Residential Income Property with
For Sale
$775,000
324 W Alabama Street, Houston, TX 77006
Built in 1900 with a balcony, electric ceiling fans, and kitchen appliances including a microwave, dishwasher, and refrigerator.
Property Size4,103 SF
Price / SF$188.89
Days on Market166
Property Features for 324 W Alabama Street
General Information
Standard status
Active
Size
4,103 SF
Property subtype
Residential Income
Lease Term
Month To Month
Amenities
Ceiling Fan(s), Electric
Electric
Microwave, Dishwasher, Refrigerator
Balcony
Building Details
Building Size
4,103 SF
Year Built
1900
Stories
2
Listed By:
Evan Mangan · License #0703070
(281) 713-0720
Source:
Evrealestate
Added: Mar 29
Changed: Sep 5
Last Checked: Sep 10 at 5:41AM
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 Evan Mangan
Investment Insights
Based on property information with market context.
This residential income property at 324 W Alabama Street includes a balcony, electric ceiling fans, and a kitchen equipped with a microwave, dishwasher, and refrigerator. The building dates to 1900 and has a reported property size of 4,103.
The property is in Houston, Texas, within Harris County. Access directions reference I-69, Fannin Street, Wentworth Street, San Jacinto Street, and Alabama Street.
The property is in Houston, Texas, within Harris County. Access directions reference I-69, Fannin Street, Wentworth Street, San Jacinto Street, and Alabama Street.
Key Highlights
- Residential income property at 324 W Alabama Street, Houston, TX 77006
- Built in 1900
- Balcony included
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
$46,484
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
6.00%
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%
$929,680
$929.7K
Cap Rate 7%
$664,057
$664.1K
Cap Rate 9%
$516,489
$516.5K
Market Conditions
NOI Build-Up for 4,103 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
$90.1K $21.96/SF
− Vacancy
−$5.6K −$1.36/SF
EGI
$84.5K $20.60/SF
− OpEx
−$38.0K −$9.27/SF
NOI
$46.5K $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%
$929,680
Cap Rate 7%
$664,057
Cap Rate 9%
$516,489
Alternative Uses
Best Use
Apartment 5plus
$664.1K
$581.1K – $774.7K
NOI $46,484 @ 7.0% cap · market cap 6.00%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.06M
$923.2K – $1.23M
NOI $73,854 @ 7.0% cap · market cap 9.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
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
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Frequently Asked Questions
What type of property is this?
Residential income property - Built in 1900 with a balcony, electric ceiling fans, and kitchen appliances including a microwave, dishwasher, and refrigerator.
Where is this residential income property located?
The property is located at 324 W Alabama Street Houston, TX.
What is the asking price?
The asking price for this property is $775,000.
What are key features of this property?
This property features: Residential income property at 324 W Alabama Street, Houston, TX 77006; Built in 1900; Balcony included
