Stacked Duplex with Two
For Sale
$639,900
2609 Cleburne Street, Houston, TX 77004
Newly built over-under duplex with a 3-bedroom unit upstairs and a 2-bedroom unit downstairs with garage access.
Property Size2,751 SF
Price / SF$232.61
Days on Market144
Property Features for 2609 Cleburne Street
General Information
Standard status
Active
Size
2,751 SF
Property subtype
Multi-Family
Additional Details
Highway Access
Yes
Multifamily Units
2
Amenities
Plank,Tile,Vinyl
Yes
2
3
WasherHookup,DryerHookup
Builder
Balcony,StoneCounters
Partial
Other
2288
27.5x105
2751
Building Details
Building Size
2,751 SF
Year Built
2026
Stories
2
Listing Agency:
K. Hovnanian Homes
(281) 444-5140
Listed By:
Pam Hughes
(713) 725-1213
Source:
Garygreene
Added: Apr 19
Changed: Sep 8
Last Checked: Sep 9 at 6:23AM
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 K. Hovnanian Homes
Investment Insights
Based on property information with market context.
Newly built stacked duplex arranged as an over-under configuration, offering two separate residential units. The upper unit provides a spacious 3-bedroom, 2-bath layout, designed for comfortable everyday living. The lower unit features a 2-bedroom, 2-bath residence and includes garage access, supporting tenant convenience and separate use.
The property is located at 2609 Cleburne Street in Houston, TX 77004, and is described as minutes from the University of Houston, Downtown Houston, and the Texas Medical Center. Easy access to SH 288 is also noted.
This pre-sale opportunity is positioned for buyers seeking to own a duplex with flexible living options through the upstairs and downstairs unit configurations.
The property is located at 2609 Cleburne Street in Houston, TX 77004, and is described as minutes from the University of Houston, Downtown Houston, and the Texas Medical Center. Easy access to SH 288 is also noted.
This pre-sale opportunity is positioned for buyers seeking to own a duplex with flexible living options through the upstairs and downstairs unit configurations.
Key Highlights
- Newly built stacked duplex (over‑under) with approx. 2,751 SF total living area
- Upstairs unit: 3 bedrooms, 2 bathrooms with balcony and stone counters
- Downstairs unit: 2 bedrooms, 2 bathrooms with garage access
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
$36,032
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
5.63%
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%
$720,640
$720.6K
Cap Rate 7%
$514,743
$514.7K
Cap Rate 9%
$400,356
$400.4K
Market Conditions
NOI Build-Up for 2,751 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
$54.5K $19.80/SF
− Vacancy
−$3.0K −$1.09/SF
EGI
$51.5K $18.71/SF
− OpEx
−$15.4K −$5.61/SF
NOI
$36.0K $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%
$720,640
Cap Rate 7%
$514,743
Cap Rate 9%
$400,356
Alternative Uses
Best Use
Multifamily LT 5
$514.7K
$450.4K – $600.5K
NOI $36,032 @ 7.0% cap · market cap 5.63%
Second Best
Apartment 5plus
$445.2K
$389.6K – $519.5K
NOI $31,167 @ 7.0% cap · market cap 4.87%
Theoretical Best
Office A
$707.4K
$619.0K – $825.3K
NOI $49,518 @ 7.0% cap · market cap 7.74%
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
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Newly built over-under duplex with a 3-bedroom unit upstairs and a 2-bedroom unit downstairs with garage access.
Where is this duplex located?
The property is located at 2609 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: Newly built stacked duplex (over‑under) with approx. 2,751 SF total living area; Upstairs unit: 3 bedrooms, 2 bathrooms with balcony and stone counters; Downstairs unit: 2 bedrooms, 2 bathrooms with garage access
