Six-Unit Apartment
New
For Sale
$2,200,000
311 E 10th St, Houston, TX 77008
Three two-story buildings provide six residences with private patios, upgraded kitchens, and separate utility metering.
Property Size7,286 SF
Days on Market6
Property Features for 311 E 10th St
General Information
Standard status
Active
Size
7,286 SF
Property subtype
Investment
Lease Term
12 months
Taxes and HOA fees
Annual Taxes
$20,011
Building Details
Building Size
7,286 SF
Year Built
1977
Stories
2
Units
2
Listing Agency:
TEXAS PREMIER REALTY
Listed By:
Randall Lewis · License #0461637
(713) 542-8631
Source:
Elliman
Added: Sep 18
Changed: Sep 21
Last Checked: Sep 22 at 7:30PM
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 PREMIER REALTY
Investment Insights
Based on property information with market context.
This multifamily property includes three two-story buildings with six total two-bedroom, one-and-a-half-bath units. Residences feature wood or tile flooring, bedrooms located upstairs, granite kitchen counters, breakfast areas, spacious dens, and private patios. The property also includes a three-car garage and off-street parking.
Each unit has its own electric meter and HVAC unit, for six of each across the property. The landlord pays water and lawn care. The offering consists of two lots measuring 6,600 square feet each and is fully leased. Built in 1977, the property is located at 311 E 10th St in Houston, with a Walk Score of 84, a Bike Score of 79, and a Transit Score of 42.
Each unit has its own electric meter and HVAC unit, for six of each across the property. The landlord pays water and lawn care. The offering consists of two lots measuring 6,600 square feet each and is fully leased. Built in 1977, the property is located at 311 E 10th St in Houston, with a Walk Score of 84, a Bike Score of 79, and a Transit Score of 42.
Key Highlights
- Six total 2‑bedroom, 1.5‑bath units across three 2‑story buildings
- Two 6,600‑square‑foot lots included
- Six separate electric meters and six HVAC units
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
$82,544
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
3.75%
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%
$1,650,880
$1.7M
Cap Rate 7%
$1,179,200
$1.2M
Cap Rate 9%
$917,156
$917.2K
Market Conditions
NOI Build-Up for 7,286 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
$160.0K $21.96/SF
− Vacancy
−$9.9K −$1.36/SF
EGI
$150.1K $20.60/SF
− OpEx
−$67.5K −$9.27/SF
NOI
$82.5K $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%
$1,650,880
Cap Rate 7%
$1,179,200
Cap Rate 9%
$917,156
Alternative Uses
Best Use
Apartment 5plus
$1.18M
$1.03M – $1.38M
NOI $82,544 @ 7.0% cap · market cap 3.75%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.87M
$1.64M – $2.19M
NOI $131,148 @ 7.0% cap · market cap 5.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,416
Businesses Nearby
Explore this area
Business Placement
Demographics for 77008, TX
36,631
Population
20,709
Households
1.8
Avg Household Size
36
Median Age
72%
College-Educated
96%
High-School Grad
6.5 sq mi
ZIP Area
5,636
Density / Sq Mi
$142,414
Median Household Income
$84,642
Median Earnings
$1,567
Median Rent
$609,300
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Apartment building - Three two-story buildings provide six residences with private patios, upgraded kitchens, and separate utility metering.
Where is this apartment building located?
The property is located at 311 E 10th St Houston, TX.
What is the asking price?
The asking price for this property is $2,200,000.
What are key features of this property?
This property features: Six total 2‑bedroom, 1.5‑bath units across three 2‑story buildings; Two 6,600‑square‑foot lots included; Six separate electric meters and six HVAC units
