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    Multi-Unit Residential Investment Opportunity Title is generated by Realmo AI

    20918 Dunn, New Caney, TX 77357

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    Claim this Listing
    For Sale
    $500,000

    Residential Multi Family, Other - New Caney, TX

    Property size:
    2,668 SF
    Lot size:
    0.66 Acres
    Price / SF:
    $187/SF
    Added:
    Feb 28, 2026
    Days on Market:
    87
    Last Refresh:
    May 26 at 10:06 pm

    Property Features for 20918 Dunn

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    Size
    2,668 SF
    Lot size
    0.66 Acres

    Building Details

    Year built
    1981
    Architectural style
    Other

    We can help!

    Listing Contact
    Alex Townsend

    Listing agent Alex Townsend License #695649,PersonLicenseNumber

    Listing office NextHome Realty Center 14150 Huffmeister Rd, Suite 200 - PMB 110, TX

    Listing date Feb 28, 2026

    MLS# 10621844 Listing URL

    Copyright © 2026 NextHome, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Investment opportunity: Property can be sold as a whole or as two separate properties.
    • 20918 is subdivided into 3 independent apartments, providing rental income potential.
    • 20922 is a manufactured home with 3 bedrooms and 2 baths, offering comfortable living space.
    • Unit A (in 20918) is a large 4‑bedroom, 2‑bath apartment with a fireplace.
    • 20922 features a formal living room, expansive kitchen with breakfast nook, and formal dining area.
    • Multiple units offer eat‑in kitchens, enhancing convenience for tenants or residents.

    Overview

    This property presents an excellent investment opportunity and can be sold as a whole or as two separate properties. One section, located at 20922, features a manufactured home with a formal living area, an expansive kitchen including a breakfast nook, a formal dining area with a built-in china cabinet, a family room, three bedrooms, two bathrooms, and a spacious laundry room. The other section, located at 20918, has been subdivided into three independent apartments. The front apartment (20918) is a two-bedroom, one-bath unit with a large rustic kitchen and living room area. Unit A is the largest, offering four bedrooms, two bathrooms, a living room with a fireplace, and a large eat-in kitchen. Unit B features one bedroom, one bathroom, and a large eat-in kitchen. Unit C is a one-bedroom, one-bath studio with a kitchenette. The property is situated on a 0.66-acre lot. The total property size is 2668 square feet. This property is located in New Caney, Texas.

    Financial Insights

    Value Estimation Calculated for Apartment 5plus

    Conservative
    $311.5K
    NOI $28,033 @ 9.00% cap · cautious / downside scenario
    Moderate
    $400.5K
    NOI $28,033 @ 7.00% cap · market / base-case scenario
    Aggressive
    $560.7K
    NOI $28,033 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    NOI Build-Up
    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.
         Calculated for Apartment 5plus

    Component $ $/SF
    Gross rent $54.1k $20.28
    − Vacancy −$3.1k −$1.18
    EGI $51.0k $19.10
    − OpEx −$22.9k −$8.60
    NOI $28.0k $10.51
    2,668 SF · lease $20.28/SF/yr · vacancy 5.80% · expense 45.00%

    Alternative Use Scenarios

    Best Use
    Apartment 5plus
    $400.5K
    $350.4K – $467.2K (±1% cap)
    NOI $28,033 @ 7.0% cap · market cap 5.61%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Specialty Retail
    $673.5K
    $589.4K – $785.8K (±1% cap)
    NOI $47,148 @ 7.0% cap · market cap 9.43%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Single family properties

    Suggested Use

    Real Estate Agency Law Firm Restaurant Dental Office Spa & Massage Center Hair Salon Nail Salon Building Supply Pharmacy Big Box & Wholesale Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    New Caney
    County
    Montgomery
    State
    Texas
    Longitude
    -95.250744
    Latitude
    30.139258

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    FAQs

    What type of property is this?
    Apartment building - Multi-family property with diverse rental income potential in New Caney.
    Where is this apartment building located?
    The property is located at 20918 Dunn New Caney, TX.
    What is the asking price?
    The asking price for this property is $500,000.
    What are key features of this property?
    This property features: Investment opportunity: Property can be sold as a whole or as two separate properties.; 20918 is subdivided into 3 independent apartments, providing rental income potential.; 20922 is a manufactured home with 3 bedrooms and 2 baths, offering comfortable living space.
    (281) 746-3360
    We can help!
    Listing Contact
    Alex Townsend
    Real Estate License ID: 695649,PersonLicenseNumber
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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