5-Unit Multifamily Property with Commercial
New
For Sale
$725,000
2319 Mckee St, Houston, TX 77009
The property combines residential units, a commercial space, and a separate vacant lot.
Property Size4,564 SF
Lot Size0.34 Acres
Days on Market4
Property Features for 2319 Mckee St
General Information
Standard status
Active
Size
4,564 SF
Lot size
0.34 Acres
Property subtype
Investment
Lease Term
Month-to-month
Units
Unit Mix
1 x 3BR, 2 x 2BR, 1 x garage apt
Multifamily Units
4
Additional Details
Gross Income
$53,400
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$15,632
Amenities
completely fenced
Building Details
Building Size
4,564 SF
Year Built
1935
Stories
2
Units
2
Listing Agency:
Carlos Garcia Realty, Inc.
Listed By:
Eric Garcia · License #0690804
(713) 928-5211
Source:
Elliman
Added: Sep 11
Changed: Sep 12
Last Checked: Sep 13 at 9:03AM
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 Carlos Garcia Realty, Inc.
Investment Insights
Based on property information with market context.
This multifamily property includes five units across a single-family residence, a duplex, a garage apartment, and a commercial space. The single-family home offers three bedrooms, while each duplex unit has two bedrooms. The property also includes a separate vacant lot, complete fencing, and improvements dating to 1935. Utilities are master metered, except at 2315 McKee St, which has separate utility service.
The improvements occupy a 15,000-square-foot corner lot across 2311 McKee St, 2315 McKee St, 2319 McKee St, and the commercial space at 1510 Quitman St. The property is positioned in Houston’s near Northside, just north of downtown, with access to a tree-lined street and nearby public improvements. Walk Score is 70, Bike Score is 84, and Transit Score is 59.
The improvements occupy a 15,000-square-foot corner lot across 2311 McKee St, 2315 McKee St, 2319 McKee St, and the commercial space at 1510 Quitman St. The property is positioned in Houston’s near Northside, just north of downtown, with access to a tree-lined street and nearby public improvements. Walk Score is 70, Bike Score is 84, and Transit Score is 59.
Key Highlights
- Five‑unit configuration with a single‑family home, duplex, garage apartment, and commercial space
- 15,000‑square‑foot corner lot with a separate vacant parcel at 2311 McKee St
- Single‑family residence includes 3 bedrooms; each duplex unit includes 2 bedrooms
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
$60,245
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
8.31%
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%
$1,204,900
$1.2M
Cap Rate 7%
$860,643
$860.6K
Cap Rate 9%
$669,389
$669.4K
Market Conditions
NOI Build-Up for 4,564 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
$109.5K $24.00/SF
− Vacancy
−$13.1K −$2.88/SF
EGI
$96.4K $21.12/SF
− OpEx
−$36.1K −$7.92/SF
NOI
$60.2K $13.20/SF
Area
Houston, TX
Vacancy
12.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
37.50%
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%
$1,204,900
Cap Rate 7%
$860,643
Cap Rate 9%
$669,389
Alternative Uses
Best Use
Mixed Use
$860.6K
$753.1K – $1.00M
NOI $60,245 @ 7.0% cap · market cap 8.31%
Second Best
Multifamily LT 5
$854.0K
$747.2K – $996.3K
NOI $59,778 @ 7.0% cap · market cap 8.25%
Theoretical Best
Office A
$1.17M
$1.03M – $1.37M
NOI $82,152 @ 7.0% cap · market cap 11.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
733
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
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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?
Multifamily property - The property combines residential units, a commercial space, and a separate vacant lot.
Where is this multifamily property located?
The property is located at 2319 Mckee St Houston, TX.
What is the asking price?
The asking price for this property is $725,000.
What are key features of this property?
This property features: Five‑unit configuration with a single‑family home, duplex, garage apartment, and commercial space; 15,000‑square‑foot corner lot with a separate vacant parcel at 2311 McKee St; Single‑family residence includes 3 bedrooms; each duplex unit includes 2 bedrooms
