3-Unit Triplex with
New
For Sale
$659,000
3241 Dixie Drive, Houston, TX 77021
Built in 2017, the property combines a larger lower residence with two upstairs units and varied rental arrangements.
Property Size3,935 SF
Days on Market3
Property Features for 3241 Dixie Drive
General Information
Standard status
Active
Size
3,935 SF
Property subtype
Multi Family,Triplex
Units
Unit Mix
1 x 3BR/2.5BA, 2 x 2BR/2BA
Multifamily Units
3
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$12,680
Building Details
Building Size
3,935 SF
Year Built
2017
Listing Agency:
Coldwell Banker Universal
Listed By:
Danielle Covarrubias
(713) 208-0661
Source:
Nancyalmodovar
Added: Sep 1
Changed: Sep 3
Last Checked: Sep 2 at 7:55PM
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 Coldwell Banker Universal
Investment Insights
Based on property information with market context.
Built in 2017, this three-unit property includes a lower residence with three bedrooms, 2.5 bathrooms, and a two-car garage. The two upper residences each offer two bedrooms and two bathrooms, creating a distinct unit mix within the building. The lower unit is leased, while the upper units operate as short-term rentals.
The property is located at 3241 Dixie Drive in Houston, near Texas Southern University, the University of Houston, the Texas Medical Center, the Museum District, and Downtown. Regional access includes Hwy 288, Loop 610, Hwy 59, and I-45, connecting the property with major destinations across the area.
The property is located at 3241 Dixie Drive in Houston, near Texas Southern University, the University of Houston, the Texas Medical Center, the Museum District, and Downtown. Regional access includes Hwy 288, Loop 610, Hwy 59, and I-45, connecting the property with major destinations across the area.
Key Highlights
- Three‑unit property built in 2017
- Lower unit offers 3 bedrooms, 2.5 bathrooms, and a 2‑car garage
- Two upstairs units each include 2 bedrooms and 2 bathrooms
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
$51,539
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
7.82%
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%
$1,030,780
$1.0M
Cap Rate 7%
$736,271
$736.3K
Cap Rate 9%
$572,656
$572.7K
Market Conditions
NOI Build-Up for 3,935 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
$77.9K $19.80/SF
− Vacancy
−$4.3K −$1.09/SF
EGI
$73.6K $18.71/SF
− OpEx
−$22.1K −$5.61/SF
NOI
$51.5K $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 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%
$1,030,780
Cap Rate 7%
$736,271
Cap Rate 9%
$572,656
Alternative Uses
Best Use
Multifamily LT 5
$736.3K
$644.2K – $859.0K
NOI $51,539 @ 7.0% cap · market cap 7.82%
Second Best
Apartment 5plus
$636.9K
$557.3K – $743.0K
NOI $44,580 @ 7.0% cap · market cap 6.76%
Theoretical Best
Office A
$1.01M
$885.4K – $1.18M
NOI $70,830 @ 7.0% cap · market cap 10.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
773
Businesses Nearby
Explore this area
Business Placement
Demographics for 77021, TX
28,055
Population
12,819
Households
2.2
Avg Household Size
36
Median Age
34%
College-Educated
87%
High-School Grad
6.1 sq mi
ZIP Area
4,599
Density / Sq Mi
$45,034
Median Household Income
$38,041
Median Earnings
$1,193
Median Rent
$203,900
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Built in 2017, the property combines a larger lower residence with two upstairs units and varied rental arrangements.
Where is this triplex located?
The property is located at 3241 Dixie Drive Houston, TX.
What is the asking price?
The asking price for this property is $659,000.
What are key features of this property?
This property features: Three‑unit property built in 2017; Lower unit offers 3 bedrooms, 2.5 bathrooms, and a 2‑car garage; Two upstairs units each include 2 bedrooms and 2 bathrooms
