Six-Unit Apartment
New
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 Market3
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
Units
Unit Mix
6 x 1BR/1BA
Multifamily Units
6
Parking per Unit
1
Additional Details
Highway Access
Yes
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: Sep 10
Last Checked: Sep 10 at 3:11PM
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
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 = 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
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Current Use
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
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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?
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
