Six-Unit Apartment
For Sale
$849,000
1941 Lexington St Unit 6, Houston, TX 77098
Vacant multifamily property with private entrances, individual carports, fencing, and an outdoor patio area.
Property Size4,320 SF
Lot Size0.14 Acres
Price / SF$196.53
Days on Market50
Property Features for 1941 Lexington St Unit 6
General Information
Standard status
Active
Size
4,320 SF
Total Parking Spaces
6
Lot size
0.14 Acres
Property subtype
Multi-Family
Site & Location
Neighborhood
Neartown - Montrose
Highway Access
Yes
Units
Unit Mix
6 x 1BR/1BA
Multifamily Units
6
Parking per Unit
1
Amenities
patio
fully fenced
private access doors
Building Details
Year Built
1955
Buildings
1
Listing Agency:
HomeSmart
Listed By:
Douglas Rodriguez · License #0622217
(713) 444-3526
Source:
Thebandpteam
Added: Sep 9
Changed: Oct 25
Last Checked: Oct 7 at 3:49PM
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 HomeSmart
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Investment Insights
Based on property information with market context.
Built in 1955, this apartment property contains six one-bedroom, one-bath units within a 4,320 SF building on a 6,250 SF lot. Unit interiors include living rooms, dining areas, kitchens, and bedrooms, with hardwood flooring in four residences and carpeting in two. Each unit has its own carport and private access door, while the property is fully fenced and includes a patio area. The building is currently unoccupied.
Located at 1941 Lexington St Unit 6 in Houston, the property is near the Medical Center, Downtown, Greenway Plaza, and the Galleria. Access to US 59 and 610 supports connectivity to these nearby employment, retail, and business districts.
Located at 1941 Lexington St Unit 6 in Houston, the property is near the Medical Center, Downtown, Greenway Plaza, and the Galleria. Access to US 59 and 610 supports connectivity to these nearby employment, retail, and business districts.
Key Highlights
- Six 1‑bed, 1‑bath apartment units
- 4,320 SF building on a 6,250 SF lot
- Four units with hardwood flooring; two with carpeting
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.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Lease Details
6
Residential units
Yes
Highway access
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Vacant multifamily property with private entrances, individual carports, fencing, and an outdoor patio area.
Where is this apartment building located?
The property is located at 1941 Lexington St Unit 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; Four units with hardwood flooring; two with carpeting
