Renovated Fourplex Investment
New
For Sale
$620,000
2209 Gano St, Houston, TX 77009
Four residences are renovated and currently leased, providing an established multifamily asset in Houston.
Property Size3,076 SF
Days on Market2
Property Features for 2209 Gano St
General Information
Standard status
Active
Size
3,076 SF
Property subtype
Investment
Occupancy
100%
Lease Term
12 months
Units
Unit Mix
3 x 2BR/1BA, 1 x 3BR/1BA
Multifamily Units
4
Additional Details
Public Transit
Yes
Building Details
Building Size
3,076 SF
Year Built
1935
Stories
2
Units
1
Listing Agency:
(832) 979-0160
Listed By:
Liuver Sanudo
(832) 979-0160
Source:
Elliman
Added: Aug 11
Changed: Aug 12
Last Checked: Aug 12 at 4:56AM
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 Liuver Sanudo
Investment Insights
Based on property information with market context.
This fourplex at 2209 Gano St in Houston contains four residential units: three with two bedrooms and one bathroom, plus one with three bedrooms and one bathroom. The property was built in 1935 and has undergone a full renovation. All four residences are currently occupied, allowing a buyer to acquire an operating multifamily property rather than begin with vacant units or deferred renovation work.
The property is located in Houston, TX 77009. Mobility scores include a 44 bike score, a 47 walk score, and a 46 transit score, reflecting some transit access, limited walkability, and a car-dependent setting.
The property is located in Houston, TX 77009. Mobility scores include a 44 bike score, a 47 walk score, and a 46 transit score, reflecting some transit access, limited walkability, and a car-dependent setting.
Key Highlights
- Four‑unit multifamily property at 2209 Gano St, Houston, TX 77009
- Unit mix includes three 2‑bedroom / 1‑bath units and one 3‑bedroom / 1‑bath unit
- Entire property has been renovated
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
$40,289
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
6.50%
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%
$805,780
$805.8K
Cap Rate 7%
$575,557
$575.6K
Cap Rate 9%
$447,656
$447.7K
Market Conditions
NOI Build-Up for 3,076 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
$60.9K $19.80/SF
− Vacancy
−$3.3K −$1.09/SF
EGI
$57.6K $18.71/SF
− OpEx
−$17.3K −$5.61/SF
NOI
$40.3K $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%
$805,780
Cap Rate 7%
$575,557
Cap Rate 9%
$447,656
Alternative Uses
Best Use
Multifamily LT 5
$575.6K
$503.6K – $671.5K
NOI $40,289 @ 7.0% cap · market cap 6.50%
Second Best
Apartment 5plus
$497.8K
$435.6K – $580.8K
NOI $34,849 @ 7.0% cap · market cap 5.62%
Theoretical Best
Office A
$791.0K
$692.1K – $922.8K
NOI $55,368 @ 7.0% cap · market cap 8.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
428
Businesses Nearby
Explore this area
Business Placement
Demographics for 77009, TX
36,425
Population
17,890
Households
2
Avg Household Size
37
Median Age
39%
College-Educated
78%
High-School Grad
6.2 sq mi
ZIP Area
5,875
Density / Sq Mi
$81,921
Median Household Income
$49,446
Median Earnings
$1,229
Median Rent
$403,600
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?
Quadplex - Four residences are renovated and currently leased, providing an established multifamily asset in Houston.
Where is this quadplex located?
The property is located at 2209 Gano St Houston, TX.
What is the asking price?
The asking price for this property is $620,000.
What are key features of this property?
This property features: Four‑unit multifamily property at 2209 Gano St, Houston, TX 77009; Unit mix includes three 2‑bedroom / 1‑bath units and one 3‑bedroom / 1‑bath unit; Entire property has been renovated
