Six-Unit Apartment
New
For Sale
$749,000
4207 Drake Street, Houston, TX 77005
Brick apartment property with a shared courtyard, updated finishes, and varied unit layouts including a studio.
Property Size4,208 SF
Days on Market7
Property Features for 4207 Drake Street
General Information
Standard status
Active
Size
4,208 SF
Property subtype
Multi Family,5 Plus
Units
Unit Mix
3 x 2BR/1BA, 2 x 1BR/1BA, 1 x studio
Multifamily Units
6
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$16,353
Amenities
skylights
built-in storage
extended vanities
in-unit laundry
shared courtyard
Building Details
Building Size
4,208 SF
Year Built
1966
Construction
brick
Listing Agency:
eXp Realty LLC
Listed By:
Shawn Manderscheid · License #0463952
(832) 753-4242
Source:
Mpowerrealtygroup
Added: Sep 2
Changed: Sep 6
Last Checked: Sep 7 at 6:31AM
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 1966 apartment property contains six units with a mix of 3 two-bedroom/one-bath residences, 2 one-bedroom/one-bath residences, and 1 studio with a full kitchen and bath. Interiors feature neutral updated finishes along with practical kitchens and bathrooms. Certain units include skylights, built-in storage, extended vanities, or in-unit laundry.
The building is constructed of brick and includes mature trees and a shared courtyard. Its location is just blocks from Loop 610 and US-59/69, with access to the Galleria, Texas Medical Center, Rice University, Downtown Houston, dining, shopping, and public transportation.
The building is constructed of brick and includes mature trees and a shared courtyard. Its location is just blocks from Loop 610 and US-59/69, with access to the Galleria, Texas Medical Center, Rice University, Downtown Houston, dining, shopping, and public transportation.
Key Highlights
- Six‑unit apartment property built in 1966
- Unit mix includes 3 2‑bedroom/1‑bath units, 2 1‑bedroom/1‑bath units, and 1 studio
- Studio includes a full kitchen and bath
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
$47,673
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
6.36%
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%
$953,460
$953.5K
Cap Rate 7%
$681,043
$681.0K
Cap Rate 9%
$529,700
$529.7K
Market Conditions
NOI Build-Up for 4,208 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
$92.4K $21.96/SF
− Vacancy
−$5.7K −$1.36/SF
EGI
$86.7K $20.60/SF
− OpEx
−$39.0K −$9.27/SF
NOI
$47.7K $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%
$953,460
Cap Rate 7%
$681,043
Cap Rate 9%
$529,700
Alternative Uses
Best Use
Apartment 5plus
$681.0K
$595.9K – $794.6K
NOI $47,673 @ 7.0% cap · market cap 6.36%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.08M
$946.8K – $1.26M
NOI $75,744 @ 7.0% cap · market cap 10.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
2,499
Businesses Nearby
Explore this area
Business Placement
Demographics for 77005, TX
28,241
Population
10,564
Households
2.7
Avg Household Size
36
Median Age
88%
College-Educated
98%
High-School Grad
3.8 sq mi
ZIP Area
7,432
Density / Sq Mi
$215,708
Median Household Income
$100,839
Median Earnings
$2,058
Median Rent
$1,354,300
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?
Apartment building - Brick apartment property with a shared courtyard, updated finishes, and varied unit layouts including a studio.
Where is this apartment building located?
The property is located at 4207 Drake Street Houston, TX.
What is the asking price?
The asking price for this property is $749,000.
What are key features of this property?
This property features: Six‑unit apartment property built in 1966; Unit mix includes 3 2‑bedroom/1‑bath units, 2 1‑bedroom/1‑bath units, and 1 studio; Studio includes a full kitchen and bath
