Duplex with In-Unit
For Sale
$639,900
2518 Cleburne Street, Houston, TX 77004
Two distinct rental layouts include dedicated laundry hookups and controlled pedestrian access.
Property Size3,096 SF
Lot Size0.12 Acres
Price / SF$206.69
Days on Market13
Property Features for 2518 Cleburne Street
General Information
Standard status
Active
Size
3,096 SF
Lot size
0.12 Acres
Property subtype
Multi Family,Duplex
Units
Unit Mix
2 x 4BR/4BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$12,182
Amenities
in-unit laundry hookups
controlled pedestrian gate access
Building Details
Building Size
3,096 SF
Year Built
2019
Buildings
1
Listing Agency:
Real Broker, LLC
(346) 676-8566
Listed By:
Steven Franco · License #0689548
(346) 676-8566
Source:
Livingvoguerealestate
Added: Aug 20
Changed: Aug 28
Last Checked: Aug 30 at 11:58PM
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 Real Broker, LLC
Investment Insights
Based on property information with market context.
Completed in 2019, this duplex contains two separately configured residences with a combined 3,096 square feet of living area. Each unit provides four bedrooms and four bathrooms, along with dedicated hookups for in-unit laundry. The property occupies a 5,250-square-foot lot and includes off-street parking. A perimeter enclosure and gated pedestrian entry add controlled access, while the adjoining green space remains open and unfenced between the subject property and the neighboring lot.
The duplex is located in Washington Terrace, blocks from Texas Southern University and the University of Houston. The property is zoned to Houston ISD schools, placing it within an established university-area residential setting.
The duplex is located in Washington Terrace, blocks from Texas Southern University and the University of Houston. The property is zoned to Houston ISD schools, placing it within an established university-area residential setting.
Key Highlights
- 2019‑built duplex with 3,096 square feet of living space
- Two units, each with 4 bedrooms and 4 bathrooms
- Dedicated in‑unit laundry hookups in both residences
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
$40,550
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
6.34%
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%
$811,000
$811.0K
Cap Rate 7%
$579,286
$579.3K
Cap Rate 9%
$450,556
$450.6K
Market Conditions
NOI Build-Up for 3,096 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
$61.3K $19.80/SF
− Vacancy
−$3.4K −$1.09/SF
EGI
$57.9K $18.71/SF
− OpEx
−$17.4K −$5.61/SF
NOI
$40.6K $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%
$811,000
Cap Rate 7%
$579,286
Cap Rate 9%
$450,556
Alternative Uses
Best Use
Multifamily LT 5
$579.3K
$506.9K – $675.8K
NOI $40,550 @ 7.0% cap · market cap 6.34%
Second Best
Apartment 5plus
$501.1K
$438.4K – $584.6K
NOI $35,075 @ 7.0% cap · market cap 5.48%
Theoretical Best
Office A
$796.1K
$696.6K – $928.8K
NOI $55,728 @ 7.0% cap · market cap 8.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,642
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?
Duplex - Two distinct rental layouts include dedicated laundry hookups and controlled pedestrian access.
Where is this duplex located?
The property is located at 2518 Cleburne Street 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: 2019‑built duplex with 3,096 square feet of living space; Two units, each with 4 bedrooms and 4 bathrooms; Dedicated in‑unit laundry hookups in both residences
