Occupied Fourplex With Garage
For Sale
$795,000
4-1823 W Main St, Houston, TX 77002
Four-unit property with shared laundry and month-to-month tenant occupancy.
Property Size3,246 SF
Price / SF$244.92
Days on Market12
Property Features for 4-1823 W Main St
General Information
Standard status
Active
Size
3,246 SF
Total Parking Spaces
4
Property subtype
Residential Income
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$23,377
Amenities
original hardwood floors
shared washer and dryer facilities
Building Details
Buildings
1
Tenancy
Multi
Listing Agency:
Martha Turner Sotheby's International Realty
(713) 320-5881
Listed By:
Tim Surratt
(713) 320-5881
Source:
Exprealty
Added: Aug 20
Changed: Aug 28
Last Checked: Aug 30 at 9:41PM
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 Martha Turner Sotheby's International Realty
Investment Insights
Based on property information with market context.
This fourplex contains 3,246 square feet and is occupied by month-to-month tenants. Interior features include original hardwood floors, while shared washer and dryer facilities support the residential layout. Garage parking accommodates 4 vehicles.
The property sits on an extra-deep lot at 4-1823 W Main St in Houston, Texas. H-E-B, museums, restaurants, and entertainment venues are identified in the surrounding area, providing access to a range of everyday services and destinations.
The property sits on an extra-deep lot at 4-1823 W Main St in Houston, Texas. H-E-B, museums, restaurants, and entertainment venues are identified in the surrounding area, providing access to a range of everyday services and destinations.
Key Highlights
- Fourplex with 3,246 square feet of property size
- Currently occupied by month‑to‑month tenants
- Original hardwood floors throughout the units
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
$42,515
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
5.35%
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%
$850,300
$850.3K
Cap Rate 7%
$607,357
$607.4K
Cap Rate 9%
$472,389
$472.4K
Market Conditions
NOI Build-Up for 3,246 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
$64.3K $19.80/SF
− Vacancy
−$3.5K −$1.09/SF
EGI
$60.7K $18.71/SF
− OpEx
−$18.2K −$5.61/SF
NOI
$42.5K $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%
$850,300
Cap Rate 7%
$607,357
Cap Rate 9%
$472,389
Alternative Uses
Best Use
Multifamily LT 5
$607.4K
$531.4K – $708.6K
NOI $42,515 @ 7.0% cap · market cap 5.35%
Second Best
Apartment 5plus
$525.3K
$459.7K – $612.9K
NOI $36,774 @ 7.0% cap · market cap 4.63%
Theoretical Best
Office A
$834.7K
$730.4K – $973.8K
NOI $58,428 @ 7.0% cap · market cap 7.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
8,244
Businesses Nearby
Explore this area
Business Placement
Demographics for 77002, TX
19,844
Population
8,960
Households
2.2
Avg Household Size
34
Median Age
37%
College-Educated
86%
High-School Grad
2.0 sq mi
ZIP Area
9,922
Density / Sq Mi
$85,436
Median Household Income
$54,755
Median Earnings
$1,860
Median Rent
$286,100
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?
Quadplex - Four-unit property with shared laundry and month-to-month tenant occupancy.
Where is this quadplex located?
The property is located at 4-1823 W Main St Houston, TX.
What is the asking price?
The asking price for this property is $795,000.
What are key features of this property?
This property features: Fourplex with 3,246 square feet of property size; Currently occupied by month‑to‑month tenants; Original hardwood floors throughout the units
