New-Construction Duplex with Vaulted
New
For Sale
$389,900
424 Calloway St A/B, Houston, TX 77029
Two complete residences combine contemporary finishes with a flexible owner-occupant or rental configuration.
Property Size2,250 SF
Price / SF$173.29
Days on Market4
Property Features for 424 Calloway St A/B
General Information
Standard status
Active
Size
2,250 SF
Property subtype
Investment
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Additional Details
Highway Access
Yes
Building Details
Building Size
2,250 SF
Year Built
2026
Buildings
1
Stories
2
Listing Agency:
Premier Haus Realty, LLC
Listed By:
Olevia Johnson
(832) 492-6883
Source:
Elliman
Added: Sep 5
Last Checked: Sep 7 at 9:44AM
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 Premier Haus Realty, LLC
Investment Insights
Based on property information with market context.
Completed in 2026, this duplex contains 2,250 total square feet arranged across two residences. Each unit offers 3 bedrooms and 2 baths, with European flat-panel cabinetry and quartz countertops. Vaulted ceilings in the upper residence add volume and openness to its interior. The property is located at 424 Calloway St A/B in Houston, near Downtown Houston, major freeways, and the East End. Its two-unit layout supports living in one residence while leasing the other, or operating both as rentals. Walk Score is 12, Bike Score is 30, and Transit Score is 24.
Key Highlights
- 2026‑built duplex at 424 Calloway St A/B, Houston, TX 77029
- 2,250 total sq ft with two 3‑bedroom, 2‑bath units
- European flat‑panel cabinetry and quartz countertops in each unit
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
$29,470
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
7.56%
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%
$589,400
$589.4K
Cap Rate 7%
$421,000
$421.0K
Cap Rate 9%
$327,444
$327.4K
Market Conditions
NOI Build-Up for 2,250 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
$44.6K $19.80/SF
− Vacancy
−$2.5K −$1.09/SF
EGI
$42.1K $18.71/SF
− OpEx
−$12.6K −$5.61/SF
NOI
$29.5K $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%
$589,400
Cap Rate 7%
$421,000
Cap Rate 9%
$327,444
Alternative Uses
Best Use
Multifamily LT 5
$421.0K
$368.4K – $491.2K
NOI $29,470 @ 7.0% cap · market cap 7.56%
Second Best
Apartment 5plus
$364.2K
$318.6K – $424.9K
NOI $25,491 @ 7.0% cap · market cap 6.54%
Theoretical Best
Office A
$578.6K
$506.3K – $675.0K
NOI $40,500 @ 7.0% cap · market cap 10.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
149
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two complete residences combine contemporary finishes with a flexible owner-occupant or rental configuration.
Where is this duplex located?
The property is located at 424 Calloway St A/B Houston, TX.
What is the asking price?
The asking price for this property is $389,900.
What are key features of this property?
This property features: 2026‑built duplex at 424 Calloway St A/B, Houston, TX 77029; 2,250 total sq ft with two 3‑bedroom, 2‑bath units; European flat‑panel cabinetry and quartz countertops in each unit
