10-Unit Apartment
For Sale
$2,400,000
3144 Southmore Blvd, Houston, TX 77004
The property contains consistently configured residences, each with two bedrooms and two bathrooms.
Property Size10,000 SF
Price / SF$240
Days on Market8
Property Features for 3144 Southmore Blvd
General Information
Standard status
Active
Size
10,000 SF
Property subtype
Residential Income
Occupancy
90%
Site & Location
Neighborhood
Greater Third Ward
Units
Unit Mix
10 x 2BR/2BA
Multifamily Units
10
Additional Details
Tenant in Place
Yes
Listing Agency:
Nextgen Real Estate Properties
(346) 888-2525
Listed By:
Andrea Tran · License #0599737
(713) 566-1991
Source:
Exprealty
Added: Oct 26
Changed: Oct 28
Last Checked: Nov 1 at 11:12AM
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 Nextgen Real Estate Properties
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 Houston apartment property comprises 10 residences, each offering two bedrooms, two bathrooms, and approximately 915 square feet. Nine units are occupied and one is vacant, for 90% occupancy.
The property is in Houston’s 77004 area, near the Texas Medical Center, Museum District, and Downtown Houston. Major highways are also nearby.
The property is in Houston’s 77004 area, near the Texas Medical Center, Museum District, and Downtown Houston. Major highways are also nearby.
Key Highlights
- 10 residences, each with two bedrooms and two bathrooms
- Approximately 915 square feet per residence
- 90% leased, with nine occupied units and one vacant unit
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$113,292
Cap Rate
4.72%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,265,840
$2.3M
Cap Rate 7%
$1,618,457
$1.6M
Cap Rate 9%
$1,258,800
$1.3M
Market Conditions
NOI Build-Up for 10,000 SF
Gross rent
$219.6K $21.96/SF
− Vacancy
−$13.6K −$1.36/SF
EGI
$206.0K $20.60/SF
− OpEx
−$92.7K −$9.27/SF
NOI
$113.3K $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 Rate 5%
$2,265,840
Cap Rate 7%
$1,618,457
Cap Rate 9%
$1,258,800
Alternative Uses
Best Use
Apartment 5plus
$1.62M
$1.42M – $1.89M
NOI $113,292 @ 7.0% cap · market cap 4.72%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.57M
$2.25M – $3.00M
NOI $180,000 @ 7.0% cap · market cap 7.50%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Lease Details
10
Residential units
90%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,148
Businesses Nearby
Explore this area
Business Placement
Demographics for 77004, TX
37,005
Population
18,321
Households
2
Avg Household Size
31
Median Age
57%
College-Educated
96%
High-School Grad
5.2 sq mi
ZIP Area
7,116
Density / Sq Mi
$65,901
Median Household Income
$55,909
Median Earnings
$1,320
Median Rent
$384,100
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - The property contains consistently configured residences, each with two bedrooms and two bathrooms.
Where is this apartment building located?
The property is located at 3144 Southmore Blvd Houston, TX.
What is the asking price?
The asking price for this property is $2,400,000.
What are key features of this property?
This property features: 10 residences, each with two bedrooms and two bathrooms; Approximately 915 square feet per residence; 90% leased, with nine occupied units and one vacant unit
