7-Unit Apartment
2232 Maurine Street, Houston, TX 77039
For Sale
$499,000
Four-address residential portfolio combines seven apartment units in a fully leased configuration.
Property Size3,074 SF
Price / SF$162.33
Days on Market73
Property Features for 2232 Maurine Street
General Information
Standard status
Size
Property subtype
Occupancy
Net Operating Income
Site & Location
Neighborhood
Additional Details
Gross Income
Multifamily Units
Tenant in Place
Taxes and HOA fees
Annual Taxes
Building Details
Building Size
Year Built
Listing Agency:
Sarah Virani
Listed By:
Sarah Virani · License TX #622119
(832) 576-5392
Source:
Legendlivingrealestate
Added: Sep 1
Changed: Nov 10
Last Checked: Nov 12 at 4:08PM
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 Sarah Virani
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Investment Insights
Based on property information with market context.
This 7-unit apartment property comprises 3,074 square feet of residential space and was built in 1935. The units are distributed among properties at 2232, 2234, 2236 and 2238 Maurine Street in Houston.
The portfolio is fully occupied, with all seven units leased.
The portfolio is fully occupied, with all seven units leased.
Key Highlights
- Seven apartment units across four Maurine Street addresses
- 100% occupancy across the portfolio
- 3,074 square feet of residential space
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$34,826
Cap Rate
6.98%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$696,520
$696.5K
Cap Rate 7%
$497,514
$497.5K
Cap Rate 9%
$386,956
$387.0K
Market Conditions
NOI Build-Up for 3,074 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%
$696,520
Cap Rate 7%
$497,514
Cap Rate 9%
$386,956
Alternative Uses
Best Use
Apartment 5plus
$497.5K
$435.3K – $580.4K
NOI $34,826 @ 7.0% cap · market cap 6.98%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$790.5K
$691.7K – $922.2K
NOI $55,332 @ 7.0% cap · market cap 11.09%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Lease Details
7
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
297
Businesses Nearby
Explore this area
Business Placement
Demographics for 77039, TX
28,740
Population
8,692
Households
3.3
Avg Household Size
30
Median Age
5%
College-Educated
58%
High-School Grad
10.1 sq mi
ZIP Area
2,846
Density / Sq Mi
$44,567
Median Household Income
$30,385
Median Earnings
$1,169
Median Rent
$148,600
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Properties on Market for Apartment buildings in Houston
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Four-address residential portfolio combines seven apartment units in a fully leased configuration.
Where is this apartment building located?
The property is located at 2232 Maurine Street Houston, TX.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: Seven apartment units across four Maurine Street addresses; 100% occupancy across the portfolio; 3,074 square feet of residential space
