Corner-to-Corner Mixed-Use
For Sale
Contact for pricing
321 W Alabama St, Houston, TX 77006
Mixed-use asset with a large on-site parking lot, corner-to-corner frontage, and seven individually metered units.
Property Size6,692 SF
Lot Size0.29 Acres
Price / SF$298.12
Days on Market413
Property Features for 321 W Alabama St
General Information
Standard status
Active
Size
6,692 SF
Lot size
0.29 Acres
Property subtype
RETAIL
Financials
Asking Price
$1,995,000
Cap Rate
5.95%
Site & Location
Corner Location
Yes
Utilities to Site
Yes
Amenities
on-site parking lot
Building Details
Construction
Mid-Century
Tenancy
Multi
Listing Agency:
Ray Allison Realtors
(832) 689-9938
Listed By:
Ray Allison
(832) 689-9938
Source:
Moodyscre
Added: Jun 15, 2025
Changed: Jul 29
Last Checked: Jul 31 at 12:22PM
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 Ray Allison Realtors
Investment Insights
Based on property information with market context.
This corner-to-corner mixed-use property offers a blend of residential and commercial space with immediate flexibility for leasing and potential owner occupancy. The asset includes approximately 6,720 SF of improvements on an approximately 12,500 SF tract and offers seven total leasable units, including four updated studio/efficiency apartments (approximately 500 SF each), two commercial/retail suites totaling approximately 4,000 SF, and one approximately 1,000 SF workshop/storage unit that is currently owner-occupied. Suite #6 at 3803 Bute Street is approximately 2,200 SF and currently vacant and marketed for lease.
The property features large on-site parking and substantial corner frontage, including approximately 42’ on West Alabama, approximately 249’ on Bute Street, and approximately 60’ on Sul Ross. It is located within Historic First Montrose Commons, and includes a non-contributing structure that is not subject to historic preservation restrictions.
All units are individually metered and all-electric, with natural gas available to the property. The owner pays water and dumpster service, while commercial tenants reimburse taxes and insurance (NN) and are responsible for electricity, HVAC maintenance, and interior repairs. 48-hour notice is required for showings and the broker must accompany.
The property features large on-site parking and substantial corner frontage, including approximately 42’ on West Alabama, approximately 249’ on Bute Street, and approximately 60’ on Sul Ross. It is located within Historic First Montrose Commons, and includes a non-contributing structure that is not subject to historic preservation restrictions.
All units are individually metered and all-electric, with natural gas available to the property. The owner pays water and dumpster service, while commercial tenants reimburse taxes and insurance (NN) and are responsible for electricity, HVAC maintenance, and interior repairs. 48-hour notice is required for showings and the broker must accompany.
Key Highlights
- Approximately 12,500 SF corner‑to‑corner tract with large on‑site parking lot
- Approximately 6,720 SF of improvements and seven total leasable units
- Unit mix includes four updated studio/efficiency apartments (~500 SF each)
Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $137.3k | $20.52 |
| − Vacancy | −$7.7k | −$1.15 |
| EGI | $129.6k | $19.37 |
| − OpEx | −$38.9k | −$5.81 |
| NOI | $90.7k | $13.56 |
6,692 SF · lease $20.52/SF/yr · vacancy 5.60% · expense 30.00%
Alternative Uses
Best Use
Retail
$1.30M
$1.13M – $1.51M
NOI $90,741 @ 7.0% cap · market cap 4.55%
Second Best
Mixed Use
$1.26M
$1.10M – $1.47M
NOI $88,334 @ 7.0% cap · market cap 4.43%
Theoretical Best
Office A
$1.72M
$1.51M – $2.01M
NOI $120,456 @ 7.0% cap · market cap 6.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
3,587
Businesses Nearby
Explore this area
Business Placement
Demographics for 77006, TX
24,129
Population
16,654
Households
1.4
Avg Household Size
36
Median Age
80%
College-Educated
98%
High-School Grad
2.3 sq mi
ZIP Area
10,491
Density / Sq Mi
$102,003
Median Household Income
$73,275
Median Earnings
$1,761
Median Rent
$599,500
Median Home Value
Market
Properties on Market for Mixed-use properties in Harris County
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Mixed-use asset with a large on-site parking lot, corner-to-corner frontage, and seven individually metered units.
Where is this mixed-use property located?
The property is located at 321 W Alabama St Houston, TX.
What is the asking price?
The asking price for this property is $1,995,000.
What are key features of this property?
This property features: Approximately 12,500 SF corner‑to‑corner tract with large on‑site parking lot; Approximately 6,720 SF of improvements and seven total leasable units; Unit mix includes four updated studio/efficiency apartments (~500 SF each)
