Gated Triplex with Corner
For Sale
$499,000
2115 Holman Street, Houston, TX 77004
Triplex features two 1/1 units and one 2/2 unit, with in-unit laundry and month-to-month occupancy.
Property Size2,187 SF
Price / SF$228.17
Days on Market58
Property Features for 2115 Holman Street
General Information
Standard status
Active
Size
2,187 SF
Property subtype
Multi-Family
Amenities
Tile,Wood
Yes
2
3
Appraiser
Granite Counters,Ceiling Fan(s)
Cleared,Corner Lot
7601
2187
Building Details
Building Size
2,187 SF
Year Built
1949
Stories
1
Listing Agency:
eXp Realty LLC
(281) 486-1900
Listed By:
Rachelle Thompson · License #0720368
(814) 321-7970
Source:
Garygreene
Added: Jul 15
Changed: Sep 9
Last Checked: Sep 10 at 6:18AM
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 eXp Realty LLC
Investment Insights
Based on property information with market context.
This gated triplex offers a park-like setting and a practical mix of layouts, including two 1/1 units and one 2/2 unit. Laundry is located within each unit. The largest unit includes central air, wood floors, and granite and tile finishes, along with two bedrooms, two bathrooms, and a bonus room that could serve as a third bedroom or flex space. Tenants pay the landlord directly for water, and the property provides street parking for occupants and guests.
The property is positioned on a prime corner lot and is located minutes from Downtown, Midtown, and the Medical Center, with convenient access to major freeways, restaurants, shopping, and sports venues. BikeScore is 82 and WalkScore is 78, with a TransitScore of 49.
All units are currently occupied on a month-to-month basis, and rent rolls are available upon request. Buyer to verify room dimensions and purchase a new survey. No showings without an accepted offer.
The property is positioned on a prime corner lot and is located minutes from Downtown, Midtown, and the Medical Center, with convenient access to major freeways, restaurants, shopping, and sports venues. BikeScore is 82 and WalkScore is 78, with a TransitScore of 49.
All units are currently occupied on a month-to-month basis, and rent rolls are available upon request. Buyer to verify room dimensions and purchase a new survey. No showings without an accepted offer.
Key Highlights
- Triplex built in 1949 with 2 one‑bedroom/one‑bath units and 1 two‑bedroom/two‑bath unit
- All units have in‑unit laundry; tenants pay the landlord directly for water
- Largest unit includes central air, wood floors, granite and tile, plus 2 bedrooms, 2 bathrooms, and a bonus room
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
$28,645
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
5.74%
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%
$572,900
$572.9K
Cap Rate 7%
$409,214
$409.2K
Cap Rate 9%
$318,278
$318.3K
Market Conditions
NOI Build-Up for 2,187 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
$43.3K $19.80/SF
− Vacancy
−$2.4K −$1.09/SF
EGI
$40.9K $18.71/SF
− OpEx
−$12.3K −$5.61/SF
NOI
$28.6K $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%
$572,900
Cap Rate 7%
$409,214
Cap Rate 9%
$318,278
Alternative Uses
Best Use
Multifamily LT 5
$409.2K
$358.1K – $477.4K
NOI $28,645 @ 7.0% cap · market cap 5.74%
Second Best
Apartment 5plus
$354.0K
$309.7K – $413.0K
NOI $24,777 @ 7.0% cap · market cap 4.97%
Theoretical Best
Office A
$562.4K
$492.1K – $656.1K
NOI $39,366 @ 7.0% cap · market cap 7.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,607
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
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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?
Triplex - Triplex features two 1/1 units and one 2/2 unit, with in-unit laundry and month-to-month occupancy.
Where is this triplex located?
The property is located at 2115 Holman 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: Triplex built in 1949 with 2 one‑bedroom/one‑bath units and 1 two‑bedroom/two‑bath unit; All units have in‑unit laundry; tenants pay the landlord directly for water; Largest unit includes central air, wood floors, granite and tile, plus 2 bedrooms, 2 bathrooms, and a bonus room
