Income Producing Multifamily
For Sale
$695,000
3224 Mcgowen St, Houston, TX 77004
Multifamily property with six units near University Area.
Property Size3,080 SF
Price / SF$225.65
Days on Market185
Property Features for 3224 Mcgowen St
General Information
Standard status
Active
Size
3,080 SF
Property subtype
Residential Income
Site & Location
Neighborhood
Greater Third Ward
Taxes and HOA fees
Annual Taxes
$10,380
Listing Agency:
exp realty llc
(888) 883-8509
Listed By:
Thao Nguyen · License #0624429
(346) 226-6699
Source:
Exprealty
Added: Apr 24
Changed: Oct 25
Last Checked: Oct 24 at 11:02PM
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 exp realty llc
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Investment Insights
Based on property information with market context.
This multifamily property features three well-maintained duplexes, totaling six units. Each unit has a 1-bedroom, 1-bath layout. Five units are currently tenant-occupied, with one unit available for lease, providing immediate cash flow. The property is located in Houston’s University Area, near Downtown Houston, the University of Houston, Texas Southern University, and the Texas Medical Center. The location attracts students, medical professionals, and VA personnel. Easy access to I-69, I-45, and Hwy 288 facilitates transportation. The property has a bike score of 70, indicating it is very bikeable, a walk score of 78, indicating it is very walkable, and a transit score of 63, indicating good transit options. The property is located on a 5000 square foot lot, allowing for the construction of two townhouses in the back.
Key Highlights
- Income‑producing property with immediate cash flow from 5 tenant‑occupied units.
- Multi‑family opportunity to build two townhouses on a 5000 sq ft lot while collecting rent.
- Located in Houston's highly desirable University Area, near major universities and the Texas Medical Center.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$40,341
Cap Rate
5.80%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$806,820
$806.8K
Cap Rate 7%
$576,300
$576.3K
Cap Rate 9%
$448,233
$448.2K
Market Conditions
NOI Build-Up for 3,080 SF
Gross rent
$61.0K $19.80/SF
− Vacancy
−$3.4K −$1.09/SF
EGI
$57.6K $18.71/SF
− OpEx
−$17.3K −$5.61/SF
NOI
$40.3K $13.10/SF
Area
Houston, TX
Vacancy
5.50%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$806,820
Cap Rate 7%
$576,300
Cap Rate 9%
$448,233
Alternative Uses
Best Use
Multifamily LT 5
$576.3K
$504.3K – $672.4K
NOI $40,341 @ 7.0% cap · market cap 5.80%
Second Best
Apartment 5plus
$498.5K
$436.2K – $581.6K
NOI $34,894 @ 7.0% cap · market cap 5.02%
Theoretical Best
Office A
$792.0K
$693.0K – $924.0K
NOI $55,440 @ 7.0% cap · market cap 7.98%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
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Open Analytics
Location Intelligence
Trade Area within ½ mile
870
Businesses Nearby
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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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - Multifamily property with six units near University Area.
Where is this duplex located?
The property is located at 3224 Mcgowen St Houston, TX.
What is the asking price?
The asking price for this property is $695,000.
What are key features of this property?
This property features: Income‑producing property with immediate cash flow from 5 tenant‑occupied units.; Multi‑family opportunity to build two townhouses on a 5000 sq ft lot while collecting rent.; Located in Houston's highly desirable University Area, near major universities and the Texas Medical Center.
