New Two-Unit
For Sale
$415,000
2477 Carmel Street, Houston, TX 77091
Brand-new income property with private yards, dedicated driveways, modern finishes, and no HOA.
Property Size2,182 SF
Days on Market11
Property Features for 2477 Carmel Street
General Information
Standard status
Active
Size
2,182 SF
Property subtype
Multi Family,Duplex
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
2 x 2BR/2.5BA
Multifamily Units
2
Amenities
private yards
dedicated driveways
wood privacy fence
smart locks
Ring cameras
Building Details
Building Size
2,182 SF
Year Built
2026
Buildings
1
Listing Agency:
Nan & Company Properties - Corporate Office (Heights)
(832) 764-2826
Listed By:
Joshua Hight
(832) 764-2826
Source:
Mpowerrealtygroup
Added: Aug 14
Changed: Aug 24
Last Checked: Aug 24 at 3:10PM
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 Nan & Company Properties - Corporate Office (Heights)
Investment Insights
Based on property information with market context.
Completed in 2026, this two-unit duplex at 2477 Carmel Street features two bedrooms, two-and-one-half baths, open-concept living, and more than 1,000 square feet per unit. Interior details include quartz countertops, genuine mahogany wood doors, custom accent walls, smart locks, and Ring cameras. Each residence also includes a private yard, dedicated driveway, and wood privacy fence. The building uses 100% solid copper electrical wiring.
The property is in Houston’s Highland Acre Homes area, with access to 610, The Heights, Downtown, and major transit. There is no HOA. A full builder warranty is included, and lender fees are waived through the preferred lender.
The property is in Houston’s Highland Acre Homes area, with access to 610, The Heights, Downtown, and major transit. There is no HOA. A full builder warranty is included, and lender fees are waived through the preferred lender.
Key Highlights
- Two‑unit duplex completed in 2026
- Each unit offers 2 bedrooms, 2.5 baths, and 1,000+ sq ft
- Quartz countertops and genuine mahogany wood doors
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
$28,579
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
6.89%
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%
$571,580
$571.6K
Cap Rate 7%
$408,271
$408.3K
Cap Rate 9%
$317,544
$317.5K
Market Conditions
NOI Build-Up for 2,182 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
$43.2K $19.80/SF
− Vacancy
−$2.4K −$1.09/SF
EGI
$40.8K $18.71/SF
− OpEx
−$12.2K −$5.61/SF
NOI
$28.6K $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%
$571,580
Cap Rate 7%
$408,271
Cap Rate 9%
$317,544
Alternative Uses
Best Use
Multifamily LT 5
$408.3K
$357.2K – $476.3K
NOI $28,579 @ 7.0% cap · market cap 6.89%
Second Best
Apartment 5plus
$353.1K
$309.0K – $412.0K
NOI $24,720 @ 7.0% cap · market cap 5.96%
Theoretical Best
Office A
$561.1K
$491.0K – $654.6K
NOI $39,276 @ 7.0% cap · market cap 9.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
230
Businesses Nearby
Explore this area
Business Placement
Demographics for 77091, TX
28,020
Population
12,501
Households
2.2
Avg Household Size
34
Median Age
19%
College-Educated
73%
High-School Grad
7.1 sq mi
ZIP Area
3,946
Density / Sq Mi
$35,737
Median Household Income
$28,906
Median Earnings
$1,061
Median Rent
$223,700
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 - Brand-new income property with private yards, dedicated driveways, modern finishes, and no HOA.
Where is this duplex located?
The property is located at 2477 Carmel Street Houston, TX.
What is the asking price?
The asking price for this property is $415,000.
What are key features of this property?
This property features: Two‑unit duplex completed in 2026; Each unit offers 2 bedrooms, 2.5 baths, and 1,000+ sq ft; Quartz countertops and genuine mahogany wood doors
