2-Unit Duplex with Leased
For Sale
$530,000
Pending
217 Oakcrest, Conroe, TX 77304
Both residences feature open layouts, attached garages, granite countertops, stainless-steel appliances, and private fenced yards.
Property Size1,663 SF
Days on Market15
Property Features for 217 Oakcrest
General Information
Standard status
Pending
Size
1,663 SF
Property subtype
Investment
Lease Term
12 months
Taxes and HOA fees
Annual Taxes
$10,905
Building Details
Building Size
1,663 SF
Year Built
2019
Stories
2
Units
1
Listing Agency:
SERHANT.
(832) 416-1000
Listed By:
Patty Rangasajo
(832) 416-1000
Source:
Elliman
Added: Aug 16
Changed: Aug 28
Last Checked: Aug 29 at 11:35AM
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 SERHANT.
Investment Insights
Based on property information with market context.
This 2019 duplex at 217 Oakcrest in Conroe contains two leased residences, each offering a 3-bedroom, 2.5-bath configuration. Interior features include open-concept living areas, granite countertops, stainless-steel appliances, and wood-look tile flooring. Each unit also includes a primary suite, an attached two-car garage, and a fenced backyard.
The property provides access to I-45, Lake Conroe, shopping, dining, employment centers, and the greater Conroe and The Woodlands area. Both sides are currently leased, supporting an established income-producing configuration for an owner seeking a two-unit residential asset.
The property provides access to I-45, Lake Conroe, shopping, dining, employment centers, and the greater Conroe and The Woodlands area. Both sides are currently leased, supporting an established income-producing configuration for an owner seeking a two-unit residential asset.
Key Highlights
- Two leased units with established occupancy
- Each unit offers 3 bedrooms and 2.5 baths
- Built in 2019
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
$18,547
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
3.50%
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%
$370,940
$370.9K
Cap Rate 7%
$264,957
$265.0K
Cap Rate 9%
$206,078
$206.1K
Market Conditions
NOI Build-Up for 1,663 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
$28.3K $17.04/SF
− Vacancy
−$1.8K −$1.11/SF
EGI
$26.5K $15.93/SF
− OpEx
−$7.9K −$4.78/SF
NOI
$18.5K $11.15/SF
Area
Montgomery County, TX
Vacancy
6.50%
Lease Rate
$17.04 /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%
$370,940
Cap Rate 7%
$264,957
Cap Rate 9%
$206,078
Alternative Uses
Best Use
Multifamily LT 5
$265.0K
$231.8K – $309.1K
NOI $18,547 @ 7.0% cap · market cap 3.50%
Second Best
Apartment 5plus
$249.6K
$218.4K – $291.2K
NOI $17,473 @ 7.0% cap · market cap 3.30%
Theoretical Best
Specialty Retail
$419.8K
$367.4K – $489.8K
NOI $29,388 @ 7.0% cap · market cap 5.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
45
Businesses Nearby
Explore this area
Business Placement
Demographics for 77304, TX
35,969
Population
18,462
Households
1.9
Avg Household Size
38
Median Age
42%
College-Educated
93%
High-School Grad
40.0 sq mi
ZIP Area
899
Density / Sq Mi
$78,574
Median Household Income
$43,314
Median Earnings
$1,397
Median Rent
$324,800
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 - Both residences feature open layouts, attached garages, granite countertops, stainless-steel appliances, and private fenced yards.
Where is this duplex located?
The property is located at 217 Oakcrest Conroe, TX.
What is the asking price?
The asking price for this property is $530,000.
What are key features of this property?
This property features: Two leased units with established occupancy; Each unit offers 3 bedrooms and 2.5 baths; Built in 2019
