Renovated
New
For Sale
$415,000
4-5110 Wilmington St, Houston, TX 77051
Single-story multifamily property with a balanced mix of three two-bedroom units and one one-bedroom unit.
Property Size2,760 SF
Price / SF$150.36
Days on Market7
Property Features for 4-5110 Wilmington St
General Information
Standard status
Active
Size
2,760 SF
Property subtype
Residential Income
Units
Unit Mix
3 x 2BR, 1 x 1BR
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$4,581
Building Details
Buildings
1
Stories
1
Listing Agency:
eXp Realty LLC
(888) 519-7431
Listed By:
Sherwannia Cotton
(281) 451-0875
Source:
Exprealty
Added: Sep 15
Changed: Sep 20
Last Checked: Sep 21 at 12:50PM
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 2,760-square-foot, single-story fourplex at 4-5110 Wilmington St features three two-bedroom residences and one one-bedroom residence. The property has been comprehensively renovated, including new laminate flooring in living areas, bedrooms, and kitchens, refreshed bathroom tile, updated cabinetry, faucets, showerheads, toilets, lighting, interior doors, hardware, locks, and baseboards. Drywall repairs and interior painting have also been completed throughout.
Major work extends beyond cosmetic improvements. Plumbing pipes serving the entire fourplex were replaced, structural beam repairs were completed, and professional mold remediation with chemical treatment was performed. The property is positioned near the Texas Medical Center and Downtown Houston, offering a four-unit configuration for multifamily ownership or leasing.
Major work extends beyond cosmetic improvements. Plumbing pipes serving the entire fourplex were replaced, structural beam repairs were completed, and professional mold remediation with chemical treatment was performed. The property is positioned near the Texas Medical Center and Downtown Houston, offering a four-unit configuration for multifamily ownership or leasing.
Key Highlights
- 2,760 SF single‑story fourplex
- Unit mix includes three 2‑bedroom units and one 1‑bedroom unit
- Complete replacement of plumbing pipes throughout the property
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
$36,150
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
8.71%
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%
$723,000
$723.0K
Cap Rate 7%
$516,429
$516.4K
Cap Rate 9%
$401,667
$401.7K
Market Conditions
NOI Build-Up for 2,760 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
$54.6K $19.80/SF
− Vacancy
−$3.0K −$1.09/SF
EGI
$51.6K $18.71/SF
− OpEx
−$15.5K −$5.61/SF
NOI
$36.1K $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%
$723,000
Cap Rate 7%
$516,429
Cap Rate 9%
$401,667
Alternative Uses
Best Use
Multifamily LT 5
$516.4K
$451.9K – $602.5K
NOI $36,150 @ 7.0% cap · market cap 8.71%
Second Best
Apartment 5plus
$446.7K
$390.9K – $521.1K
NOI $31,268 @ 7.0% cap · market cap 7.53%
Theoretical Best
Office A
$709.7K
$621.0K – $828.0K
NOI $49,680 @ 7.0% cap · market cap 11.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
203
Businesses Nearby
Explore this area
Business Placement
Demographics for 77051, TX
18,323
Population
7,453
Households
2.5
Avg Household Size
34
Median Age
15%
College-Educated
78%
High-School Grad
7.4 sq mi
ZIP Area
2,476
Density / Sq Mi
$40,030
Median Household Income
$31,914
Median Earnings
$1,332
Median Rent
$171,900
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 - Single-story multifamily property with a balanced mix of three two-bedroom units and one one-bedroom unit.
Where is this quadplex located?
The property is located at 4-5110 Wilmington St Houston, TX.
What is the asking price?
The asking price for this property is $415,000.
What are key features of this property?
This property features: 2,760 SF single‑story fourplex; Unit mix includes three 2‑bedroom units and one 1‑bedroom unit; Complete replacement of plumbing pipes throughout the property
