Fully Remodeled 21-Unit Detached
For Sale
Contact for pricing
3805-3813 Wipprecht St., Houston, TX 77026
Gated community of detached two-bedroom rentals with separate meters, washer/dryer connections, and dedicated parking.
Property Size15,880 SF
Lot Size1.03 Acres
Price / SF$138.54
Days on Market72
Property Features for 3805-3813 Wipprecht St.
General Information
Standard status
Active
Size
15,880 SF
Class
C
Lot size
1.03 Acres
Property subtype
Multifamily
Zoning
Multifamily
Occupancy
100%
Investment Type
Institutional
Net Operating Income
$174,020
Financials
Cap Rate
8%
Business Included
Yes
Additional Details
Highway Access
Yes
Multifamily Units
21
Building Details
Year Built
1960
Year Renovated
2023
Buildings
21
Units
21
Tenancy
Multi
Listing Agency:
Sanmore Investments
Listed By:
Federico Medina · License #TX 796355
Source:
Crexi
Added: Jun 4
Changed: Aug 8
Last Checked: Aug 12 at 5:53AM
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 Sanmore Investments
Investment Insights
Based on property information with market context.
Wipprecht Village Homes is a fully remodeled multifamily investment property featuring 21 detached 2BR/1BA rental homes. Originally built in 1960 and fully remodeled in 2022–2023, the community consists of homes averaging approximately 758 SF each within an overall building area of approximately 15,880 SF. Each unit is set up with separate electric and water meters, washer/dryer connections, and newly installed roofs, along with updated electrical, plumbing, and mechanical systems. The community is gated and provides dedicated parking for residents.
The property is located in Houston with convenient access to I-610 and US-59/I-69, placing it minutes from Downtown Houston. It is also described as being near Hardy Yards and the East River development corridor, supporting practical access to area destinations.
As an income-producing asset, the property is 100% occupied. The detached-home configuration, gated setting, and dedicated parking can be a strong fit for operators seeking straightforward resident experience within a fully renovated housing package. Separate utility metering and in-unit washer/dryer connections may also help support day-to-day operating simplicity compared with shared systems.
The property is located in Houston with convenient access to I-610 and US-59/I-69, placing it minutes from Downtown Houston. It is also described as being near Hardy Yards and the East River development corridor, supporting practical access to area destinations.
As an income-producing asset, the property is 100% occupied. The detached-home configuration, gated setting, and dedicated parking can be a strong fit for operators seeking straightforward resident experience within a fully renovated housing package. Separate utility metering and in-unit washer/dryer connections may also help support day-to-day operating simplicity compared with shared systems.
Key Highlights
- Fully remodeled multifamily property with 21 detached 2BR/1BA rental homes (built 1960).
- Approximately 15,880 SF total building area on approximately 1.03 acres.
- Each unit has approximately 758 SF and includes separate electric and water meters.
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
$179,907
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
8.18%
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%
$3,598,140
$3.6M
Cap Rate 7%
$2,570,100
$2.6M
Cap Rate 9%
$1,998,967
$2.0M
Market Conditions
NOI Build-Up for 15,880 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
$348.7K $21.96/SF
− Vacancy
−$21.6K −$1.36/SF
EGI
$327.1K $20.60/SF
− OpEx
−$147.2K −$9.27/SF
NOI
$179.9K $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%
$3,598,140
Cap Rate 7%
$2,570,100
Cap Rate 9%
$1,998,967
Alternative Uses
Best Use
Apartment 5plus
$2.57M
$2.25M – $3.00M
NOI $179,907 @ 7.0% cap · market cap 8.18%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.08M
$3.57M – $4.76M
NOI $285,840 @ 7.0% cap · market cap 12.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
21
Residential units
Turnkey business
Opportunity
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
417
Businesses Nearby
Explore this area
Business Placement
Demographics for 77026, TX
23,405
Population
9,580
Households
2.4
Avg Household Size
36
Median Age
9%
College-Educated
70%
High-School Grad
6.6 sq mi
ZIP Area
3,546
Density / Sq Mi
$34,835
Median Household Income
$29,339
Median Earnings
$962
Median Rent
$104,800
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?
Apartment building - Gated community of detached two-bedroom rentals with separate meters, washer/dryer connections, and dedicated parking.
Where is this apartment building located?
The property is located at 3805-3813 Wipprecht St. Houston, TX.
What is the asking price?
The asking price for this property is $2,200,000.
What are key features of this property?
This property features: Fully remodeled multifamily property with 21 detached 2BR/1BA rental homes (built 1960).; Approximately 15,880 SF total building area on approximately 1.03 acres.; Each unit has approximately 758 SF and includes separate electric and water meters.
