Corner Multifamily
For Sale
$625,000
301 Grace St Unit 4, Houston, TX 77003
Tenant-occupied multifamily property with separate kitchens and bathrooms for each unit.
Property Size2,284 SF
Price / SF$273.64
Days on Market22
Property Features for 301 Grace St Unit 4
General Information
Standard status
Active
Size
2,284 SF
Property subtype
Multi-Family
Building Details
Year Built
1928
Listing Agency:
Step Real Estate
(281) 766-7849
Listed By:
Briseida Hinojosa · License #0558247
Source:
Thebandpteam
Added: Aug 10
Changed: Aug 29
Last Checked: Aug 30 at 8:06PM
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 Step Real Estate
Investment Insights
Based on property information with market context.
This 2,284-square-foot multifamily property was built in 1928 and is positioned on a corner parcel. Each unit includes its own kitchen and bathroom, providing separate basic living facilities within the property.
The property is currently tenant occupied under month-to-month rental arrangements. It is located at 301 Grace St Unit 4 in Houston, Texas 77003.
The property is currently tenant occupied under month-to-month rental arrangements. It is located at 301 Grace St Unit 4 in Houston, Texas 77003.
Key Highlights
- 2,284‑square‑foot multifamily property
- Built in 1928
- Corner property configuration
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
$25,876
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
4.14%
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%
$517,520
$517.5K
Cap Rate 7%
$369,657
$369.7K
Cap Rate 9%
$287,511
$287.5K
Market Conditions
NOI Build-Up for 2,284 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
$50.2K $21.96/SF
− Vacancy
−$3.1K −$1.36/SF
EGI
$47.0K $20.60/SF
− OpEx
−$21.2K −$9.27/SF
NOI
$25.9K $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%
$517,520
Cap Rate 7%
$369,657
Cap Rate 9%
$287,511
Alternative Uses
Best Use
Apartment 5plus
$369.7K
$323.5K – $431.3K
NOI $25,876 @ 7.0% cap · market cap 4.14%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$587.3K
$513.9K – $685.2K
NOI $41,112 @ 7.0% cap · market cap 6.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,168
Businesses Nearby
Explore this area
Business Placement
Demographics for 77003, TX
11,874
Population
6,201
Households
1.9
Avg Household Size
36
Median Age
49%
College-Educated
93%
High-School Grad
2.7 sq mi
ZIP Area
4,398
Density / Sq Mi
$88,837
Median Household Income
$63,831
Median Earnings
$1,562
Median Rent
$363,000
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?
Multifamily property - Tenant-occupied multifamily property with separate kitchens and bathrooms for each unit.
Where is this multifamily property located?
The property is located at 301 Grace St Unit 4 Houston, TX.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: 2,284‑square‑foot multifamily property; Built in 1928; Corner property configuration
