate garage apartment. According to HCAD, the garage apartment has approximately 766 square feet. Each unit features an outdoor space and separate parking. The property provides four parking spaces, including two carport spaces and two additional spaces. All units have central air conditioning and heat. The main house was remodeled in 2015. The property is conveniently located within walking distance of restaurants and cafes, and offers an easy commute to Downtown, the Medical Center, Memorial, and Galleria areas. The main house contains two units that are almost identical in size and finishes. The location is very bikeable with a bike score of 77 and very walkable with a walk score of 90. The transit score is 66, indicating good transit options.
Key Highlights
- Excellent Location: Walkable to restaurants/cafes; easy commute to Downtown, Medical Center, Memorial, and Galleria.
- Income Potential: Montrose duplex with separate garage apartment.
- Multiple Parking Spaces: Includes 2 carport spaces and 2 additional spaces.
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
$27,820
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
3.14%
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%
$556,400
$556.4K
Cap Rate 7%
$397,429
$397.4K
Cap Rate 9%
$309,111
$309.1K
Market Conditions
NOI Build-Up for 2,124 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
$42.1K $19.80/SF
− Vacancy
−$2.3K −$1.09/SF
EGI
$39.7K $18.71/SF
− OpEx
−$11.9K −$5.61/SF
NOI
$27.8K $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%
$556,400
Cap Rate 7%
$397,429
Cap Rate 9%
$309,111
Alternative Uses
Best Use
Multifamily LT 5
$397.4K
$347.8K – $463.7K
NOI $27,820 @ 7.0% cap · market cap 3.14%
Second Best
Apartment 5plus
$343.8K
$300.8K – $401.1K
NOI $24,063 @ 7.0% cap · market cap 2.72%
Theoretical Best
Office A
$546.2K
$477.9K – $637.2K
NOI $38,232 @ 7.0% cap · market cap 4.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
3,051
Businesses Nearby
Explore this area
Business Placement
Demographics for 77006, TX
24,129
Population
16,654
Households
1.4
Avg Household Size
36
Median Age
80%
College-Educated
98%
High-School Grad
2.3 sq mi
ZIP Area
10,491
Density / Sq Mi
$102,003
Median Household Income
$73,275
Median Earnings
$1,761
Median Rent
$599,500
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
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Frequently Asked Questions
What type of property is this?
Duplex - Charming Montrose duplex with garage apartment, great location.
Where is this duplex located?
The property is located at 1912 Ridgewood Street Houston, TX.
What is the asking price?
The asking price for this property is $885,000.
What are key features of this property?
This property features: Excellent Location: Walkable to restaurants/cafes; easy commute to Downtown, Medical Center, Memorial, and Galleria.; Income Potential: Montrose duplex with separate garage apartment.; Multiple Parking Spaces: Includes 2 carport spaces and 2 additional spaces.
