Furnished Apartment
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For Sale
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2004 Binz St, Houston, TX 77004
Recently built, furnished apartment asset with an established short-term rental operating history and existing operating systems.
Property Size12,147 SF
Price / SF$378.69
Days on Market6
Property Features for 2004 Binz St
General Information
Standard status
Active
Size
12,147 SF
Total Parking Spaces
22
Property subtype
Multifamily
Zoning
Commercial
Investment Type
Stabilized
Net Operating Income
$307,000
Additional Details
Furnished
Yes
Building Details
Year Built
2024
Buildings
2
Units
18
Tenancy
Multi
Listed By:
Shawn Motamedi · License #852920
Source:
Crexi
Added: Aug 29
Changed: Sep 1
Last Checked: Sep 3 at 9:31AM
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 Shawn Motamedi
Investment Insights
Based on property information with market context.
Built in 2024, this 12,147-square-foot apartment building is furnished and operational, with an established history as a short-term rental property. The asset is currently owner-operated and includes existing systems, vendor relationships, and operating procedures supporting ongoing operations.
The property is zoned Commercial and may support continued short-term rental operations or adaptation for corporate housing, mid-term rentals, or traditional long-term leasing, subject to applicable requirements. Its Houston location is identified as being near employment, medical, and institutional demand drivers.
The property is zoned Commercial and may support continued short-term rental operations or adaptation for corporate housing, mid-term rentals, or traditional long-term leasing, subject to applicable requirements. Its Houston location is identified as being near employment, medical, and institutional demand drivers.
Key Highlights
- 12,147‑square‑foot apartment building completed in 2024
- Furnished and operational property
- Established short‑term rental operating history
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
$137,615
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
2.99%
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%
$2,752,300
$2.8M
Cap Rate 7%
$1,965,929
$2.0M
Cap Rate 9%
$1,529,056
$1.5M
Market Conditions
NOI Build-Up for 12,147 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
$266.7K $21.96/SF
− Vacancy
−$16.5K −$1.36/SF
EGI
$250.2K $20.60/SF
− OpEx
−$112.6K −$9.27/SF
NOI
$137.6K $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%
$2,752,300
Cap Rate 7%
$1,965,929
Cap Rate 9%
$1,529,056
Alternative Uses
Best Use
Apartment 5plus
$1.97M
$1.72M – $2.29M
NOI $137,615 @ 7.0% cap · market cap 2.99%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.12M
$2.73M – $3.64M
NOI $218,646 @ 7.0% cap · market cap 4.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,326
Businesses Nearby
Explore this area
Business Placement
Demographics for 77004, TX
37,005
Population
18,321
Households
2
Avg Household Size
31
Median Age
57%
College-Educated
96%
High-School Grad
5.2 sq mi
ZIP Area
7,116
Density / Sq Mi
$65,901
Median Household Income
$55,909
Median Earnings
$1,320
Median Rent
$384,100
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?
Apartment building - Recently built, furnished apartment asset with an established short-term rental operating history and existing operating systems.
Where is this apartment building located?
The property is located at 2004 Binz St Houston, TX.
What is the asking price?
The asking price for this property is $4,600,000.
What are key features of this property?
This property features: 12,147‑square‑foot apartment building completed in 2024; Furnished and operational property; Established short‑term rental operating history
