Updated Duplex with Enclosed
New
For Sale
$375,000
215 Caplin Street, Houston, TX 77022
Two separately configured residences with permitted plumbing and electrical upgrades, plus flexible rental and occupancy options.
Property Size2,240 SF
Days on Market7
Property Features for 215 Caplin Street
General Information
Standard status
Active
Size
2,240 SF
Property subtype
Multi Family,Duplex
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
1 x 2BR/1BA, 1 x 2BR/2BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$6,475
Amenities
private enclosed courtyard
Building Details
Building Size
2,240 SF
Year Built
1950
Buildings
1
Listing Agency:
Compass RE Texas, LLC - The Heights
(281) 509-3604
Listed By:
Laura Miranda
(281) 509-3604
Source:
Greenwoodking
Added: Aug 17
Changed: Aug 20
Last Checked: Aug 22 at 11:16AM
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 Compass RE Texas, LLC - The Heights
Investment Insights
Based on property information with market context.
This updated duplex contains two distinct residences: a 2-bedroom, 1-bath unit and a 2-bedroom, 2-bath unit. The upstairs residence is leased on a one-year term, while the downstairs unit is operated as an Airbnb and available for showings. The property also includes a private enclosed courtyard for additional outdoor space.
Capital improvements include replacement plumbing extending from the main sewer line to the slab and throughout the interior, along with a complete electrical rewire. Both scopes were fully permitted. Located in Houston, the property is minutes from Downtown with access to 610 and the light rail.
Capital improvements include replacement plumbing extending from the main sewer line to the slab and throughout the interior, along with a complete electrical rewire. Both scopes were fully permitted. Located in Houston, the property is minutes from Downtown with access to 610 and the light rail.
Key Highlights
- Two‑unit configuration with 2‑bedroom, 1‑bath and 2‑bedroom, 2‑bath residences
- Upstairs unit leased on a one‑year lease
- Downstairs unit operated as an Airbnb and available for showings
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
$29,339
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
7.82%
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%
$586,780
$586.8K
Cap Rate 7%
$419,129
$419.1K
Cap Rate 9%
$325,989
$326.0K
Market Conditions
NOI Build-Up for 2,240 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
$44.4K $19.80/SF
− Vacancy
−$2.4K −$1.09/SF
EGI
$41.9K $18.71/SF
− OpEx
−$12.6K −$5.61/SF
NOI
$29.3K $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%
$586,780
Cap Rate 7%
$419,129
Cap Rate 9%
$325,989
Alternative Uses
Best Use
Multifamily LT 5
$419.1K
$366.7K – $489.0K
NOI $29,339 @ 7.0% cap · market cap 7.82%
Second Best
Apartment 5plus
$362.5K
$317.2K – $423.0K
NOI $25,377 @ 7.0% cap · market cap 6.77%
Theoretical Best
Office A
$576.0K
$504.0K – $672.0K
NOI $40,320 @ 7.0% cap · market cap 10.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
525
Businesses Nearby
Explore this area
Business Placement
Demographics for 77022, TX
28,748
Population
10,717
Households
2.7
Avg Household Size
35
Median Age
13%
College-Educated
63%
High-School Grad
5.8 sq mi
ZIP Area
4,957
Density / Sq Mi
$48,386
Median Household Income
$28,877
Median Earnings
$1,047
Median Rent
$197,200
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 separately configured residences with permitted plumbing and electrical upgrades, plus flexible rental and occupancy options.
Where is this duplex located?
The property is located at 215 Caplin Street Houston, TX.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: Two‑unit configuration with 2‑bedroom, 1‑bath and 2‑bedroom, 2‑bath residences; Upstairs unit leased on a one‑year lease; Downstairs unit operated as an Airbnb and available for showings
