Renovated Duplex with Wood
For Sale
$499,000
206 Frawley Street, Houston, TX 77009
Two tenant-occupied residences feature updated interiors, included appliances, outdoor space, and on-site parking.
Property Size1,650 SF
Price / SF$302.42
Days on Market52
Property Features for 206 Frawley Street
General Information
Standard status
Active
Size
1,650 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
1 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
2
Additional Details
Highway Access
Yes
Amenities
Yes
1
2
Owner
Cleared
No
Public
5450
0.1251
Appraiser
Other
1650
Building Details
Building Size
1,650 SF
Year Built
1949
Stories
1
Tenancy
Multi
Listing Agency:
Coldwell Banker Southern Homes
(832) 656-3394
Listed By:
Juli Mahaney
(832) 656-3394
Source:
Garygreene
Added: Jun 22
Changed: Aug 11
Last Checked: Aug 12 at 3:54AM
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 Coldwell Banker Southern Homes
Investment Insights
Based on property information with market context.
This renovated duplex contains two separate residences: a two-bedroom, one-bath home and a one-bedroom, one-bath apartment on the second story. Wood flooring and tile are used throughout in place of carpet. The property includes a refrigerator, washer, dryer, stove, oven, and dishwasher, along with a large dining area and kitchen. Both units are occupied by tenants.
Built in 1949, the property contains 1,650 square feet on a 5,450-square-foot lot, or 0.1251 acres. Exterior features include a cleared site, a sizable yard, and space for parking. The Houston property is located near Midtown and downtown, with access to I-45 and I-10.
Built in 1949, the property contains 1,650 square feet on a 5,450-square-foot lot, or 0.1251 acres. Exterior features include a cleared site, a sizable yard, and space for parking. The Houston property is located near Midtown and downtown, with access to I-45 and I-10.
Key Highlights
- Two residences: 2‑bedroom, 1‑bath home plus 1‑bedroom, 1‑bath second‑story apartment
- Both units are occupied by tenants
- 1,650 square feet on a 5,450‑square‑foot lot
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
$21,611
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
4.33%
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%
$432,220
$432.2K
Cap Rate 7%
$308,729
$308.7K
Cap Rate 9%
$240,122
$240.1K
Market Conditions
NOI Build-Up for 1,650 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
$32.7K $19.80/SF
− Vacancy
−$1.8K −$1.09/SF
EGI
$30.9K $18.71/SF
− OpEx
−$9.3K −$5.61/SF
NOI
$21.6K $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%
$432,220
Cap Rate 7%
$308,729
Cap Rate 9%
$240,122
Alternative Uses
Best Use
Multifamily LT 5
$308.7K
$270.1K – $360.2K
NOI $21,611 @ 7.0% cap · market cap 4.33%
Second Best
Apartment 5plus
$267.0K
$233.7K – $311.6K
NOI $18,693 @ 7.0% cap · market cap 3.75%
Theoretical Best
Office A
$424.3K
$371.3K – $495.0K
NOI $29,700 @ 7.0% cap · market cap 5.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
980
Businesses Nearby
Explore this area
Business Placement
Demographics for 77009, TX
36,425
Population
17,890
Households
2
Avg Household Size
37
Median Age
39%
College-Educated
78%
High-School Grad
6.2 sq mi
ZIP Area
5,875
Density / Sq Mi
$81,921
Median Household Income
$49,446
Median Earnings
$1,229
Median Rent
$403,600
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?
Duplex - Two tenant-occupied residences feature updated interiors, included appliances, outdoor space, and on-site parking.
Where is this duplex located?
The property is located at 206 Frawley Street Houston, TX.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: Two residences: 2‑bedroom, 1‑bath home plus 1‑bedroom, 1‑bath second‑story apartment; Both units are occupied by tenants; 1,650 square feet on a 5,450‑square‑foot lot
