Houston Multifamily Investment
For Sale
$421,987
Pending
3405 Drew Street 4, Houston, TX 77004
Four-unit property near universities in Houston's 3rd Ward.
Property Size3,120 SF
Days on Market375
Property Features for 3405 Drew Street 4
General Information
Standard status
Pending
Size
3,120 SF
Property subtype
Multi-Family
Taxes and HOA fees
Annual Taxes
$6,840
Amenities
Yes
1
2
txbroker@compass.com
Appraiser
5000
3120
Building Details
Building Size
3,120 SF
Year Built
1964
Stories
2
Listing Agency:
Nextgen Real Estate Properties
(281) 444-5140
Listed By:
Mark Goudeau · License #0487244
(713) 540-7748
Source:
Garygreene
Added: Oct 9, 2025
Changed: Oct 16
Last Checked: Oct 16 at 7:37AM
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 Nextgen Real Estate Properties
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Investment Insights
Based on property information with market context.
This four-unit multifamily property is located in Houston's 3rd Ward, approximately 5 minutes from Texas Southern University and 3 minutes from the University of Houston. Each unit features 2 bedrooms and 1 bathroom. The property is positioned in a rapidly growing neighborhood, with ongoing new construction and development. The units are currently rented, reflecting high rental demand in the area. The property's location provides proximity to major universities, Downtown Houston, and the Medical Center, making it attractive to students, young professionals, and families seeking affordable housing.
Key Highlights
- Prime location: Just 3 minutes from the University of Houston and 5 minutes from Texas Southern University.
- High rental demand: All 4 units are currently rented.
- Strong investment potential: Located in Houston's rapidly growing 3rd Ward.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$35,347
Cap Rate
8.38%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$706,940
$706.9K
Cap Rate 7%
$504,957
$505.0K
Cap Rate 9%
$392,744
$392.7K
Market Conditions
NOI Build-Up for 3,120 SF
Gross rent
$68.5K $21.96/SF
− Vacancy
−$4.2K −$1.36/SF
EGI
$64.3K $20.60/SF
− OpEx
−$28.9K −$9.27/SF
NOI
$35.3K $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 Rate 5%
$706,940
Cap Rate 7%
$504,957
Cap Rate 9%
$392,744
Alternative Uses
Best Use
Multifamily LT 5
$583.8K
$510.8K – $681.1K
NOI $40,865 @ 7.0% cap · market cap 9.68%
Second Best
Apartment 5plus
$505.0K
$441.8K – $589.1K
NOI $35,347 @ 7.0% cap · market cap 8.38%
Theoretical Best
Office A
$802.3K
$702.0K – $936.0K
NOI $56,160 @ 7.0% cap · market cap 13.31%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
778
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
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?
Quadplex - Four-unit property near universities in Houston's 3rd Ward.
Where is this quadplex located?
The property is located at 3405 Drew Street 4 Houston, TX.
What is the asking price?
The asking price for this property is $421,987.
What are key features of this property?
This property features: Prime location: **Just 3 minutes from the University of Houston and 5 minutes from Texas Southern University.**; High rental demand: All 4 units are currently rented.; Strong investment potential: Located in Houston's rapidly growing 3rd Ward.
