New Construction Duplex
For Sale
$549,995
408 E 34th St, Houston, TX 77018
Brand-new duplex with modern finishes, offering flexible live-in or rental income options across two separate units.
Property Size2,366 SF
Days on Market99
Property Features for 408 E 34th St
General Information
Standard status
Active
Size
2,366 SF
Property subtype
Investment
Additional Details
Highway Access
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,375
Building Details
Building Size
2,366 SF
Year Built
2026
Stories
2
Units
2
Tenancy
Multi
Listing Agency:
KW Commercial Houston
Listed By:
Michael Stavinoha · License #675302
(979) 320-4303
Source:
Elliman
Added: Jun 4
Changed: Sep 8
Last Checked: Sep 9 at 10:07AM
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 KW Commercial Houston
Investment Insights
Based on property information with market context.
This brand-new duplex features a modern design and premium finishes across both units. Each side includes open-concept floor plans intended to maximize space and natural light, along with quartz countertops, luxury vinyl plank flooring, contemporary fixtures, and energy-efficient features throughout. The building is set up to support independent use of each unit, whether for a live-in arrangement or for generating rental income from both sides.
The property is located in Houston’s Independence Heights area, positioned minutes from Downtown Houston, The Heights, the Washington Avenue Corridor, and the Medical Center. Access is described as convenient to major highways, supporting a range of tenant or resident commutes within the broader Houston market. BikeScore is listed at 69 and WalkScore at 75, with transitScore at 50.
From an ownership standpoint, the layout and finishes support multiple occupancy strategies, including living in one unit while renting the other, or renting both units. Both 408 and 410 are individually for sale, which can provide added flexibility for buyers evaluating purchase options within the duplex configuration.
The property is located in Houston’s Independence Heights area, positioned minutes from Downtown Houston, The Heights, the Washington Avenue Corridor, and the Medical Center. Access is described as convenient to major highways, supporting a range of tenant or resident commutes within the broader Houston market. BikeScore is listed at 69 and WalkScore at 75, with transitScore at 50.
From an ownership standpoint, the layout and finishes support multiple occupancy strategies, including living in one unit while renting the other, or renting both units. Both 408 and 410 are individually for sale, which can provide added flexibility for buyers evaluating purchase options within the duplex configuration.
Key Highlights
- New construction duplex built in 2026 in Houston’s Independence Heights
- Each unit has modern finishes including quartz countertops and luxury vinyl plank flooring
- Both units feature contemporary fixtures and energy‑efficient features throughout
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
$30,989
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
5.63%
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%
$619,780
$619.8K
Cap Rate 7%
$442,700
$442.7K
Cap Rate 9%
$344,322
$344.3K
Market Conditions
NOI Build-Up for 2,366 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
$46.8K $19.80/SF
− Vacancy
−$2.6K −$1.09/SF
EGI
$44.3K $18.71/SF
− OpEx
−$13.3K −$5.61/SF
NOI
$31.0K $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%
$619,780
Cap Rate 7%
$442,700
Cap Rate 9%
$344,322
Alternative Uses
Best Use
Multifamily LT 5
$442.7K
$387.4K – $516.5K
NOI $30,989 @ 7.0% cap · market cap 5.63%
Second Best
Apartment 5plus
$382.9K
$335.1K – $446.8K
NOI $26,805 @ 7.0% cap · market cap 4.87%
Theoretical Best
Office A
$608.4K
$532.4K – $709.8K
NOI $42,588 @ 7.0% cap · market cap 7.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,266
Businesses Nearby
Explore this area
Business Placement
Demographics for 77018, TX
27,870
Population
13,335
Households
2.1
Avg Household Size
38
Median Age
60%
College-Educated
92%
High-School Grad
6.8 sq mi
ZIP Area
4,099
Density / Sq Mi
$121,658
Median Household Income
$75,487
Median Earnings
$1,256
Median Rent
$543,800
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 - Brand-new duplex with modern finishes, offering flexible live-in or rental income options across two separate units.
Where is this duplex located?
The property is located at 408 E 34th St Houston, TX.
What is the asking price?
The asking price for this property is $549,995.
What are key features of this property?
This property features: New construction duplex built in 2026 in Houston’s Independence Heights; Each unit has modern finishes including quartz countertops and luxury vinyl plank flooring; Both units feature contemporary fixtures and energy‑efficient features throughout
