Turnkey Duplex with Private
For Sale
$270,000
2613 Oleander Drive, Pasadena, TX 77503
Each side offers 2 bed, 1 bath living space with a private backyard and dedicated parking area.
Property Size1,568 SF
Price / SF$172.19
Days on Market41
Property Features for 2613 Oleander Drive
General Information
Standard status
Active
Size
1,568 SF
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Business Included
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$5,153
Amenities
No
1
2
Appraiser
15120
Two
1568
Building Details
Building Size
1,568 SF
Year Built
1940
Stories
1
Tenancy
Multi
Listing Agency:
ST Realty
(832) 552-7284
Listed By:
Sydne Holloway · License #0696792
(832) 552-7284
Source:
Garygreene
Added: Jul 14
Changed: Aug 23
Last Checked: Aug 22 at 8:48AM
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 ST Realty
Investment Insights
Based on property information with market context.
This duplex includes two identical units, each featuring 2 bedrooms, 1 bathroom, a living room, and a functional kitchen. Each unit also has its own private backyard and a dedicated parking area, providing separate, tenant-friendly space.
The property is located in Golden Acres in Pasadena, TX. Both units are currently tenant-occupied with one-year leases in place.
Showings are by appointment only with an accepted offer or sufficient notice, and tenants should not be disturbed.
The property is located in Golden Acres in Pasadena, TX. Both units are currently tenant-occupied with one-year leases in place.
Showings are by appointment only with an accepted offer or sufficient notice, and tenants should not be disturbed.
Key Highlights
- Duplex built in 1940 with two identical units, each offering 2 bedrooms and 1 bathroom
- Each unit includes a living room and functional kitchen
- Private backyard for each side
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
$17,857
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
6.61%
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%
$357,140
$357.1K
Cap Rate 7%
$255,100
$255.1K
Cap Rate 9%
$198,411
$198.4K
Market Conditions
NOI Build-Up for 1,568 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
$27.3K $17.40/SF
− Vacancy
−$1.8K −$1.13/SF
EGI
$25.5K $16.27/SF
− OpEx
−$7.7K −$4.88/SF
NOI
$17.9K $11.39/SF
Area
Pasadena, TX
Vacancy
6.50%
Lease Rate
$17.40 /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%
$357,140
Cap Rate 7%
$255,100
Cap Rate 9%
$198,411
Alternative Uses
Best Use
Multifamily LT 5
$255.1K
$223.2K – $297.6K
NOI $17,857 @ 7.0% cap · market cap 6.61%
Second Best
Apartment 5plus
$229.3K
$200.6K – $267.5K
NOI $16,051 @ 7.0% cap · market cap 5.94%
Theoretical Best
Office A
$517.5K
$452.8K – $603.7K
NOI $36,222 @ 7.0% cap · market cap 13.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
487
Businesses Nearby
Explore this area
Business Placement
Demographics for 77503, TX
24,956
Population
8,980
Households
2.8
Avg Household Size
33
Median Age
10%
College-Educated
70%
High-School Grad
6.3 sq mi
ZIP Area
3,961
Density / Sq Mi
$64,977
Median Household Income
$37,015
Median Earnings
$1,211
Median Rent
$165,300
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 - Each side offers 2 bed, 1 bath living space with a private backyard and dedicated parking area.
Where is this duplex located?
The property is located at 2613 Oleander Drive Pasadena, TX.
What is the asking price?
The asking price for this property is $270,000.
What are key features of this property?
This property features: Duplex built in 1940 with two identical units, each offering 2 bedrooms and 1 bathroom; Each unit includes a living room and functional kitchen; Private backyard for each side
