Updated Four-Unit Apartment
For Sale
$399,000
2824 Dalton Street, Houston, TX 77017
Fully occupied four-unit property near Hobby Airport with private entries, shared laundry, and updated interiors.
Property Size3,120 SF
Price / SF$127.88
Days on Market13
Property Features for 2824 Dalton Street
General Information
Standard status
Active
Size
3,120 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$4,676
Amenities
private entries
shared laundry access
Plank,Tile,Vinyl,Wood,Hardwood
Yes
1
2
Window Coverings
Common Area
Appraiser
Granite Counters,Window Treatments,Ceiling Fan(s)
Cleared,Subdivision
5887
Private Entrance
3120
Building Details
Building Size
3,120 SF
Year Built
1955
Stories
2
Listing Agency:
eXp Realty LLC
(713) 461-6800
Listed By:
Carolina Rodriguez
(713) 398-8355
Source:
Garygreene
Added: Aug 21
Changed: Sep 2
Last Checked: Sep 1 at 4:39PM
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 eXp Realty LLC
Investment Insights
Based on property information with market context.
This 3,120-square-foot quadplex contains four two-bedroom, one-bath units and was built in 1955. The units feature granite countertops, updated cabinetry, wood, tile, and LVP flooring, fresh paint, ceiling fans, and private entrances. Unit 1 received a complete remodel, while select apartments have newer appliances. All units use window A/C systems, and the property includes shared laundry access.
Recent property work includes city-to-building plumbing, water heaters installed within the past 3 years, and updated fan fixtures. The building has passed a recent habitability inspection and is fully occupied. It is located near Hobby Airport at 2824 Dalton Street in Houston, with Flood Zone X designation and no HOA.
Recent property work includes city-to-building plumbing, water heaters installed within the past 3 years, and updated fan fixtures. The building has passed a recent habitability inspection and is fully occupied. It is located near Hobby Airport at 2824 Dalton Street in Houston, with Flood Zone X designation and no HOA.
Key Highlights
- Four fully occupied 2‑bedroom, 1‑bath units
- 3,120‑square‑foot quadplex built in 1955
- Unit 1 completely remodeled; select units have new appliances
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
$35,347
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
8.86%
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%
$706,940
$706.9K
Cap Rate 7%
$504,957
$505.0K
Cap Rate 9%
$392,744
$392.7K
Market Conditions
NOI Build-Up for 3,120 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
$68.5K $21.96/SF
− Vacancy
−$4.2K −$1.36/SF
EGI
$64.3K $20.60/SF
− OpEx
−$28.9K −$9.27/SF
NOI
$35.3K $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%
$706,940
Cap Rate 7%
$504,957
Cap Rate 9%
$392,744
Alternative Uses
Best Use
Multifamily LT 5
$583.8K
$510.8K – $681.1K
NOI $40,865 @ 7.0% cap · market cap 10.24%
Second Best
Apartment 5plus
$505.0K
$441.8K – $589.1K
NOI $35,347 @ 7.0% cap · market cap 8.86%
Theoretical Best
Office A
$802.3K
$702.0K – $936.0K
NOI $56,160 @ 7.0% cap · market cap 14.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
401
Businesses Nearby
Explore this area
Business Placement
Demographics for 77017, TX
31,659
Population
11,281
Households
2.8
Avg Household Size
34
Median Age
10%
College-Educated
59%
High-School Grad
9.6 sq mi
ZIP Area
3,298
Density / Sq Mi
$53,750
Median Household Income
$32,771
Median Earnings
$1,049
Median Rent
$146,600
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?
Quadplex - Fully occupied four-unit property near Hobby Airport with private entries, shared laundry, and updated interiors.
Where is this quadplex located?
The property is located at 2824 Dalton Street Houston, TX.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: Four fully occupied 2‑bedroom, 1‑bath units; 3,120‑square‑foot quadplex built in 1955; Unit 1 completely remodeled; select units have new appliances
