New Houston Multifamily Investment
For Sale
$1,375,000
319 Eastwood Street, Houston, TX 77011
Newly constructed 6-plex near Downtown Houston with modern amenities.
Property Size3,520 SF
Days on Market150
Property Features for 319 Eastwood Street
General Information
Standard status
Active
Size
3,520 SF
Property subtype
Multi Family,5 Plus
Taxes and HOA fees
Annual Taxes
$14,766
Building Details
Building Size
3,520 SF
Year Built
2024
Listing Agency:
UTR TEXAS, REALTORS
Listed By:
Lynne LaQue · License #0682837
(713) 292-6200
Source:
Greenwoodking
Added: Apr 8
Changed: Sep 2
Last Checked: Sep 2 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 UTR TEXAS, REALTORS
Investment Insights
Based on property information with market context.
This newly constructed 6-plex is located on Eastwood St in Houston's urban core, near Downtown Houston and steps from the Greenway transit line. Each unit features custom kitchen amenities, premium stainless steel appliances, luxurious bathroom fixtures, and engineered wood floors. Units also include an in-unit utility room, modern finishes, and open-concept layouts. The property is designed for low maintenance and to attract quality tenants. The bike score is 66, indicating it is bikeable. The walk score is 65, indicating it is somewhat walkable. The transit score is 60, indicating good transit.
Key Highlights
- Newly Constructed 6‑Plex (2025) - Low Maintenance, Modern Finishes
- Prime Location Near Downtown Houston in a Rapidly Growing Urban Core
- Steps from Greenway Transit Line (Transit Score: 60)
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
$39,879
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
2.90%
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%
$797,580
$797.6K
Cap Rate 7%
$569,700
$569.7K
Cap Rate 9%
$443,100
$443.1K
Market Conditions
NOI Build-Up for 3,520 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
$77.3K $21.96/SF
− Vacancy
−$4.8K −$1.36/SF
EGI
$72.5K $20.60/SF
− OpEx
−$32.6K −$9.27/SF
NOI
$39.9K $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%
$797,580
Cap Rate 7%
$569,700
Cap Rate 9%
$443,100
Alternative Uses
Best Use
Apartment 5plus
$569.7K
$498.5K – $664.7K
NOI $39,879 @ 7.0% cap · market cap 2.90%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$905.1K
$792.0K – $1.06M
NOI $63,360 @ 7.0% cap · market cap 4.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,164
Businesses Nearby
Explore this area
Business Placement
Demographics for 77011, TX
16,841
Population
7,366
Households
2.3
Avg Household Size
37
Median Age
10%
College-Educated
59%
High-School Grad
3.4 sq mi
ZIP Area
4,953
Density / Sq Mi
$49,163
Median Household Income
$36,517
Median Earnings
$1,063
Median Rent
$187,100
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?
Apartment building - Newly constructed 6-plex near Downtown Houston with modern amenities.
Where is this apartment building located?
The property is located at 319 Eastwood Street Houston, TX.
What is the asking price?
The asking price for this property is $1,375,000.
What are key features of this property?
This property features: Newly Constructed 6‑Plex (2025) - Low Maintenance, Modern Finishes; Prime Location Near Downtown Houston in a Rapidly Growing Urban Core; Steps from Greenway Transit Line (Transit Score: 60)
