Renovated Three-Unit
306 E 40th 1/2 Street, Houston, TX 77018
For Sale
$599,900
All three residences offer two bedrooms, one bath, in-unit laundry, and open-concept layouts.
Property Size2,084 SF
Price / SF$287.86
Days on Market120
Property Features for 306 E 40th 1/2 Street
General Information
Standard status
Size
Property subtype
Occupancy
Site & Location
Neighborhood
Highway Access
Units
Unit Mix
Multifamily Units
Additional Details
Tenant in Place
Amenities
gated
in-unit washer/dryer
Building Details
Building Size
Year Built
Year Renovated
Tenancy
Listing Agency:
Nan & Company Properties - Corporate Office (Heights)
Listed By:
Andrew Lin · License TX #0653842
(713) 653-3455
Source:
Citybrixrealty
Added: Jul 13
Changed: Nov 7
Last Checked: Nov 8 at 8:00PM
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 Nan & Company Properties - Corporate Office (Heights)
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This triplex contains three renovated residences, each arranged with two bedrooms and one bathroom in an open-concept floor plan. Interior finishes include stainless steel appliances, shaker-style cabinetry, quartz countertops, LVP flooring, and designer tile. Each unit also has an in-unit washer and dryer. The gated property totals 2,084 square feet and was renovated in 2024, following a substantial interior rebuild. It was originally built in 1965.
The property is at 306 E 40th 1/2 Street in Houston, with access to highways 610, 45, and 59. The Heights and Downtown are described as a short drive away.
The property is at 306 E 40th 1/2 Street in Houston, with access to highways 610, 45, and 59. The Heights and Downtown are described as a short drive away.
Key Highlights
- Three‑unit property totaling 2,084 square feet
- Renovated in 2024 after being taken down to the studs
- Each residence has 2 bedrooms and 1 bathroom
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$27,296
Cap Rate
4.55%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$545,920
$545.9K
Cap Rate 7%
$389,943
$389.9K
Cap Rate 9%
$303,289
$303.3K
Market Conditions
NOI Build-Up for 2,084 SF
Gross rent
$41.3K $19.80/SF
− Vacancy
−$2.3K −$1.09/SF
EGI
$39.0K $18.71/SF
− OpEx
−$11.7K −$5.61/SF
NOI
$27.3K $13.10/SF
Area
Houston, TX
Vacancy
5.50%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$545,920
Cap Rate 7%
$389,943
Cap Rate 9%
$303,289
Alternative Uses
Best Use
Multifamily LT 5
$389.9K
$341.2K – $454.9K
NOI $27,296 @ 7.0% cap · market cap 4.55%
Second Best
Apartment 5plus
$337.3K
$295.1K – $393.5K
NOI $23,610 @ 7.0% cap · market cap 3.94%
Theoretical Best
Office A
$535.9K
$468.9K – $625.2K
NOI $37,512 @ 7.0% cap · market cap 6.25%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Lease Details
3
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,981
Businesses Nearby
Explore this area
Business Placement
Demographics for 77018, TX
27,870
Population
13,335
Households
2.1
Avg Household Size
38
Median Age
60%
College-Educated
92%
High-School Grad
6.8 sq mi
ZIP Area
4,099
Density / Sq Mi
$121,658
Median Household Income
$75,487
Median Earnings
$1,256
Median Rent
$543,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Average Price Trend$/SF for Triplexes in Houston, TX
Properties on Market for Triplexes in Houston
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Triplex - All three residences offer two bedrooms, one bath, in-unit laundry, and open-concept layouts.
Where is this triplex located?
The property is located at 306 E 40th 1/2 Street Houston, TX.
What is the asking price?
The asking price for this property is $599,900.
What are key features of this property?
This property features: Three‑unit property totaling 2,084 square feet; Renovated in 2024 after being taken down to the studs; Each residence has 2 bedrooms and 1 bathroom
