Northside Village Multifamily Investment
For Sale
$419,990
2904 Chapman Street, Houston, TX 77009
Six-unit multifamily property in Houston's growing Northside Village.
Property Size3,120 SF
Lot Size0.16 Acres
Price / SF$134.61
Days on Market137
Property Features for 2904 Chapman Street
General Information
Standard status
Active
Size
3,120 SF
Lot size
0.16 Acres
Property subtype
Residential Income
Lease Term
Month To Month
Taxes and HOA fees
Annual Taxes
$14,955
Amenities
Electric
Disposal, Dishwasher
Building Details
Building Size
3,120 SF
Year Built
1940
Stories
1
Listing Agency:
ROOTS BROKERAGE
(281) 660-1783
Listed By:
Mohammad Khatri · License #0572884
(281) 660-1783
Source:
Evrealestate
Added: Apr 10
Changed: Aug 23
Last Checked: Aug 24 at 4:19AM
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 ROOTS BROKERAGE
Investment Insights
Based on property information with market context.
This property, located on Chapman Street, features six tenant-occupied units across three duplexes. The property has been replotted into four lots, each measuring 1787 square feet, for a total lot size of 7150 square feet. All six units are currently leased at a monthly rent of $775 each. Situated in Northside Village, the property is positioned within proximity to major highways and bus routes, and is less than 3 miles from the East River development and Downtown Houston. The location is designated as a qualified opportunity zone, potentially offering tax benefits. The property is located in an up-and-coming neighborhood experiencing growth and new construction. The bike score is 44, indicating it is somewhat bikeable, the walk score is 47, indicating car-dependent, and the transit score is 46, indicating some transit options are available. The property presents an investment opportunity in the Northside Village area.
Key Highlights
- Fully leased investment property generating $775 monthly rent per unit.
- Located in a qualified opportunity zone, offering potential tax benefits.
- Rare city block location in the rapidly growing Northside Village.
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
8.42%
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 9.73%
Second Best
Apartment 5plus
$505.0K
$441.8K – $589.1K
NOI $35,347 @ 7.0% cap · market cap 8.42%
Theoretical Best
Office A
$802.3K
$702.0K – $936.0K
NOI $56,160 @ 7.0% cap · market cap 13.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
670
Businesses Nearby
Explore this area
Business Placement
Demographics for 77009, TX
36,425
Population
17,890
Households
2
Avg Household Size
37
Median Age
39%
College-Educated
78%
High-School Grad
6.2 sq mi
ZIP Area
5,875
Density / Sq Mi
$81,921
Median Household Income
$49,446
Median Earnings
$1,229
Median Rent
$403,600
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 - Six-unit multifamily property in Houston's growing Northside Village.
Where is this duplex located?
The property is located at 2904 Chapman Street Houston, TX.
What is the asking price?
The asking price for this property is $419,990.
What are key features of this property?
This property features: Fully leased investment property generating $775 monthly rent per unit.; Located in a qualified opportunity zone, offering potential tax benefits.; Rare city block location in the rapidly growing Northside Village.
