8-Unit Apartment
2809 Tooke Street, Houston, TX 77023
For Sale
$1,100,000
Four apartments have long-term leases, with four additional units operating as short-term rentals.
Property Size6,360 SF
Price / SF$172.96
Days on Market146
Property Features for 2809 Tooke Street
General Information
Standard status
Size
Property subtype
Site & Location
Neighborhood
Highway Access
Tenancy & Operations
Currently Operating
Tenant in Place
Additional Details
Furnished
Multifamily Units
Taxes and HOA fees
Annual Taxes
Amenities
gated
Building Details
Building Size
Year Built
Tenancy
Listing Agency:
NuWay Realty Group LLC
Listed By:
Iliana Sanchez · License #0649910
(832) 495-9105
Source:
Bethwolff
Added: Jun 17
Changed: Nov 9
Last Checked: Nov 8 at 7:18PM
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 NuWay Realty Group LLC
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Investment Insights
Based on property information with market context.
Built in 1950, this Houston apartment property contains eight units: four with long-term leases and four used for short-term rentals. Furniture, appliances, and accessories shown in photos of units A through D are included. The gated property has five gates and covers nearly half an acre. The sale also includes two vacant lots; one has direct access to Griggs Road.
IH-45 and I-610 provide access toward Houston’s central business districts and the wider metro area.
IH-45 and I-610 provide access toward Houston’s central business districts and the wider metro area.
Key Highlights
- Eight units: four with long‑term leases and four used for short‑term rentals
- Two vacant lots included; one has direct access to Griggs Road
- Nearly half an acre with five gates
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$72,053
Cap Rate
6.55%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,441,060
$1.4M
Cap Rate 7%
$1,029,329
$1.0M
Cap Rate 9%
$800,589
$800.6K
Market Conditions
NOI Build-Up for 6,360 SF
Gross rent
$139.7K $21.96/SF
− Vacancy
−$8.7K −$1.36/SF
EGI
$131.0K $20.60/SF
− OpEx
−$59.0K −$9.27/SF
NOI
$72.1K $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 Rate 5%
$1,441,060
Cap Rate 7%
$1,029,329
Cap Rate 9%
$800,589
Alternative Uses
Best Use
Apartment 5plus
$1.03M
$900.7K – $1.20M
NOI $72,053 @ 7.0% cap · market cap 6.55%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.64M
$1.43M – $1.91M
NOI $114,480 @ 7.0% cap · market cap 10.41%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Open Analytics
Lease Details
8
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
866
Businesses Nearby
Explore this area
Business Placement
Demographics for 77023, TX
26,780
Population
11,850
Households
2.3
Avg Household Size
36
Median Age
24%
College-Educated
75%
High-School Grad
5.5 sq mi
ZIP Area
4,869
Density / Sq Mi
$50,018
Median Household Income
$35,730
Median Earnings
$1,079
Median Rent
$279,300
Median Home Value
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Market
Properties on Market for Apartment buildings in Houston
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Four apartments have long-term leases, with four additional units operating as short-term rentals.
Where is this apartment building located?
The property is located at 2809 Tooke Street Houston, TX.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Eight units: four with long‑term leases and four used for short‑term rentals; Two vacant lots included; one has direct access to Griggs Road; Nearly half an acre with five gates
