Income Producing Multifamily in
For Sale
$450,000
Pending
2201 Blodgett St, Houston, TX 77004
Six-unit multifamily property in Houston's Historic Third Ward.
Property Size3,072 SF
Lot Size0.13 Acres
Days on Market166
Property Features for 2201 Blodgett St
General Information
Standard status
Pending
Size
3,072 SF
Lot size
0.13 Acres
Property subtype
Investment
Lease Term
Month-to-month
Taxes and HOA fees
Annual Taxes
$7,385
Building Details
Building Size
3,072 SF
Year Built
1935
Stories
2
Units
2
Listing Agency:
WOMACK DEVELOPMENT & INVESTMENT REALTORS
(713) 523-7402
Listed By:
Gerald Womack · License #0199047
(713) 523-7402
Source:
Elliman
Added: Mar 11
Changed: Aug 12
Last Checked: Aug 23 at 6:36AM
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
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 = 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
$34,803
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
7.73%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
Current Use
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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 St 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.
