Five-Unit Apartment
New
For Sale
$499,000
4720 Polk Street, Houston, TX 77023
Four one-bedroom residences accompany a two-bedroom garage apartment with separate gas and electric metering.
Property Size3,628 SF
Price / SF$137.54
Days on Market3
Property Features for 4720 Polk Street
General Information
Standard status
Active
Size
3,628 SF
Property subtype
Multi-Family
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Units
Unit Mix
4 x 1BR, 1 x 2BR garage apartment
Multifamily Units
5
Taxes and HOA fees
Annual Taxes
$5,848
Amenities
Tile,Vinyl,Wood
Yes
1
2
Appraiser
Laminate Counters,Tile Counters
5000
One
Paved
3628
Building Details
Building Size
3,628 SF
Year Built
1952
Stories
2
Listing Agency:
Martindale Real Estate Investments
(281) 486-1900
Listed By:
Jessika Paquinto
(281) 685-1938
Source:
Garygreene
Added: Sep 5
Changed: Sep 6
Last Checked: Sep 7 at 6:04AM
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 Martindale Real Estate Investments
Investment Insights
Based on property information with market context.
This apartment property at 4720 Polk Street includes five residential units: four one-bedroom apartments and a two-bedroom garage apartment. The building dates to 1952 and features tile, vinyl, and wood finishes. Each unit has its own gas and electric meter, while water service is handled through one master meter.
The property is in the Eastwood subdivision, with access to downtown, the University of Houston, and the Gulf Freeway. A paved exterior area is included. Tenant access is controlled, and showings require a signed contract. Rent roll, survey, and income statement are available upon request.
The property is in the Eastwood subdivision, with access to downtown, the University of Houston, and the Gulf Freeway. A paved exterior area is included. Tenant access is controlled, and showings require a signed contract. Rent roll, survey, and income statement are available upon request.
Key Highlights
- Five‑unit property with four one‑bedroom apartments and one two‑bedroom garage apartment
- Separate gas and electric meters for each unit
- Water service operates through one master meter
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
$41,102
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
8.24%
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%
$822,040
$822.0K
Cap Rate 7%
$587,171
$587.2K
Cap Rate 9%
$456,689
$456.7K
Market Conditions
NOI Build-Up for 3,628 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
$79.7K $21.96/SF
− Vacancy
−$4.9K −$1.36/SF
EGI
$74.7K $20.60/SF
− OpEx
−$33.6K −$9.27/SF
NOI
$41.1K $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%
$822,040
Cap Rate 7%
$587,171
Cap Rate 9%
$456,689
Alternative Uses
Best Use
Apartment 5plus
$587.2K
$513.8K – $685.0K
NOI $41,102 @ 7.0% cap · market cap 8.24%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$932.9K
$816.3K – $1.09M
NOI $65,304 @ 7.0% cap · market cap 13.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
845
Businesses Nearby
Explore this area
Business Placement
Demographics for 77023, TX
26,780
Population
11,850
Households
2.3
Avg Household Size
36
Median Age
24%
College-Educated
75%
High-School Grad
5.5 sq mi
ZIP Area
4,869
Density / Sq Mi
$50,018
Median Household Income
$35,730
Median Earnings
$1,079
Median Rent
$279,300
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 - Four one-bedroom residences accompany a two-bedroom garage apartment with separate gas and electric metering.
Where is this apartment building located?
The property is located at 4720 Polk Street Houston, TX.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: Five‑unit property with four one‑bedroom apartments and one two‑bedroom garage apartment; Separate gas and electric meters for each unit; Water service operates through one master meter
