Renovated Three-Unit Townhome
New
For Sale
$600,000
4138 Belle Park Dr 4138, Houston, TX 77072
Three leased residences offer refreshed interiors, patios, storage closets, and rear carports.
Property Size4,754 SF
Days on Market2
Property Features for 4138 Belle Park Dr 4138
General Information
Standard status
Active
Size
4,754 SF
Property subtype
Investment
Occupancy
100%
Lease Term
12 months
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$7,482
Building Details
Building Size
4,754 SF
Year Built
1976
Buildings
3
Stories
2
Units
2
Tenancy
Multi
Listing Agency:
(409) 767-0315
Listed By:
Roger Pallas-Nieto
(409) 767-0315
Source:
Elliman
Added: Aug 10
Changed: Aug 11
Last Checked: Aug 11 at 2:35AM
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 Roger Pallas-Nieto
Investment Insights
Based on property information with market context.
This triplex contains 3 townhomes that were fully renovated and have been leased since 2024 to long-term tenants. Each two-level residence includes a living area with a wood-burning fireplace, dining space, kitchen, pantry storage, and a half bath downstairs. Upper-level layouts include full bathrooms and walk-in closet space.
Renovations include double-glass windows with mini blinds, laminate flooring on both levels, solid wood stairs, quartz kitchen countertops, new cabinetry, LED lighting, ceiling fans, and updated bathrooms with new bathtubs, tile, and vanities. Kitchens are equipped with a slim microwave, cooktop, dishwasher, combination washer and dryer, and side-by-side refrigerator. Each townhome also features a concrete patio, storage closet, and 2 car carport. Built in 1976.
Renovations include double-glass windows with mini blinds, laminate flooring on both levels, solid wood stairs, quartz kitchen countertops, new cabinetry, LED lighting, ceiling fans, and updated bathrooms with new bathtubs, tile, and vanities. Kitchens are equipped with a slim microwave, cooktop, dishwasher, combination washer and dryer, and side-by-side refrigerator. Each townhome also features a concrete patio, storage closet, and 2 car carport. Built in 1976.
Key Highlights
- 3 townhomes fully renovated and leased since 2024
- Long‑term tenants in place
- Two‑level layouts with wood‑burning fireplaces and updated bathrooms
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
$53,859
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
8.98%
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%
$1,077,180
$1.1M
Cap Rate 7%
$769,414
$769.4K
Cap Rate 9%
$598,433
$598.4K
Market Conditions
NOI Build-Up for 4,754 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
$104.4K $21.96/SF
− Vacancy
−$6.5K −$1.36/SF
EGI
$97.9K $20.60/SF
− OpEx
−$44.1K −$9.27/SF
NOI
$53.9K $11.33/SF
Area
Houston, TX
Vacancy
6.20%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
45.00%
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%
$1,077,180
Cap Rate 7%
$769,414
Cap Rate 9%
$598,433
Alternative Uses
Best Use
Multifamily LT 5
$889.5K
$778.3K – $1.04M
NOI $62,266 @ 7.0% cap · market cap 10.38%
Second Best
Apartment 5plus
$769.4K
$673.2K – $897.7K
NOI $53,859 @ 7.0% cap · market cap 8.98%
Theoretical Best
Office A
$1.22M
$1.07M – $1.43M
NOI $85,572 @ 7.0% cap · market cap 14.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
624
Businesses Nearby
Explore this area
Business Placement
Demographics for 77072, TX
56,271
Population
20,371
Households
2.8
Avg Household Size
35
Median Age
18%
College-Educated
70%
High-School Grad
7.4 sq mi
ZIP Area
7,604
Density / Sq Mi
$49,893
Median Household Income
$26,980
Median Earnings
$1,248
Median Rent
$175,100
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Three leased residences offer refreshed interiors, patios, storage closets, and rear carports.
Where is this triplex located?
The property is located at 4138 Belle Park Dr 4138 Houston, TX.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: 3 townhomes fully renovated and leased since 2024; Long‑term tenants in place; Two‑level layouts with wood‑burning fireplaces and updated bathrooms
