Two-Story Duplex with Granite
For Sale
$350,000
Pending
302 Georgia Street A-B, South Houston, TX 77587
Recently built duplex with leased units, updated interiors, stainless-steel appliances, and dedicated driveway parking.
Property Size1,944 SF
Days on Market221
Property Features for 302 Georgia Street A-B
General Information
Standard status
Pending
Size
1,944 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
2 x 2BR/1.5BA
Multifamily Units
2
Parking per Unit
2
Taxes and HOA fees
Annual Taxes
$9,463
Amenities
Laminate,Carpet
Yes
1
2
Owner
Ceiling Fan(s)
Partial
Corner Lot
7100
Two
Appraiser
1944
Building Details
Building Size
1,944 SF
Year Built
2023
Buildings
1
Stories
2
Tenancy
Multi
Listing Agency:
Texas Ally Real Estate Group, LLC
(832) 492-0877
Listed By:
Taylor Berry
(832) 492-0877
Source:
Garygreene
Added: Dec 31, 2025
Changed: Aug 8
Last Checked: Aug 9 at 6:29AM
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 Texas Ally Real Estate Group, LLC
Investment Insights
Based on property information with market context.
Completed in 2023, this two-level duplex contains 1,944 square feet and is configured with two residential units. Each unit offers two bedrooms, one and a half baths, laminate, carpet, and tile flooring, along with granite countertops, custom cabinetry, and stainless-steel appliances. The property sits on a corner lot, and the driveway provides space for two cars per unit.
Both units are currently leased, with tenants responsible for electricity and water. The duplex format, recent construction, and individual unit parking provide a straightforward residential income property configuration.
Both units are currently leased, with tenants responsible for electricity and water. The duplex format, recent construction, and individual unit parking provide a straightforward residential income property configuration.
Key Highlights
- Two‑unit duplex with 1,944 square feet
- Built in 2023 on a corner lot
- Each unit includes 2 bedrooms and 1.5 baths
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
$14,855
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
4.24%
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%
$297,100
$297.1K
Cap Rate 7%
$212,214
$212.2K
Cap Rate 9%
$165,056
$165.1K
Market Conditions
NOI Build-Up for 1,944 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
$23.3K $12.00/SF
− Vacancy
−$2.1K −$1.08/SF
EGI
$21.2K $10.92/SF
− OpEx
−$6.4K −$3.27/SF
NOI
$14.9K $7.64/SF
Area
Harris County, TX
Vacancy
9.03%
Lease Rate
$12.00 /SF/Yr
Expense Ratio
30.00%
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%
$297,100
Cap Rate 7%
$212,214
Cap Rate 9%
$165,056
Alternative Uses
Best Use
Multifamily LT 5
$212.2K
$185.7K – $247.6K
NOI $14,855 @ 7.0% cap · market cap 4.24%
Second Best
Apartment 5plus
$184.1K
$161.1K – $214.8K
NOI $12,889 @ 7.0% cap · market cap 3.68%
Theoretical Best
Office A
$530.8K
$464.5K – $619.3K
NOI $37,157 @ 7.0% cap · market cap 10.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
642
Businesses Nearby
Explore this area
Business Placement
Demographics for 77587, TX
16,179
Population
5,549
Households
2.9
Avg Household Size
32
Median Age
9%
College-Educated
60%
High-School Grad
3.1 sq mi
ZIP Area
5,219
Density / Sq Mi
$52,407
Median Household Income
$30,669
Median Earnings
$1,174
Median Rent
$177,000
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?
Duplex - Recently built duplex with leased units, updated interiors, stainless-steel appliances, and dedicated driveway parking.
Where is this duplex located?
The property is located at 302 Georgia Street A-B South Houston, TX.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,944 square feet; Built in 2023 on a corner lot; Each unit includes 2 bedrooms and 1.5 baths
