Four-Unit Apartment
For Sale
$639,900
Pending
2409 Arbor St, Houston, TX 77004
Apartment property with varied layouts, functional kitchens, and driveway parking.
Property Size3,308 SF
Days on Market128
Property Features for 2409 Arbor St
General Information
Standard status
Pending
Size
3,308 SF
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$15,168
Building Details
Building Size
3,308 SF
Year Built
1940
Stories
2
Units
3
Listed By:
Jordan Hall
(832) 454-2973
Source:
Elliman
Added: Apr 29
Changed: Aug 31
Last Checked: Aug 31 at 6:11PM
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 Jordan Hall
Investment Insights
Based on property information with market context.
This Houston apartment property contains four units arranged as one 3/2, one 2/2, and two one-bedroom apartments. Each residence includes a kitchen, and the bedrooms are described as adequately sized. A spacious driveway provides on-site parking for the property.
The property is located at 2409 Arbor St in Houston, Texas, with access to highways, schools, restaurants, and shopping nearby. Transportation indicators include a Bike Score of 80, a Walk Score of 37, and a Transit Score of 50. Built in 1940, the property offers a varied unit mix within an established multifamily structure.
The property is located at 2409 Arbor St in Houston, Texas, with access to highways, schools, restaurants, and shopping nearby. Transportation indicators include a Bike Score of 80, a Walk Score of 37, and a Transit Score of 50. Built in 1940, the property offers a varied unit mix within an established multifamily structure.
Key Highlights
- Four‑unit configuration with one 3/2, one 2/2, and two one‑bedroom apartments
- Functional kitchens included in each unit
- Spacious driveway provides on‑site parking
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
$43,327
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
6.77%
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%
$866,540
$866.5K
Cap Rate 7%
$618,957
$619.0K
Cap Rate 9%
$481,411
$481.4K
Market Conditions
NOI Build-Up for 3,308 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
$65.5K $19.80/SF
− Vacancy
−$3.6K −$1.09/SF
EGI
$61.9K $18.71/SF
− OpEx
−$18.6K −$5.61/SF
NOI
$43.3K $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%
$866,540
Cap Rate 7%
$618,957
Cap Rate 9%
$481,411
Alternative Uses
Best Use
Multifamily LT 5
$619.0K
$541.6K – $722.1K
NOI $43,327 @ 7.0% cap · market cap 6.77%
Second Best
Apartment 5plus
$535.4K
$468.5K – $624.6K
NOI $37,477 @ 7.0% cap · market cap 5.86%
Theoretical Best
Office A
$850.6K
$744.3K – $992.4K
NOI $59,544 @ 7.0% cap · market cap 9.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,645
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
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Frequently Asked Questions
What type of property is this?
Quadplex - Apartment property with varied layouts, functional kitchens, and driveway parking.
Where is this quadplex located?
The property is located at 2409 Arbor St Houston, TX.
What is the asking price?
The asking price for this property is $639,900.
What are key features of this property?
This property features: Four‑unit configuration with one 3/2, one 2/2, and two one‑bedroom apartments; Functional kitchens included in each unit; Spacious driveway provides on‑site parking
