Workforce Multifamily
2524 Gregg St Houston, TX 77026
2524 Gregg St, Houston, TX, 77026
Contact for pricing
For Sale
Contact for pricing
50-unit workforce housing asset with copper wiring and two kitchen-equipped units.
Property Size12,027 SF
Price / SF$178.76
Days on Market120
Property Features for 2524 Gregg St
General Information
- Standard status
- Active
- Size
- 12,027 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1960
Listing agency
Partners
(713) 316-7059
Listed by
Matt Bean · License #TX 663805
Source
Crexi
Added: Mar 25 Updated: Jul 21 at 2:52AM Checked: Jul 21 at 2:52AM
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 Partners
Investment Insights
Based on property information with market context.
This workforce housing multifamily property is located at 2524 Gregg St and includes 50 units total, consisting of 49 regular units plus a manager’s unit. The building has been converted from its original hospitality use into a multifamily offering. Interior and building systems include copper wiring. The property also features two units equipped with kitchens, supporting flexible leasing options.
The asset is positioned within Houston’s East River development submarket.
The asset is positioned within Houston’s East River development submarket.
Key Highlights
- 50‑unit workforce housing asset (49 units plus one manager’s unit) for workforce tenants and extended‑stay residents
- Originally a hospitality property, converted to multifamily offering
- Year built: 1960
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $264.1k | $21.96 |
| − Vacancy | −$16.4k | −$1.36 |
| EGI | $247.7k | $20.60 |
| − OpEx | −$111.5k | −$9.27 |
| NOI | $136.3k | $11.33 |
12,027 SF · lease $21.96/SF/yr · vacancy 6.20% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.95M
$1.70M – $2.27M
NOI $136,256 @ 7.0% cap · market cap 6.34%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.09M
$2.71M – $3.61M
NOI $216,486 @ 7.0% cap · market cap 10.07%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Estancia Motel
Hotel & Motel
Similar For Sale Nearby
FAQs
What type of property is this?
Apartment building - 50-unit workforce housing asset with copper wiring and two kitchen-equipped units.
Where is this apartment building located?
The property is located at 2524 Gregg St Houston, TX.
What is the asking price?
The asking price for this property is $2,150,000.
What are key features of this property?
This property features: 50‑unit workforce housing asset (49 units plus one manager’s unit) for workforce tenants and extended‑stay residents; Originally a hospitality property, converted to multifamily offering; Year built: 1960
