New-Construction
New
For Sale
$360,000
408 Armstrong St, Houston, TX 77029
Modern duplex with high-end finishes and convenient access to major Houston routes.
Property Size2,014 SF
Price / SF$178.75
Days on Market3
Property Features for 408 Armstrong St
General Information
Standard status
Active
Size
2,014 SF
Property subtype
Multi-Family
Building Details
Year Built
2024
Listing Agency:
A'Lon Realty Co.
Listed By:
Nola Lusk · License #0369204
(713) 240-5148
Source:
Jasonaguirregroup
Added: Sep 19
Last Checked: Sep 21 at 9:35AM
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 A'Lon Realty Co.
Investment Insights
Based on property information with market context.
Completed in 2024, this duplex offers a three-bedroom, two-bath residential configuration with 2,014 square feet of living space. The home includes contemporary interior finishes and a layout designed for comfortable rental use.
The property is located at 408 Armstrong Street in Houston, near the 610 Freeway. I-10 East and downtown Houston are also readily accessible, connecting the residence with major transportation routes and the central city.
The property is located at 408 Armstrong Street in Houston, near the 610 Freeway. I-10 East and downtown Houston are also readily accessible, connecting the residence with major transportation routes and the central city.
Key Highlights
- 2024 construction
- 3‑bedroom, 2‑bath configuration
- 2,014 square feet of living 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
$26,379
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
7.33%
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%
$527,580
$527.6K
Cap Rate 7%
$376,843
$376.8K
Cap Rate 9%
$293,100
$293.1K
Market Conditions
NOI Build-Up for 2,014 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
$39.9K $19.80/SF
− Vacancy
−$2.2K −$1.09/SF
EGI
$37.7K $18.71/SF
− OpEx
−$11.3K −$5.61/SF
NOI
$26.4K $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%
$527,580
Cap Rate 7%
$376,843
Cap Rate 9%
$293,100
Alternative Uses
Best Use
Multifamily LT 5
$376.8K
$329.7K – $439.7K
NOI $26,379 @ 7.0% cap · market cap 7.33%
Second Best
Apartment 5plus
$326.0K
$285.2K – $380.3K
NOI $22,817 @ 7.0% cap · market cap 6.34%
Theoretical Best
Office A
$517.9K
$453.2K – $604.2K
NOI $36,252 @ 7.0% cap · market cap 10.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
236
Businesses Nearby
Explore this area
Business Placement
Demographics for 77029, TX
17,044
Population
6,386
Households
2.7
Avg Household Size
36
Median Age
9%
College-Educated
62%
High-School Grad
10.6 sq mi
ZIP Area
1,608
Density / Sq Mi
$49,601
Median Household Income
$32,614
Median Earnings
$1,129
Median Rent
$115,400
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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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?
Duplex - Modern duplex with high-end finishes and convenient access to major Houston routes.
Where is this duplex located?
The property is located at 408 Armstrong St Houston, TX.
What is the asking price?
The asking price for this property is $360,000.
What are key features of this property?
This property features: 2024 construction; 3‑bedroom, 2‑bath configuration; 2,014 square feet of living space
