Duplex with Bungalow
For Sale
$275,000
3232 Reeves Street, Houston, TX 77004
Both residences are tenant-occupied and feature two-bedroom, one-bath layouts with central air conditioning.
Property Size672 SF
Days on Market8
Property Features for 3232 Reeves Street
General Information
Standard status
Active
Size
672 SF
Property subtype
Multi Family,Multiple Detached Dwellings
Site & Location
Neighborhood
Greater Third Ward
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Tenant in Place
Yes
Taxes and HOA fees
Annual Taxes
$4,138
Building Details
Building Size
672 SF
Year Built
1936
Listing Agency:
Keller Williams Memorial
Listed By:
Maria Parra · License #499336
(281) 543-2547
Source:
Mpowerrealtygroup
Added: Oct 28
Changed: Oct 31
Last Checked: Nov 3 at 12:06PM
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 Keller Williams Memorial
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Investment Insights
Based on property information with market context.
This duplex comprises two bungalow residences, each configured with two bedrooms and one bathroom. Both have central air conditioning. Improvements include a 2021 roof replacement, leveling work at both homes, exterior repainting, and replacement of the plumbing and sewer line to the main. One residence has a new AC unit, and both water heaters are less than five years old.
The property is a few blocks from the University of Houston and Texas Southern University. Current tenants have long-term occupancy histories, with lease contracts ending in six months.
The property is a few blocks from the University of Houston and Texas Southern University. Current tenants have long-term occupancy histories, with lease contracts ending in six months.
Key Highlights
- Two bungalow residences, each with 2 bedrooms and 1 bathroom
- Central air conditioning in both homes; one has a new AC unit
- Roof replaced in 2021; both homes have been leveled
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$8,802
Cap Rate
3.20%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$176,040
$176.0K
Cap Rate 7%
$125,743
$125.7K
Cap Rate 9%
$97,800
$97.8K
Market Conditions
NOI Build-Up for 672 SF
Gross rent
$13.3K $19.80/SF
− Vacancy
−$732 −$1.09/SF
EGI
$12.6K $18.71/SF
− OpEx
−$3.8K −$5.61/SF
NOI
$8.8K $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%
$176,040
Cap Rate 7%
$125,743
Cap Rate 9%
$97,800
Alternative Uses
Best Use
Multifamily LT 5
$125.7K
$110.0K – $146.7K
NOI $8,802 @ 7.0% cap · market cap 3.20%
Second Best
Apartment 5plus
$108.8K
$95.2K – $126.9K
NOI $7,613 @ 7.0% cap · market cap 2.77%
Theoretical Best
Office A
$172.8K
$151.2K – $201.6K
NOI $12,096 @ 7.0% cap · market cap 4.40%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
956
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
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - Both residences are tenant-occupied and feature two-bedroom, one-bath layouts with central air conditioning.
Where is this duplex located?
The property is located at 3232 Reeves Street Houston, TX.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: Two bungalow residences, each with 2 bedrooms and 1 bathroom; Central air conditioning in both homes; one has a new AC unit; Roof replaced in 2021; both homes have been leveled
