Redeveloped Tri-Plex with Development
For Sale
$450,000
307 S 79th Street, Houston, TX 77012
This for-sale tri-plex offers three fully redeveloped units and adjacent vacant land suitable for future build-on development.
Property Size2,016 SF
Price / SF$223.21
Days on Market107
Property Features for 307 S 79th Street
General Information
Standard status
Active
Size
2,016 SF
Property subtype
Multi-Family
Occupancy
66%
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$5,734
Amenities
No
2
3
Appraiser
Corner Lot
7500
One
75x100
2016
Building Details
Building Size
2,016 SF
Year Built
1930
Year Renovated
2024
Stories
2
Tenancy
Multi
Listing Agency:
Premier, REALTORS
(512) 667-4241
Listed By:
Jenny Mangrum · License #0620756
(512) 667-4241
Source:
Garygreene
Added: Apr 24
Changed: Aug 8
Last Checked: Jul 16 at 2:02AM
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 Premier, REALTORS
Investment Insights
Based on property information with market context.
This for-sale tri-plex has been fully redeveloped into three units. The renovations reportedly were completed around 2024 and were fully permitted through the City of Houston, with approximately $100,000 invested in improvements. Work includes roof and decking, electrical wiring with breakers and panels, plumbing, exterior cement board, foundation work, updated doors, flooring, sheetrock, fixtures, full bathroom and kitchen updates, water heaters, and interior and exterior paint.
The property includes approximately ±$15,000 SF of vacant additional land adjacent to build on, providing both current income and future development flexibility per the seller. As of 6/17/2026, it is reported to be 66% leased.
Please note that tours are scheduled only upon the seller’s approval of a submitted purchase offering. Do not walk the property or approach tenants; all questions must be submitted via email.
The property includes approximately ±$15,000 SF of vacant additional land adjacent to build on, providing both current income and future development flexibility per the seller. As of 6/17/2026, it is reported to be 66% leased.
Please note that tours are scheduled only upon the seller’s approval of a submitted purchase offering. Do not walk the property or approach tenants; all questions must be submitted via email.
Key Highlights
- Fully redeveloped tri‑plex with 3 units, offering income and potential future development on adjacent land
- Approximately 2,016 total building area and a 75x100 corner lot (7,500 SF) per appraiser
- Adjacent vacant land totaling approximately 5,000 SF (per appraisal) suitable for build‑on development
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
$26,405
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
5.87%
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%
$528,100
$528.1K
Cap Rate 7%
$377,214
$377.2K
Cap Rate 9%
$293,389
$293.4K
Market Conditions
NOI Build-Up for 2,016 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
$39.9K $19.80/SF
− Vacancy
−$2.2K −$1.09/SF
EGI
$37.7K $18.71/SF
− OpEx
−$11.3K −$5.61/SF
NOI
$26.4K $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 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%
$528,100
Cap Rate 7%
$377,214
Cap Rate 9%
$293,389
Alternative Uses
Best Use
Multifamily LT 5
$377.2K
$330.1K – $440.1K
NOI $26,405 @ 7.0% cap · market cap 5.87%
Second Best
Apartment 5plus
$326.3K
$285.5K – $380.7K
NOI $22,840 @ 7.0% cap · market cap 5.08%
Theoretical Best
Office A
$518.4K
$453.6K – $604.8K
NOI $36,288 @ 7.0% cap · market cap 8.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Residential units
66%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
452
Businesses Nearby
Explore this area
Business Placement
Demographics for 77012, TX
18,397
Population
6,867
Households
2.7
Avg Household Size
33
Median Age
10%
College-Educated
59%
High-School Grad
3.9 sq mi
ZIP Area
4,717
Density / Sq Mi
$48,287
Median Household Income
$34,012
Median Earnings
$944
Median Rent
$127,400
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 - This for-sale tri-plex offers three fully redeveloped units and adjacent vacant land suitable for future build-on development.
Where is this triplex located?
The property is located at 307 S 79th Street Houston, TX.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Fully redeveloped tri‑plex with 3 units, offering income and potential future development on adjacent land; Approximately 2,016 total building area and a 75x100 corner lot (7,500 SF) per appraiser; Adjacent vacant land totaling approximately 5,000 SF (per appraisal) suitable for build‑on development
