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 Market223
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:
UTR TEXAS, REALTORS
(281) 444-5140
Listed By:
Jossilynn Ellerd
(936) 239-5393
Source:
Garygreene
Added: Jan 22
Changed: Sep 2
Last Checked: Sep 1 at 4:15PM
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 UTR TEXAS, REALTORS
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 = 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
$48,942
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
5.76%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
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
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 - 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
