One-Story 10-Unit Apartment
For Sale
Contact for pricing
2675 Gessner Road, Houston, TX 77080
The property combines refreshed building exteriors with varied apartment layouts, quartz counters, vinyl wood flooring, and individual HVAC systems.
Property Size11,065 SF
Price / SF$153.64
Days on Market17
Property Features for 2675 Gessner Road
General Information
Standard status
Active
Size
11,065 SF
Total Parking Spaces
51
Property subtype
Multifamily
Occupancy
80%
Investment Type
Owner/User
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
7 x 2BR/2BA (1,036 sq ft), 3 x 3BR/2BA (1,271 sq ft)
Multifamily Units
10
Additional Details
Asking Price
$1,700,000
Building Details
Year Built
1981
Year Renovated
2024
Buildings
1
Stories
1
Units
10
Tenancy
Multi
Listing Agency:
Keller Williams Memorial
Listed By:
John "Wayne" Nguyen · License #641383
(713) 461-9393
Source:
Crexi
Added: Aug 18
Changed: Sep 2
Last Checked: Sep 2 at 2:15PM
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 Keller Williams Memorial
Investment Insights
Based on property information with market context.
This 10-unit apartment property, built in 1981, consists of traditional one-story residences with a mix of seven two-bedroom, two-bath units and three three-bedroom, two-bath units. The two-bedroom floor plans measure 1,036 square feet, while the three-bedroom units measure 1,271 square feet. Interior features include quartz countertops, vinyl wood flooring, cabinetry, energy-efficient appliances, oversized bedrooms in select units, and individual hot water heaters and HVAC systems. Select residences also include private patios.
Recent property improvements include new roofs throughout the complex, exterior building paint, refreshed landscaping, and newly striped parking areas. A gated backyard provides a controlled outdoor area for the property. The address is 2675 Gessner Road in Houston’s Spring Branch area, with access to Beltway 8, US 290, and I-10. Schools, shopping centers, restaurants, entertainment, bus stops, and subway stations are identified nearby.
Recent property improvements include new roofs throughout the complex, exterior building paint, refreshed landscaping, and newly striped parking areas. A gated backyard provides a controlled outdoor area for the property. The address is 2675 Gessner Road in Houston’s Spring Branch area, with access to Beltway 8, US 290, and I-10. Schools, shopping centers, restaurants, entertainment, bus stops, and subway stations are identified nearby.
Key Highlights
- 10‑unit apartment property with seven 2/2 units and three 3/2 units
- 7 two‑bedroom units measure 1,036 square feet; 3 three‑bedroom units measure 1,271 square feet
- New roofs, exterior paint, landscaping, and parking lot striping
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
$125,357
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
7.37%
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%
$2,507,140
$2.5M
Cap Rate 7%
$1,790,814
$1.8M
Cap Rate 9%
$1,392,856
$1.4M
Market Conditions
NOI Build-Up for 11,065 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
$243.0K $21.96/SF
− Vacancy
−$15.1K −$1.36/SF
EGI
$227.9K $20.60/SF
− OpEx
−$102.6K −$9.27/SF
NOI
$125.4K $11.33/SF
Area
Houston, TX
Vacancy
6.20%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
45.00%
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%
$2,507,140
Cap Rate 7%
$1,790,814
Cap Rate 9%
$1,392,856
Alternative Uses
Best Use
Apartment 5plus
$1.79M
$1.57M – $2.09M
NOI $125,357 @ 7.0% cap · market cap 7.37%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.85M
$2.49M – $3.32M
NOI $199,170 @ 7.0% cap · market cap 11.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
10
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
677
Businesses Nearby
Explore this area
Business Placement
Demographics for 77080, TX
45,428
Population
17,394
Households
2.6
Avg Household Size
33
Median Age
27%
College-Educated
68%
High-School Grad
6.4 sq mi
ZIP Area
7,098
Density / Sq Mi
$63,056
Median Household Income
$33,658
Median Earnings
$1,253
Median Rent
$311,600
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - The property combines refreshed building exteriors with varied apartment layouts, quartz counters, vinyl wood flooring, and individual HVAC systems.
Where is this apartment building located?
The property is located at 2675 Gessner Road Houston, TX.
What is the asking price?
The asking price for this property is $1,700,000.
What are key features of this property?
This property features: 10‑unit apartment property with seven 2/2 units and three 3/2 units; 7 two‑bedroom units measure 1,036 square feet; 3 three‑bedroom units measure 1,271 square feet; New roofs, exterior paint, landscaping, and parking lot striping
