Tenant-Occupied
For Sale
$400,000
2423 Lucas Street A-b, Houston, TX 77026
Both residences offer open layouts, updated finishes, and stainless steel kitchen appliances.
Property Size2,600 SF
Price / SF$153.85
Days on Market16
Property Features for 2423 Lucas Street A-b
General Information
Standard status
Active
Size
2,600 SF
Property subtype
Multi-Family
Building Details
Year Built
2013
Listing Agency:
New Era Real Estate LLC
Listed By:
Kayla Evans · License #0755361
(346) 617-6772
Source:
Vincesoldit
Added: Aug 18
Changed: Aug 29
Last Checked: Sep 1 at 9:37PM
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 New Era Real Estate LLC
Investment Insights
Based on property information with market context.
Built in 2013, this duplex contains 2,600 square feet with two tenant-occupied residences. Each unit includes 3 bedrooms, 2 full bathrooms, an open living arrangement, and a kitchen with stainless steel appliances and ample cabinetry. Laminate and tile flooring provide durable finishes throughout the units.
The property is located at 2423 Lucas Street A-b in Houston, Texas 77026. Leases are in place through July and November, supporting existing occupancy. The duplex sits on a double lot, which offers potential for an additional building and expanded rental use.
The property is located at 2423 Lucas Street A-b in Houston, Texas 77026. Leases are in place through July and November, supporting existing occupancy. The duplex sits on a double lot, which offers potential for an additional building and expanded rental use.
Key Highlights
- 2,600‑square‑foot duplex built in 2013
- Two tenant‑occupied units, each with 3 bedrooms and 2 full bathrooms
- Open layouts with laminate and tile flooring
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
$34,054
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
8.51%
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%
$681,080
$681.1K
Cap Rate 7%
$486,486
$486.5K
Cap Rate 9%
$378,378
$378.4K
Market Conditions
NOI Build-Up for 2,600 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
$51.5K $19.80/SF
− Vacancy
−$2.8K −$1.09/SF
EGI
$48.6K $18.71/SF
− OpEx
−$14.6K −$5.61/SF
NOI
$34.1K $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%
$681,080
Cap Rate 7%
$486,486
Cap Rate 9%
$378,378
Alternative Uses
Best Use
Multifamily LT 5
$486.5K
$425.7K – $567.6K
NOI $34,054 @ 7.0% cap · market cap 8.51%
Second Best
Apartment 5plus
$420.8K
$368.2K – $490.9K
NOI $29,456 @ 7.0% cap · market cap 7.36%
Theoretical Best
Office A
$668.6K
$585.0K – $780.0K
NOI $46,800 @ 7.0% cap · market cap 11.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
318
Businesses Nearby
Explore this area
Business Placement
Demographics for 77026, TX
23,405
Population
9,580
Households
2.4
Avg Household Size
36
Median Age
9%
College-Educated
70%
High-School Grad
6.6 sq mi
ZIP Area
3,546
Density / Sq Mi
$34,835
Median Household Income
$29,339
Median Earnings
$962
Median Rent
$104,800
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?
Duplex - Both residences offer open layouts, updated finishes, and stainless steel kitchen appliances.
Where is this duplex located?
The property is located at 2423 Lucas Street A-b Houston, TX.
What is the asking price?
The asking price for this property is $400,000.
What are key features of this property?
This property features: 2,600‑square‑foot duplex built in 2013; Two tenant‑occupied units, each with 3 bedrooms and 2 full bathrooms; Open layouts with laminate and tile flooring
