8-Unit Apartment
New
For Sale
$1,200,000
2942 Altoona Street, Houston, TX 77026
Houston multifamily property with fully leased two-bedroom residences.
Property Size6,808 SF
Days on Market5
Property Features for 2942 Altoona Street
General Information
Standard status
Active
Size
6,808 SF
Property subtype
Multi Family,5 Plus
Occupancy
100%
Site & Location
Neighborhood
Greater Fifth Ward
Highway Access
Yes
Units
Unit Mix
8 x 2BR/2BA
Multifamily Units
8
Additional Details
Tenant in Place
Yes
Building Details
Building Size
6,808 SF
Year Built
2019
Listing Agency:
Nextgen Real Estate Properties
Listed By:
Andrea Tran · License #0599737
(713) 566-1991
Source:
Nancyalmodovar
Added: Oct 26
Changed: Oct 28
Last Checked: Oct 28 at 3:26PM
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 Nextgen Real Estate Properties
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Investment Insights
Based on property information with market context.
Built in 2019, this Houston apartment property contains eight residences, each arranged with two bedrooms and two bathrooms. Individual units measure approximately 915 square feet, providing a consistent layout across the building. All eight units are currently leased.
The property is in Houston’s 77026 ZIP code, near Downtown Houston and with access to major highways, employment centers, retail, dining, and surrounding commercial districts.
The property is in Houston’s 77026 ZIP code, near Downtown Houston and with access to major highways, employment centers, retail, dining, and surrounding commercial districts.
Key Highlights
- Eight residential units, each with two bedrooms and two bathrooms
- Approximately 915 square feet per unit
- All units currently leased
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$77,129
Cap Rate
6.43%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,542,580
$1.5M
Cap Rate 7%
$1,101,843
$1.1M
Cap Rate 9%
$856,989
$857.0K
Market Conditions
NOI Build-Up for 6,808 SF
Gross rent
$149.5K $21.96/SF
− Vacancy
−$9.3K −$1.36/SF
EGI
$140.2K $20.60/SF
− OpEx
−$63.1K −$9.27/SF
NOI
$77.1K $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%
$1,542,580
Cap Rate 7%
$1,101,843
Cap Rate 9%
$856,989
Alternative Uses
Best Use
Apartment 5plus
$1.10M
$964.1K – $1.29M
NOI $77,129 @ 7.0% cap · market cap 6.43%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.75M
$1.53M – $2.04M
NOI $122,544 @ 7.0% cap · market cap 10.21%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
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Open Analytics
Lease Details
8
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
373
Businesses Nearby
Explore this area
Business Placement
Demographics for 77026, TX
23,405
Population
9,580
Households
2.4
Avg Household Size
36
Median Age
9%
College-Educated
70%
High-School Grad
6.6 sq mi
ZIP Area
3,546
Density / Sq Mi
$34,835
Median Household Income
$29,339
Median Earnings
$962
Median Rent
$104,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Houston multifamily property with fully leased two-bedroom residences.
Where is this apartment building located?
The property is located at 2942 Altoona Street Houston, TX.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Eight residential units, each with two bedrooms and two bathrooms; Approximately 915 square feet per unit; All units currently leased
