6-Unit Cottage Apartment
New
For Sale
$505,000
4716 Carmen St, Houston, TX 77033
Three cottage-style buildings contain duplex units, with yard space and tenant parking on site.
Property Size3,906 SF
Days on Market2
Property Features for 4716 Carmen St
General Information
Standard status
Active
Size
3,906 SF
Property subtype
Investment
Lease Term
Month-to-month
Taxes and HOA fees
Annual Taxes
$4,964
Building Details
Building Size
3,906 SF
Year Built
1950
Stories
1
Units
1
Listing Agency:
WORTH CLARK REALTY
Listed By:
Peggy Renee Ferrell-Sharp
(713) 550-4670
Source:
Elliman
Added: Sep 26
Last Checked: Sep 26 at 2:57PM
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 WORTH CLARK REALTY
Investment Insights
Based on property information with market context.
Built in 1950, the property comprises three cottage-style buildings configured as three duplexes, for a total of six residential units. The units have been updated, and the site includes yard space and tenant parking. Occupancy is 70%.
The property is located at 4716 Carmen St in Houston. Walk Score is 47, Transit Score is 46, and Bike Score is 38.
The property is located at 4716 Carmen St in Houston. Walk Score is 47, Transit Score is 46, and Bike Score is 38.
Key Highlights
- Six units across three duplex buildings
- Cottage‑style buildings with updated units
- 70% occupied
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
$44,252
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
8.76%
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%
$885,040
$885.0K
Cap Rate 7%
$632,171
$632.2K
Cap Rate 9%
$491,689
$491.7K
Market Conditions
NOI Build-Up for 3,906 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
$85.8K $21.96/SF
− Vacancy
−$5.3K −$1.36/SF
EGI
$80.5K $20.60/SF
− OpEx
−$36.2K −$9.27/SF
NOI
$44.3K $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%
$885,040
Cap Rate 7%
$632,171
Cap Rate 9%
$491,689
Alternative Uses
Best Use
Apartment 5plus
$632.2K
$553.2K – $737.5K
NOI $44,252 @ 7.0% cap · market cap 8.76%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.00M
$878.9K – $1.17M
NOI $70,308 @ 7.0% cap · market cap 13.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
473
Businesses Nearby
Explore this area
Business Placement
Demographics for 77033, TX
28,369
Population
10,228
Households
2.8
Avg Household Size
36
Median Age
9%
College-Educated
72%
High-School Grad
5.7 sq mi
ZIP Area
4,977
Density / Sq Mi
$37,081
Median Household Income
$28,459
Median Earnings
$1,204
Median Rent
$98,300
Median Home Value
Check the figures for this property
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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?
Residential income property - Three cottage-style buildings contain duplex units, with yard space and tenant parking on site.
Where is this residential income property located?
The property is located at 4716 Carmen St Houston, TX.
What is the asking price?
The asking price for this property is $505,000.
What are key features of this property?
This property features: Six units across three duplex buildings; Cottage‑style buildings with updated units; 70% occupied
