12-Unit Apartment
For Sale
$998,000
1914 Larrabee Street 1-12, Seabrook, TX 77586
The complex offers a balanced unit mix, covered parking, private fenced yards, and shared laundry facilities.
Property Size9,251 SF
Price / SF$107.88
Days on Market38
Property Features for 1914 Larrabee Street 1-12
General Information
Standard status
Active
Size
9,251 SF
Property subtype
Income
Net Operating Income
$68,852
Units
Unit Mix
4 x 2BR/1BA, 8 x 1BR/1BA
Multifamily Units
12
Parking per Unit
1
Taxes and HOA fees
Annual Taxes
$15,072
Amenities
onsite laundry
private fenced backyards
Carpet,Plank,Tile,Vinyl
Yes
1
2
Low-Emissivity Windows,Window Coverings
Common Area
Owner
Granite Counters,Window Treatments,Ceiling Fan(s),Programmable Thermostat
19585
One
Appraiser
Carport
Private Entrance
9251
Building Details
Building Size
9,251 SF
Year Built
1963
Stories
2
Listing Agency:
Texas Ally Real Estate Group, LLC
(713) 301-9860
Listed By:
Nancy Seale
(713) 301-9860
Source:
Garygreene
Added: Jul 2
Changed: Aug 8
Last Checked: Aug 8 at 3:55AM
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 Ally Real Estate Group, LLC
Investment Insights
Based on property information with market context.
This 9,251-square-foot apartment property contains 12 units, including four two-bedroom, one-bath residences and eight one-bedroom, one-bath residences. The two-bedroom units include individually fenced backyard areas. Property improvements include low-emissivity double-pane windows, updated water heaters, PEX plumbing, and one covered parking space per unit. HVAC systems have been replaced in 10 units within the last 4 years. Built in 1963, the complex also provides an onsite laundry room with two coin-operated washers and two coin-operated dryers.
The property is located in Seabrook, within walking distance of Clear Lake watercraft rentals, waterfront restaurants, and nightlife. Its unit configuration and mix of private outdoor areas, parking, and common laundry support a range of residential occupancy needs.
The property is located in Seabrook, within walking distance of Clear Lake watercraft rentals, waterfront restaurants, and nightlife. Its unit configuration and mix of private outdoor areas, parking, and common laundry support a range of residential occupancy needs.
Key Highlights
- 12‑unit complex totaling 9,251 SF
- Unit mix includes four 2‑bedroom/1‑bath and eight 1‑bedroom/1‑bath units
- Private fenced backyards accompany all four 2‑bedroom units
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
$61,334
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
6.15%
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%
$1,226,680
$1.2M
Cap Rate 7%
$876,200
$876.2K
Cap Rate 9%
$681,489
$681.5K
Market Conditions
NOI Build-Up for 9,251 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
$123.2K $13.32/SF
− Vacancy
−$11.7K −$1.27/SF
EGI
$111.5K $12.05/SF
− OpEx
−$50.2K −$5.42/SF
NOI
$61.3K $6.63/SF
Area
Harris County, TX
Vacancy
9.50%
Lease Rate
$13.32 /SF/Yr
Expense Ratio
45.00%
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%
$1,226,680
Cap Rate 7%
$876,200
Cap Rate 9%
$681,489
Alternative Uses
Best Use
Apartment 5plus
$876.2K
$766.7K – $1.02M
NOI $61,334 @ 7.0% cap · market cap 6.15%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.53M
$2.21M – $2.95M
NOI $176,820 @ 7.0% cap · market cap 17.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
12
Residential units
Location Intelligence
Trade Area within ½ mile
568
Businesses Nearby
Explore this area
Business Placement
Demographics for 77586, TX
23,503
Population
10,419
Households
2.3
Avg Household Size
41
Median Age
44%
College-Educated
92%
High-School Grad
11.7 sq mi
ZIP Area
2,009
Density / Sq Mi
$115,301
Median Household Income
$60,392
Median Earnings
$1,421
Median Rent
$325,700
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?
Apartment building - The complex offers a balanced unit mix, covered parking, private fenced yards, and shared laundry facilities.
Where is this apartment building located?
The property is located at 1914 Larrabee Street 1-12 Seabrook, TX.
What is the asking price?
The asking price for this property is $998,000.
What are key features of this property?
This property features: 12‑unit complex totaling 9,251 SF; Unit mix includes four 2‑bedroom/1‑bath and eight 1‑bedroom/1‑bath units; Private fenced backyards accompany all four 2‑bedroom units
