Residential/Commercial Opportunity in Prime
For Sale
$585,000
2601 Wheeler St, Houston, TX 77004
Urban/vintage treasure near universities, downtown, and medical center.
Property Size3,416 SF
Lot Size0.13 Acres
Days on Market203
Property Features for 2601 Wheeler St
General Information
Standard status
Active
Size
3,416 SF
Lot size
0.13 Acres
Property subtype
Investment
Lease Term
12 months
Taxes and HOA fees
Annual Taxes
$8,217
Building Details
Building Size
3,416 SF
Year Built
1940
Stories
2
Units
2
Listed By:
Demetria Walker
(713) 410-0442
Source:
Elliman
Added: Mar 31
Changed: Oct 12
Last Checked: Oct 19 at 7:31AM
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 Demetria Walker
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Investment Insights
Based on property information with market context.
This property presents a residential/commercial opportunity in a high-demand area experiencing gentrification. The location is near Texas Southern University (TSU) and the University of Houston (UH) campus, as well as Rice University, Houston Community College (HCC), and the University of St. Thomas. It is also located near Herman Park and the Houston Zoo. The property offers convenient access to Downtown Houston, the Medical Center, Reliant Stadium, Toyota Center, Midtown, the Museum District, the ION District, and the metro rail. Shopping, coffee shops, restaurants, and freeways are also nearby. The property is located on a bus route. Recent repairs and renovations include 32 foundation piers completed in December 2022 and a new roof installed in February 2024. The downstairs rehab was completed in March 2023. The property is fully fenced with a perimeter iron driveway access gate and assigned driveway parking. The property features a formal living room and dining room, classic features with modern conveniences, and hardwood floors. It includes central air conditioning and heat. The property consists of two roomy units, one downstairs and one upstairs, each with a jetted tub and stacked washer/dryer. Tenants are responsible for all utilities. The property could be used as an Airbnb.
Key Highlights
- Dual Income Potential: Live in one unit and rent the other, or utilize as an Airbnb.
- Prime Location: High‑demand area near universities, Herman Park/Zoo, and major districts.
- Recent Renovations: Includes 32 foundation piers (12/2022) and new roof (02/2024).
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$44,742
Cap Rate
7.65%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$894,840
$894.8K
Cap Rate 7%
$639,171
$639.2K
Cap Rate 9%
$497,133
$497.1K
Market Conditions
NOI Build-Up for 3,416 SF
Gross rent
$67.6K $19.80/SF
− Vacancy
−$3.7K −$1.09/SF
EGI
$63.9K $18.71/SF
− OpEx
−$19.2K −$5.61/SF
NOI
$44.7K $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%
$894,840
Cap Rate 7%
$639,171
Cap Rate 9%
$497,133
Alternative Uses
Best Use
Multifamily LT 5
$639.2K
$559.3K – $745.7K
NOI $44,742 @ 7.0% cap · market cap 7.65%
Second Best
Apartment 5plus
$552.9K
$483.8K – $645.0K
NOI $38,700 @ 7.0% cap · market cap 6.62%
Theoretical Best
Office A
$878.4K
$768.6K – $1.02M
NOI $61,488 @ 7.0% cap · market cap 10.51%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - Urban/vintage treasure near universities, downtown, and medical center.
Where is this duplex located?
The property is located at 2601 Wheeler St Houston, TX.
What is the asking price?
The asking price for this property is $585,000.
What are key features of this property?
This property features: Dual Income Potential: Live in one unit and rent the other, or utilize as an Airbnb.; Prime Location: High‑demand area near universities, Herman Park/Zoo, and major districts.; Recent Renovations: Includes 32 foundation piers (12/2022) and new roof (02/2024).
