Multifamily Homes and
For Sale
$2,500,000
397 County Road 379, Cleveland, TX 77328
Four homes and an 18,000 SF warehouse for sale.
Property Size1,436 SF
Price / SF$138.89
Days on Market164
Property Features for 397 County Road 379
General Information
Standard status
Active
Size
1,436 SF
Property subtype
Investment
Lease Term
Month-to-month
Taxes and HOA fees
Annual Taxes
$12,166
Building Details
Building Size
1,436 SF
Year Built
1965
Stories
1
Units
4
Listing Agency:
Texas United Realty
(832) 438-7310
Listed By:
Arthur Marroquin · License #0511342
(832) 438-7310
Source:
Elliman
Added: Mar 11
Changed: Aug 19
Last Checked: Aug 20 at 7:30AM
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 Texas United Realty
Investment Insights
Based on property information with market context.
This property includes four homes with the following configurations: one 4-bedroom, 2-bathroom home; two 2-bedroom, 2-bathroom homes; and one 2-bedroom, 1-bathroom home. Additionally, the property features an 18,000 square foot warehouse. The warehouse includes office space and restrooms.
Key Highlights
- Four separate homes included (4/2, 2/2, 2/2, 2/1).
- 18,000 sq ft warehouse on the property.
- Warehouse includes office space.
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
$111,248
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
4.45%
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%
$2,224,960
$2.2M
Cap Rate 7%
$1,589,257
$1.6M
Cap Rate 9%
$1,236,089
$1.2M
Market Conditions
NOI Build-Up for 18,000 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
$139.7K $7.76/SF
− Vacancy
−$8.8K −$0.49/SF
EGI
$130.9K $7.27/SF
− OpEx
−$19.6K −$1.09/SF
NOI
$111.2K $6.18/SF
Area
Liberty County, TX
Vacancy
6.30%
Lease Rate
$7.76 /SF/Yr
Expense Ratio
15.00%
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%
$2,224,960
Cap Rate 7%
$1,589,257
Cap Rate 9%
$1,236,089
Alternative Uses
Best Use
Apartment 5plus
$175.04M
$153.16M – $204.21M
NOI $12,252,590 @ 7.0% cap · market cap 490.10%
Second Best
Warehouse
$1.59M
$1.39M – $1.85M
NOI $111,248 @ 7.0% cap · market cap 4.45%
Theoretical Best
Multifamily LT 5
$201.81M
$176.58M – $235.44M
NOI $14,126,465 @ 7.0% cap · market cap 565.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
90
Businesses Nearby
Explore this area
Business Placement
Demographics for 77328, TX
17,071
Population
6,943
Households
2.5
Avg Household Size
37
Median Age
10%
College-Educated
76%
High-School Grad
180.7 sq mi
ZIP Area
94
Density / Sq Mi
$57,725
Median Household Income
$36,912
Median Earnings
$1,127
Median Rent
$169,200
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Multifamily property - Four homes and an 18,000 SF warehouse for sale.
Where is this multifamily property located?
The property is located at 397 County Road 379 Cleveland, TX.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: Four separate homes included (4/2, 2/2, 2/2, 2/1).; 18,000 sq ft warehouse on the property.; Warehouse includes office space.
