Turnkey Renovated Apartment
For Sale
$1,499,995
3448 Elgin Street, Houston, TX 77004
Renovated in 2022, the building offers 12 one-bedroom units with on-site laundry and included appliances.
Property Size7,200 SF
Price / SF$208.33
Days on Market50
Property Features for 3448 Elgin Street
General Information
Standard status
Active
Size
7,200 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
12
Taxes and HOA fees
Annual Taxes
$9,416
Amenities
laundry room
Tile
Yes
1
Common Area
Appraiser
Programmable Thermostat
Insulated Doors
7625
One
7200
Building Details
Building Size
7,200 SF
Year Built
1960
Year Renovated
2022
Stories
2
Listing Agency:
Precious Realty & Mortgage
(713) 461-6800
Listed By:
Marisa Yansen
(281) 235-3875
Source:
Garygreene
Added: Jul 23
Changed: Sep 9
Last Checked: Sep 9 at 5:33AM
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 Precious Realty & Mortgage
Investment Insights
Based on property information with market context.
This turnkey property was renovated in 2022 and features low-maintenance finishes designed for easy operation. The building includes 12 one-bedroom units, each with appliances included. Unit layouts provide spacious bedrooms and walk-in closets. An on-site laundry room supports additional income and tenant retention.
The property is located approximately two blocks from the University of Houston, with nearby bus service and light rail transit.
The offering includes a strong existing income base with several long-term tenants, and the property continues to generate rental income as currently configured.
The property is located approximately two blocks from the University of Houston, with nearby bus service and light rail transit.
The offering includes a strong existing income base with several long-term tenants, and the property continues to generate rental income as currently configured.
Key Highlights
- Renovated in 2022, with 12 one‑bedroom units
- Each unit includes appliances
- On‑site laundry room for tenant retention and potential additional revenue
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
$81,570
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
5.44%
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%
$1,631,400
$1.6M
Cap Rate 7%
$1,165,286
$1.2M
Cap Rate 9%
$906,333
$906.3K
Market Conditions
NOI Build-Up for 7,200 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
$158.1K $21.96/SF
− Vacancy
−$9.8K −$1.36/SF
EGI
$148.3K $20.60/SF
− OpEx
−$66.7K −$9.27/SF
NOI
$81.6K $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%
$1,631,400
Cap Rate 7%
$1,165,286
Cap Rate 9%
$906,333
Alternative Uses
Best Use
Apartment 5plus
$1.17M
$1.02M – $1.36M
NOI $81,570 @ 7.0% cap · market cap 5.44%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.85M
$1.62M – $2.16M
NOI $129,600 @ 7.0% cap · market cap 8.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
12
Residential units
Location Intelligence
Trade Area within ½ mile
887
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Renovated in 2022, the building offers 12 one-bedroom units with on-site laundry and included appliances.
Where is this apartment building located?
The property is located at 3448 Elgin Street Houston, TX.
What is the asking price?
The asking price for this property is $1,499,995.
What are key features of this property?
This property features: Renovated in 2022, with 12 one‑bedroom units; Each unit includes appliances; On‑site laundry room for tenant retention and potential additional revenue
