Renovated Multifamily
For Sale
$565,000
3903 Broyles St, Houston, TX 77026
Fully occupied property with renovated two- and three-bedroom units, appliances, dedicated parking, and controlled gated access.
Property Size3,024 SF
Price / SF$186.84
Days on Market81
Property Features for 3903 Broyles St
General Information
Standard status
Active
Size
3,024 SF
Property subtype
Residential Income
Occupancy
100%
Additional Details
Public Transit
Yes
Parking per Unit
1
Taxes and HOA fees
Annual Taxes
$6,880
Amenities
refrigerator
washer
dryer
gas range
fenced
electronic gate
Listing Agency:
eXp Realty LLC
(888) 519-7431
Listed By:
Adebisi Onitiri
(832) 406-1246
Source:
Exprealty
Added: Jul 3
Changed: Sep 12
Last Checked: Sep 21 at 12:55PM
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 eXp Realty LLC
Investment Insights
Based on property information with market context.
This fully occupied multifamily property, built in 1940, offers a mix of recently renovated two-bedroom and three-bedroom units with updated interiors. Units include refrigerators, washers, dryers, and gas ranges. Each unit has one designated car parking space on a concrete pad, with a connecting walkway for resident access.
The property is fenced and secured by an electronic gate with remote access for tenants. Located in Houston near major freeways, a major bus stop, Downtown Houston, and employment centers, the property also benefits from established tenants in place. Showings are available by appointment only, and tenants should not be disturbed.
The property is fenced and secured by an electronic gate with remote access for tenants. Located in Houston near major freeways, a major bus stop, Downtown Houston, and employment centers, the property also benefits from established tenants in place. Showings are available by appointment only, and tenants should not be disturbed.
Key Highlights
- Fully occupied multifamily property with established tenants in place
- Mix of recently renovated 2‑bedroom and 3‑bedroom units
- Units include refrigerator, washer, dryer, and gas range
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
$34,259
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
6.06%
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%
$685,180
$685.2K
Cap Rate 7%
$489,414
$489.4K
Cap Rate 9%
$380,656
$380.7K
Market Conditions
NOI Build-Up for 3,024 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
$66.4K $21.96/SF
− Vacancy
−$4.1K −$1.36/SF
EGI
$62.3K $20.60/SF
− OpEx
−$28.0K −$9.27/SF
NOI
$34.3K $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 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%
$685,180
Cap Rate 7%
$489,414
Cap Rate 9%
$380,656
Alternative Uses
Best Use
Apartment 5plus
$489.4K
$428.2K – $571.0K
NOI $34,259 @ 7.0% cap · market cap 6.06%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$777.6K
$680.4K – $907.2K
NOI $54,432 @ 7.0% cap · market cap 9.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
332
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
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Multifamily property - Fully occupied property with renovated two- and three-bedroom units, appliances, dedicated parking, and controlled gated access.
Where is this multifamily property located?
The property is located at 3903 Broyles St Houston, TX.
What is the asking price?
The asking price for this property is $565,000.
What are key features of this property?
This property features: Fully occupied multifamily property with established tenants in place; Mix of recently renovated 2‑bedroom and 3‑bedroom units; Units include refrigerator, washer, dryer, and gas range
