Multifamily Property Near
For Sale
$3,700,000
4343 Old Spanish Trail, Houston, TX 77021
The 1948-built asset includes parking and is generating cash flow.
Property Size16,206 SF
Days on Market113
Property Features for 4343 Old Spanish Trail
General Information
Standard status
Active
Size
16,206 SF
Class
B
Total Parking Spaces
6
Property subtype
MF, MF-GARD
Building Details
Building Size
16,206 SF
Year Built
1948
Buildings
28
Stories
1
Units
57
Listing Agency:
KW Commercial Houston Metropolitan
(713) 614-5888
Listed By:
Otto Muniz · License #766823
(713) 614-5888
Source:
Realnex
Added: May 11
Changed: Aug 29
Last Checked: Aug 30 at 12:50PM
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 Metropolitan
Investment Insights
Based on property information with market context.
This multifamily property at 4343 Old Spanish Trail was built in 1948 and includes on-site parking. The property is currently generating cash flow and has been identified for improvement or redevelopment, providing flexibility for a buyer evaluating its existing operation and future configuration.
The property is located in Houston, less than one mile from the University of Houston. The surrounding area includes new development, adding relevant context for consideration of the asset’s current use and redevelopment possibilities.
The property is located in Houston, less than one mile from the University of Houston. The surrounding area includes new development, adding relevant context for consideration of the asset’s current use and redevelopment possibilities.
Key Highlights
- Multifamily property built in 1948
- Located less than one mile from the University of Houston
- On‑site parking included
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
$183,600
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
4.96%
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%
$3,672,000
$3.7M
Cap Rate 7%
$2,622,857
$2.6M
Cap Rate 9%
$2,040,000
$2.0M
Market Conditions
NOI Build-Up for 16,206 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
$355.9K $21.96/SF
− Vacancy
−$22.1K −$1.36/SF
EGI
$333.8K $20.60/SF
− OpEx
−$150.2K −$9.27/SF
NOI
$183.6K $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%
$3,672,000
Cap Rate 7%
$2,622,857
Cap Rate 9%
$2,040,000
Alternative Uses
Best Use
Apartment 5plus
$2.62M
$2.30M – $3.06M
NOI $183,600 @ 7.0% cap · market cap 4.96%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.17M
$3.65M – $4.86M
NOI $291,708 @ 7.0% cap · market cap 7.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
734
Businesses Nearby
Explore this area
Business Placement
Demographics for 77021, TX
28,055
Population
12,819
Households
2.2
Avg Household Size
36
Median Age
34%
College-Educated
87%
High-School Grad
6.1 sq mi
ZIP Area
4,599
Density / Sq Mi
$45,034
Median Household Income
$38,041
Median Earnings
$1,193
Median Rent
$203,900
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?
Multifamily property - The 1948-built asset includes parking and is generating cash flow.
Where is this multifamily property located?
The property is located at 4343 Old Spanish Trail Houston, TX.
What is the asking price?
The asking price for this property is $3,700,000.
What are key features of this property?
This property features: Multifamily property built in 1948; Located less than one mile from the University of Houston; On‑site parking included
