Six-Unit Apartment
For Sale
$849,000
1941 Lexington Street 6, Houston, TX 77098
Six individually accessed apartments with private carports, fencing, and a shared patio area.
Property Size4,320 SF
Price / SF$196.53
Days on Market269
Property Features for 1941 Lexington Street 6
General Information
Standard status
Active
Size
4,320 SF
Property subtype
Multi-Family
Taxes and HOA fees
Annual Taxes
$17,162
Amenities
Tile,Wood,Carpet,Hardwood
Yes
1
Appraiser
Balcony,Fireplace,Tile Counters,Ceiling Fan(s)
Partial
Cleared,Subdivision
6250
One
Intercom
Carport,Garage,Garage Door Opener
4320
Building Details
Building Size
4,320 SF
Year Built
1955
Stories
2
Listing Agency:
HHH Properties Management LLC
(281) 444-5140
Listed By:
Jossilynn Ellerd
(936) 239-5393
Source:
Garygreene
Added: Jan 22
Changed: Oct 16
Last Checked: Oct 16 at 6:34AM
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 HHH Properties Management LLC
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Investment Insights
Based on property information with market context.
This multifamily property contains six one-bedroom, one-bathroom apartments, each arranged with a living room, dining area, kitchen, and bedroom. Four units have hardwood floors, while two use carpeting. The building provides 4,320 square feet on a 6,250-square-foot lot, with a dedicated carport for every unit. Private entry doors, fencing, intercom service, and a patio area are also included.
The property is positioned near the Medical Center, Downtown, Greenway Plaza, and the Galleria, with access to US 59 and 610. All six units are currently unoccupied, allowing a future owner to determine tenant placement.
The property is positioned near the Medical Center, Downtown, Greenway Plaza, and the Galleria, with access to US 59 and 610. All six units are currently unoccupied, allowing a future owner to determine tenant placement.
Key Highlights
- Six 1‑bed, 1‑bath apartment units
- 4,320 SF building on a 6,250 SF lot
- Each unit includes its own carport
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$48,942
Cap Rate
5.76%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$978,840
$978.8K
Cap Rate 7%
$699,171
$699.2K
Cap Rate 9%
$543,800
$543.8K
Market Conditions
NOI Build-Up for 4,320 SF
Gross rent
$94.9K $21.96/SF
− Vacancy
−$5.9K −$1.36/SF
EGI
$89.0K $20.60/SF
− OpEx
−$40.0K −$9.27/SF
NOI
$48.9K $11.33/SF
Area
Houston, TX
Vacancy
6.20%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$978,840
Cap Rate 7%
$699,171
Cap Rate 9%
$543,800
Alternative Uses
Best Use
Apartment 5plus
$699.2K
$611.8K – $815.7K
NOI $48,942 @ 7.0% cap · market cap 5.76%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.11M
$972.0K – $1.30M
NOI $77,760 @ 7.0% cap · market cap 9.16%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
3,630
Businesses Nearby
Explore this area
Business Placement
Demographics for 77098, TX
15,717
Population
10,181
Households
1.5
Avg Household Size
36
Median Age
81%
College-Educated
99%
High-School Grad
1.8 sq mi
ZIP Area
8,732
Density / Sq Mi
$115,867
Median Household Income
$83,401
Median Earnings
$1,854
Median Rent
$777,700
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
Frequently Asked Questions
What type of property is this?
Apartment building - Six individually accessed apartments with private carports, fencing, and a shared patio area.
Where is this apartment building located?
The property is located at 1941 Lexington Street 6 Houston, TX.
What is the asking price?
The asking price for this property is $849,000.
What are key features of this property?
This property features: Six 1‑bed, 1‑bath apartment units; 4,320 SF building on a 6,250 SF lot; Each unit includes its own carport
