Income Producing
For Sale
$270,000
305 Johnson Street, Pasadena, TX 77506
Triplex in Pasadena, Texas with ample parking and a residential income setup for investors.
Property Size1,500 SF
Price / SF$180
Days on Market111
Property Features for 305 Johnson Street
General Information
Standard status
Active
Size
1,500 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$3,875
Amenities
Yes
1
2
Appraiser
6250
1500
Building Details
Building Size
1,500 SF
Year Built
1945
Stories
1
Listing Agency:
Midwest Land Group
(936) 525-0240
Listed By:
Jennifer Woodcock · License #0801274
(936) 525-0240
Source:
Garygreene
Added: May 5
Changed: Aug 23
Last Checked: Aug 22 at 10:27AM
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 Midwest Land Group
Investment Insights
Based on property information with market context.
This income-producing triplex offers a residential income configuration with three units in one property. The listing notes plenty of parking space for residents and visitors, and the seller requests that prospective buyers and agents do not disturb tenants. More photos are expected to be added soon.
The property is located at 305 Johnson St in Pasadena, Texas 77506. Based on the provided mobility metrics, the area is somewhat bikeable (bikeScore 47) and car-dependent (walkScore 36). Interested parties are encouraged to drive by and contact the listing agent or have their agent schedule an appointment to review the property.
The property is located at 305 Johnson St in Pasadena, Texas 77506. Based on the provided mobility metrics, the area is somewhat bikeable (bikeScore 47) and car-dependent (walkScore 36). Interested parties are encouraged to drive by and contact the listing agent or have their agent schedule an appointment to review the property.
Key Highlights
- Income‑producing triplex in Pasadena, TX (Year built: 1945)
- Ample on‑site parking space
- BikeScore 47 (Somewhat Bikeable) and walkScore 36 (Car‑Dependent)
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
$17,082
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
6.33%
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%
$341,640
$341.6K
Cap Rate 7%
$244,029
$244.0K
Cap Rate 9%
$189,800
$189.8K
Market Conditions
NOI Build-Up for 1,500 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
$26.1K $17.40/SF
− Vacancy
−$1.7K −$1.13/SF
EGI
$24.4K $16.27/SF
− OpEx
−$7.3K −$4.88/SF
NOI
$17.1K $11.39/SF
Area
Pasadena, TX
Vacancy
6.50%
Lease Rate
$17.40 /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%
$341,640
Cap Rate 7%
$244,029
Cap Rate 9%
$189,800
Alternative Uses
Best Use
Multifamily LT 5
$244.0K
$213.5K – $284.7K
NOI $17,082 @ 7.0% cap · market cap 6.33%
Second Best
Apartment 5plus
$219.4K
$191.9K – $255.9K
NOI $15,355 @ 7.0% cap · market cap 5.69%
Theoretical Best
Office A
$495.0K
$433.1K – $577.5K
NOI $34,651 @ 7.0% cap · market cap 12.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
507
Businesses Nearby
Explore this area
Business Placement
Demographics for 77506, TX
34,431
Population
11,973
Households
2.9
Avg Household Size
31
Median Age
5%
College-Educated
57%
High-School Grad
11.3 sq mi
ZIP Area
3,047
Density / Sq Mi
$50,045
Median Household Income
$31,621
Median Earnings
$1,049
Median Rent
$131,800
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?
Triplex - Triplex in Pasadena, Texas with ample parking and a residential income setup for investors.
Where is this triplex located?
The property is located at 305 Johnson Street Pasadena, TX.
What is the asking price?
The asking price for this property is $270,000.
What are key features of this property?
This property features: Income‑producing triplex in Pasadena, TX (Year built: 1945); Ample on‑site parking space; BikeScore 47 (Somewhat Bikeable) and walkScore 36 (Car‑Dependent)
