Renovated
New
For Sale
$259,990
3502 Goodhope Street, Houston, TX 77021
Two residential units offer matching two-bedroom, one-bath layouts with laminate flooring throughout.
Property Size1,640 SF
Days on Market3
Property Features for 3502 Goodhope Street
General Information
Standard status
Active
Size
1,640 SF
Property subtype
Multi Family,Duplex
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$3,682
Building Details
Building Size
1,640 SF
Year Built
1962
Listing Agency:
Roots Brokerage
Listed By:
Mohammad Khatri · License #0572884
(281) 660-1783
Source:
Greenwoodking
Added: Sep 2
Changed: Sep 4
Last Checked: Sep 4 at 2:32PM
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 Roots Brokerage
Investment Insights
Based on property information with market context.
This renovated duplex contains two residential units, each with 2 bedrooms, 1 bath, and 820 SF of interior space. Laminate flooring is installed in both units, and the property was built in 1962.
Located at 3502 Goodhope Street in Houston, TX 77021, the property combines a consistent unit layout with updated interior finishes. The matching floor plans provide a straightforward configuration for residential income use.
Located at 3502 Goodhope Street in Houston, TX 77021, the property combines a consistent unit layout with updated interior finishes. The matching floor plans provide a straightforward configuration for residential income use.
Key Highlights
- Two‑unit duplex with 2 bedrooms and 1 bath in each unit
- Each unit contains 820 SF
- Renovated property with laminate flooring
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
$21,480
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
8.26%
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%
$429,600
$429.6K
Cap Rate 7%
$306,857
$306.9K
Cap Rate 9%
$238,667
$238.7K
Market Conditions
NOI Build-Up for 1,640 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
$32.5K $19.80/SF
− Vacancy
−$1.8K −$1.09/SF
EGI
$30.7K $18.71/SF
− OpEx
−$9.2K −$5.61/SF
NOI
$21.5K $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%
$429,600
Cap Rate 7%
$306,857
Cap Rate 9%
$238,667
Alternative Uses
Best Use
Multifamily LT 5
$306.9K
$268.5K – $358.0K
NOI $21,480 @ 7.0% cap · market cap 8.26%
Second Best
Apartment 5plus
$265.4K
$232.3K – $309.7K
NOI $18,580 @ 7.0% cap · market cap 7.15%
Theoretical Best
Office A
$421.7K
$369.0K – $492.0K
NOI $29,520 @ 7.0% cap · market cap 11.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
361
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?
Duplex - Two residential units offer matching two-bedroom, one-bath layouts with laminate flooring throughout.
Where is this duplex located?
The property is located at 3502 Goodhope Street Houston, TX.
What is the asking price?
The asking price for this property is $259,990.
What are key features of this property?
This property features: Two‑unit duplex with 2 bedrooms and 1 bath in each unit; Each unit contains 820 SF; Renovated property with laminate flooring
