Duplex Multifamily Investment
For Sale
$304,900
Pending
3405 Beulah St, Houston, TX 77004
Duplex with two 2-bedroom units near universities and highways.
Property Size2,200 SF
Days on Market111
Property Features for 3405 Beulah St
General Information
Standard status
Pending
Size
2,200 SF
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$6,245
Building Details
Building Size
2,200 SF
Year Built
1936
Stories
1
Units
1
Listing Agency:
J.D. Rankin and Associates
(832) 852-0922
Listed By:
Richard Garcia · License #0392511
(832) 852-0922
Source:
Elliman
Added: Apr 24
Changed: Aug 10
Last Checked: Aug 12 at 9:07AM
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 J.D. Rankin and Associates
Investment Insights
Based on property information with market context.
This duplex-style multifamily property features two separate homes, each containing 2 bedrooms and 2 bathrooms, situated on a single lot. The units offer an open-concept layout, hardwood floors, and modern finishes throughout. The property is positioned as an investment opportunity with rental potential. It is located minutes from the University of Houston and Texas Southern University, with access to major highways, dining, and entertainment. The bike score is 88, indicating it is very bikeable. The walk score is 65, indicating it is somewhat walkable. The transit score is 60, indicating good transit.
Key Highlights
- Two separate 2‑bedroom, 2‑bathroom homes on one lot.
- Strong rental potential as a multifamily property.
- Convenient location minutes from the University of Houston and Texas Southern University.
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
$24,924
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
8.17%
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%
$498,480
$498.5K
Cap Rate 7%
$356,057
$356.1K
Cap Rate 9%
$276,933
$276.9K
Market Conditions
NOI Build-Up for 2,200 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
$48.3K $21.96/SF
− Vacancy
−$3.0K −$1.36/SF
EGI
$45.3K $20.60/SF
− OpEx
−$20.4K −$9.27/SF
NOI
$24.9K $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%
$498,480
Cap Rate 7%
$356,057
Cap Rate 9%
$276,933
Alternative Uses
Best Use
Multifamily LT 5
$411.6K
$360.2K – $480.3K
NOI $28,815 @ 7.0% cap · market cap 9.45%
Second Best
Apartment 5plus
$356.1K
$311.6K – $415.4K
NOI $24,924 @ 7.0% cap · market cap 8.17%
Theoretical Best
Office A
$565.7K
$495.0K – $660.0K
NOI $39,600 @ 7.0% cap · market cap 12.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
908
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Duplex with two 2-bedroom units near universities and highways.
Where is this duplex located?
The property is located at 3405 Beulah St Houston, TX.
What is the asking price?
The asking price for this property is $304,900.
What are key features of this property?
This property features: Two separate 2‑bedroom, 2‑bathroom homes on one lot.; Strong rental potential as a multifamily property.; Convenient location minutes from the University of Houston and Texas Southern University.
