Furnished Three-Unit
New
For Sale
$799,000
2520 Wheeler Street, Houston, TX 77004
Currently operated as a short-term rental, the property offers furnished accommodations across three units.
Property Size3,420 SF
Days on Market6
Property Features for 2520 Wheeler Street
General Information
Standard status
Active
Size
3,420 SF
Property subtype
Multi Family,Triplex
Units
Unit Mix
2 x 3BR/2BA, 1 x 2BR/1BA
Multifamily Units
3
Additional Details
Furnished
Yes
Taxes and HOA fees
Annual Taxes
$13,472
Amenities
shared courtyard
Building Details
Building Size
3,420 SF
Year Built
1940
Year Renovated
2022
Listing Agency:
Real Properties
Listed By:
Marco Mendoza · License #0677246
(281) 515-9709
Source:
Mpowerrealtygroup
Added: Oct 1
Changed: Oct 3
Last Checked: Oct 5 at 11:52PM
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 Properties
Investment Insights
Based on property information with market context.
This Houston triplex contains three furnished units with a combined 8 bedrooms and 5 full bathrooms. Two units each have 3 bedrooms, 2 bathrooms, a kitchen, dining area, and living area. The third unit occupies the garage and includes 2 bedrooms and 1 bathroom. All three units were renovated and updated in 2022, and residents or guests share a courtyard.
The property is in Houston’s Historic Third Ward, minutes from the Texas Medical Center, Museum District, and universities. It is currently used as a short-term rental.
The property is in Houston’s Historic Third Ward, minutes from the Texas Medical Center, Museum District, and universities. It is currently used as a short-term rental.
Key Highlights
- Three furnished units with a total of 8 bedrooms and 5 full bathrooms
- Two units feature 3 bedrooms, 2 bathrooms, a kitchen, dining area, and living area
- Garage unit includes 2 bedrooms and 1 full bathroom
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$44,794
Cap Rate
5.61%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$895,880
$895.9K
Cap Rate 7%
$639,914
$639.9K
Cap Rate 9%
$497,711
$497.7K
Market Conditions
NOI Build-Up for 3,420 SF
Gross rent
$67.7K $19.80/SF
− Vacancy
−$3.7K −$1.09/SF
EGI
$64.0K $18.71/SF
− OpEx
−$19.2K −$5.61/SF
NOI
$44.8K $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 Rate 5%
$895,880
Cap Rate 7%
$639,914
Cap Rate 9%
$497,711
Alternative Uses
Best Use
Multifamily LT 5
$639.9K
$559.9K – $746.6K
NOI $44,794 @ 7.0% cap · market cap 5.61%
Second Best
Apartment 5plus
$553.5K
$484.3K – $645.8K
NOI $38,746 @ 7.0% cap · market cap 4.85%
Theoretical Best
Office A
$879.4K
$769.5K – $1.03M
NOI $61,560 @ 7.0% cap · market cap 7.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,588
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
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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?
Triplex - Currently operated as a short-term rental, the property offers furnished accommodations across three units.
Where is this triplex located?
The property is located at 2520 Wheeler Street Houston, TX.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: Three furnished units with a total of 8 bedrooms and 5 full bathrooms; Two units feature 3 bedrooms, 2 bathrooms, a kitchen, dining area, and living area; Garage unit includes 2 bedrooms and 1 full bathroom
