Modern Two-Unit
New
For Sale
$840,000
2118 - 2120 Creston Dr, Houston, TX 77026
Two residential units feature private driveways and a contemporary plan.
Property Size4,664 SF
Days on Market5
Property Features for 2118 - 2120 Creston Dr
General Information
Standard status
Active
Size
4,664 SF
Property subtype
Investment
Units
Unit Mix
2 x 2BR/2.5BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$1,278
Building Details
Building Size
4,664 SF
Year Built
2026
Stories
2
Units
1
Listing Agency:
New Age
(713) 373-7401
Listed By:
Ashwin Kewalramani · License #0700464
(713) 373-7401
Source:
Elliman
Added: Aug 8
Changed: Aug 9
Last Checked: Aug 11 at 10:26AM
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 New Age
Investment Insights
Based on property information with market context.
This pre-sale duplex is planned with two separate residential units, each offering 2 bedrooms, 2.5 baths, and over 1,000 square feet. The two-story configuration includes dedicated private driveways for each unit, supporting separate access for residents or owners. Estimated completion is October 2026.
The property is located at 2118–2120 Creston Dr in Houston, Texas 77026. Walk Score is 54, Bike Score is 64, and Transit Score is 57.
The property is located at 2118–2120 Creston Dr in Houston, Texas 77026. Walk Score is 54, Bike Score is 64, and Transit Score is 57.
Key Highlights
- Two‑unit duplex with 2 bedrooms and 2.5 baths per unit
- Each unit offers over 1,000 square feet
- Private driveway designated for each unit
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
$61,088
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
7.27%
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%
$1,221,760
$1.2M
Cap Rate 7%
$872,686
$872.7K
Cap Rate 9%
$678,756
$678.8K
Market Conditions
NOI Build-Up for 4,664 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
$92.3K $19.80/SF
− Vacancy
−$5.1K −$1.09/SF
EGI
$87.3K $18.71/SF
− OpEx
−$26.2K −$5.61/SF
NOI
$61.1K $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%
$1,221,760
Cap Rate 7%
$872,686
Cap Rate 9%
$678,756
Alternative Uses
Best Use
Multifamily LT 5
$872.7K
$763.6K – $1.02M
NOI $61,088 @ 7.0% cap · market cap 7.27%
Second Best
Apartment 5plus
$754.8K
$660.5K – $880.7K
NOI $52,839 @ 7.0% cap · market cap 6.29%
Theoretical Best
Office A
$1.20M
$1.05M – $1.40M
NOI $83,952 @ 7.0% cap · market cap 9.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
313
Businesses Nearby
Explore this area
Business Placement
Demographics for 77026, TX
23,405
Population
9,580
Households
2.4
Avg Household Size
36
Median Age
9%
College-Educated
70%
High-School Grad
6.6 sq mi
ZIP Area
3,546
Density / Sq Mi
$34,835
Median Household Income
$29,339
Median Earnings
$962
Median Rent
$104,800
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 residential units feature private driveways and a contemporary plan.
Where is this duplex located?
The property is located at 2118 - 2120 Creston Dr Houston, TX.
What is the asking price?
The asking price for this property is $840,000.
What are key features of this property?
This property features: Two‑unit duplex with 2 bedrooms and 2.5 baths per unit; Each unit offers over 1,000 square feet; Private driveway designated for each unit
