Remodeled Triplex with Updated First
For Sale
$550,000
2-5144 Pease St, Houston, TX 77002
Three-unit property with current occupancy and upgraded interior finishes.
Property Size3,360 SF
Price / SF$163.69
Days on Market55
Property Features for 2-5144 Pease St
General Information
Standard status
Active
Size
3,360 SF
Property subtype
Residential Income
Occupancy
100%
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$8,226
Amenities
ceiling fans
private fence
Building Details
Tenancy
Multi
Listing Agency:
5th Stream Realty
(281) 650-0598
Listed By:
Tim Tran
(281) 650-0598
Source:
Exprealty
Added: Jul 1
Changed: Aug 21
Last Checked: Aug 23 at 6:51AM
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 5th Stream Realty
Investment Insights
Based on property information with market context.
This 3,360-square-foot triplex includes a remodeled first-floor unit with three bedrooms and 2.5 baths. Interior improvements include new windows and doors, porcelain tile in the kitchen and bathrooms, and ceramic and laminate flooring elsewhere. The kitchen is equipped with stainless steel appliances, custom cabinetry, and granite countertops. Additional property features include ceiling fans, a private fence, and a new sewage line.
A new 30-year roof was installed in July/26. All three units are currently rented. The property is located in Eastwood near Downtown, the University of Houston, and TSU, with access to established Houston residential and institutional areas.
A new 30-year roof was installed in July/26. All three units are currently rented. The property is located in Eastwood near Downtown, the University of Houston, and TSU, with access to established Houston residential and institutional areas.
Key Highlights
- 3,360‑square‑foot triplex with all three units currently rented
- Remodeled first‑floor unit offers 3 beds and 2.5 baths
- Kitchen includes stainless steel appliances, custom cabinets, and granite countertops
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
$44,008
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
8.00%
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%
$880,160
$880.2K
Cap Rate 7%
$628,686
$628.7K
Cap Rate 9%
$488,978
$489.0K
Market Conditions
NOI Build-Up for 3,360 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
$66.5K $19.80/SF
− Vacancy
−$3.7K −$1.09/SF
EGI
$62.9K $18.71/SF
− OpEx
−$18.9K −$5.61/SF
NOI
$44.0K $13.10/SF
Area
Houston, TX
Vacancy
5.50%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
30.00%
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%
$880,160
Cap Rate 7%
$628,686
Cap Rate 9%
$488,978
Alternative Uses
Best Use
Multifamily LT 5
$628.7K
$550.1K – $733.5K
NOI $44,008 @ 7.0% cap · market cap 8.00%
Second Best
Apartment 5plus
$543.8K
$475.8K – $634.4K
NOI $38,066 @ 7.0% cap · market cap 6.92%
Theoretical Best
Office A
$864.0K
$756.0K – $1.01M
NOI $60,480 @ 7.0% cap · market cap 11.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
6,664
Businesses Nearby
Explore this area
Business Placement
Demographics for 77002, TX
19,844
Population
8,960
Households
2.2
Avg Household Size
34
Median Age
37%
College-Educated
86%
High-School Grad
2.0 sq mi
ZIP Area
9,922
Density / Sq Mi
$85,436
Median Household Income
$54,755
Median Earnings
$1,860
Median Rent
$286,100
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?
Triplex - Three-unit property with current occupancy and upgraded interior finishes.
Where is this triplex located?
The property is located at 2-5144 Pease St Houston, TX.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: 3,360‑square‑foot triplex with all three units currently rented; Remodeled first‑floor unit offers 3 beds and 2.5 baths; Kitchen includes stainless steel appliances, custom cabinets, and granite countertops
