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$268.83
Days on Market508
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
Neighborhood
Midtown
Corner Location
Yes
Utilities to Site
Yes
Amenities
on-site parking lot
Building Details
Construction
Mid-Century
Tenancy
Multi
Listing Agency:
Ray Allison Realtors
Listed By:
Ray Allison
(832) 689-9938
Source:
Moodyscre
Added: Jun 15, 2025
Changed: Oct 28
Last Checked: Nov 4 at 2:22PM
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
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 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
Estimated NOI and Cap Rate
NOI / Yr
$90,741
Cap Rate
5.04%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,814,820
$1.8M
Cap Rate 7%
$1,296,300
$1.3M
Cap Rate 9%
$1,008,233
$1.0M
Market Conditions
NOI Build-Up for 6,692 SF
Gross rent
$137.3K $20.52/SF
− Vacancy
−$7.7K −$1.15/SF
EGI
$129.6K $19.37/SF
− OpEx
−$38.9K −$5.81/SF
NOI
$90.7K $13.56/SF
Area
Houston, TX
Vacancy
5.60%
Lease Rate
$20.52 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,814,820
Cap Rate 7%
$1,296,300
Cap Rate 9%
$1,008,233
Alternative Uses
Best Use
Retail
$1.30M
$1.13M – $1.51M
NOI $90,741 @ 7.0% cap · market cap 5.04%
Second Best
Mixed Use
$1.26M
$1.10M – $1.47M
NOI $88,334 @ 7.0% cap · market cap 4.91%
Theoretical Best
Office A
$1.72M
$1.51M – $2.01M
NOI $120,456 @ 7.0% cap · market cap 6.70%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
3,773
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
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 $1,799,000.
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)
