Income Producing Multifamily in
For Sale
$450,000
Pending
2201 Blodgett Street, Houston, TX 77004
Six-unit multifamily property in Houston's Historic Third Ward.
Property Size3,072 SF
Days on Market673
Property Features for 2201 Blodgett Street
General Information
Standard status
Pending
Size
3,072 SF
Property subtype
Multi Family
Site & Location
Neighborhood
Greater Third Ward
Taxes and HOA fees
Annual Taxes
$7,385
Building Details
Year Built
1935
Listing Agency:
Womack Development & Investment Realtors
Listed By:
Gerald Womack · License #0199047
(713) 523-7402
Source:
Exitrealty
Added: Dec 22, 2024
Changed: Oct 25
Last Checked: Oct 16 at 6:32AM
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 Womack Development & Investment Realtors
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Investment Insights
Based on property information with market context.
This income-producing six-unit multifamily property is located in the Historic Third Ward. The main structure, addressed as 2201 Blodgett, contains four one-bedroom, one-bathroom units. An additional two units, a one-bedroom, one-bathroom unit and an efficiency, are situated above the four-car garage and addressed as 4615 South Freeway. All units are currently rented on a month-to-month basis. The refrigerators and stoves in each unit are owned by the seller and will convey with the sale. Each unit is separately metered for electricity. The seller currently pays for water. The property is located minutes away from major universities, Downtown Houston, the Museum District, and the Texas Medical Center.
Key Highlights
- Income‑producing 6‑unit multi‑family property.
- Located in the Historic Third Ward.
- Proximity to major universities, Downtown Houston, Museum District, and Texas Medical Center.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$34,803
Cap Rate
7.73%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$696,060
$696.1K
Cap Rate 7%
$497,186
$497.2K
Cap Rate 9%
$386,700
$386.7K
Market Conditions
NOI Build-Up for 3,072 SF
Gross rent
$67.5K $21.96/SF
− Vacancy
−$4.2K −$1.36/SF
EGI
$63.3K $20.60/SF
− OpEx
−$28.5K −$9.27/SF
NOI
$34.8K $11.33/SF
Area
Houston, TX
Vacancy
6.20%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$696,060
Cap Rate 7%
$497,186
Cap Rate 9%
$386,700
Alternative Uses
Best Use
Apartment 5plus
$497.2K
$435.0K – $580.1K
NOI $34,803 @ 7.0% cap · market cap 7.73%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$789.9K
$691.2K – $921.6K
NOI $55,296 @ 7.0% cap · market cap 12.29%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Open Analytics
Location Intelligence
Trade Area within ½ mile
2,132
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
Frequently Asked Questions
What type of property is this?
Apartment building - Six-unit multifamily property in Houston's Historic Third Ward.
Where is this apartment building located?
The property is located at 2201 Blodgett Street Houston, TX.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Income‑producing 6‑unit multi‑family property.; Located in the Historic Third Ward.; Proximity to major universities, Downtown Houston, Museum District, and Texas Medical Center.
