Houston Fourplex Near
For Sale
$600,000
2302 Blodgett Street Unit 14, Houston, TX 77004
Four updated units near universities, medical center, and downtown.
Property Size3,384 SF
Price / SF$177.30
Days on Market184
Property Features for 2302 Blodgett Street Unit 14
General Information
Standard status
Active
Size
3,384 SF
Property subtype
Residential Income / Quadruplex
Taxes and HOA fees
Annual Taxes
$10,680
Amenities
Two
Central Air, Electric
Central, Electric
2
Wood, Hardwood
Dishwasher, Disposal, Microwave, Refrigerator
Yes
1
Low Emissivity Windows, Window Coverings
Granite Counters, Window Treatments, Ceiling Fans
Composition
No
Fire Alarm
Brick
Building Details
Year Built
1935
Listing Agency:
Coldwell Banker Real Estate LLC
Listed By:
Nneka Obialo · License #0762387
(281) 549-2672
Source:
Compass
Added: Mar 11
Changed: Sep 8
Last Checked: Sep 9 at 8:26PM
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 Coldwell Banker Real Estate LLC
Investment Insights
Based on property information with market context.
This fourplex presents an opportunity to own a property in Houston. The building contains four units, each featuring one bedroom and one bathroom, with updated kitchens and bathrooms. The layout includes two units located upstairs and two downstairs. Dedicated parking is available at the rear of the property. Situated near TSU, the University of Houston, the Medical Center, downtown Houston, and major sports stadiums, the property benefits from proximity to these key locations. The property is suitable for Airbnb, short or long-term rentals, or student housing. It can be owner-occupied with the remaining units leased, or held as an income-producing asset.
Key Highlights
- Prime Houston location near TSU, University of Houston, the Medical Center, downtown, and sports stadiums.
- Four updated one‑bedroom, one‑bath units, ideal for diverse rental strategies (Airbnb, short/long‑term).
- Excellent income potential as a long‑term investment in a high‑demand area.
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
$44,323
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
7.39%
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%
$886,460
$886.5K
Cap Rate 7%
$633,186
$633.2K
Cap Rate 9%
$492,478
$492.5K
Market Conditions
NOI Build-Up for 3,384 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
$67.0K $19.80/SF
− Vacancy
−$3.7K −$1.09/SF
EGI
$63.3K $18.71/SF
− OpEx
−$19.0K −$5.61/SF
NOI
$44.3K $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%
$886,460
Cap Rate 7%
$633,186
Cap Rate 9%
$492,478
Alternative Uses
Best Use
Multifamily LT 5
$633.2K
$554.0K – $738.7K
NOI $44,323 @ 7.0% cap · market cap 7.39%
Second Best
Apartment 5plus
$547.7K
$479.2K – $639.0K
NOI $38,338 @ 7.0% cap · market cap 6.39%
Theoretical Best
Office A
$870.2K
$761.4K – $1.02M
NOI $60,912 @ 7.0% cap · market cap 10.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,962
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Quadplex - Four updated units near universities, medical center, and downtown.
Where is this quadplex located?
The property is located at 2302 Blodgett Street Unit 14 Houston, TX.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: Prime Houston location near TSU, University of Houston, the Medical Center, downtown, and sports stadiums.; Four updated one‑bedroom, one‑bath units, ideal for diverse rental strategies (Airbnb, short/long‑term).; Excellent income potential as a long‑term investment in a high‑demand area.
