Waterfront Condo with Updated
For Sale
$234,900
4747 Nasa Pkwy 206, Pasadena, TX 77586
Updated 2-bedroom, 2-bath waterfront condo with balcony, pool, clubhouse.
Property Size1,226 SF
Lot Size1.82 Acres
Days on Market269
Property Features for 4747 Nasa Pkwy 206
General Information
Standard status
Active
Size
1,226 SF
Lot size
1.82 Acres
Property subtype
Other
Taxes and HOA fees
Annual Taxes
$3,839
Building Details
Building Size
1,226 SF
Year Built
1978
Stories
3
Listing Agency:
Edmonson & Associates
(713) 817-8911
Listed By:
Norman Edmonson · License #0293465
(713) 817-8911
Source:
Elliman
Added: Nov 28, 2025
Changed: Aug 10
Last Checked: Aug 24 at 6:57AM
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 Edmonson & Associates
Investment Insights
Based on property information with market context.
This waterfront condo features two bedrooms and two bathrooms. The living and dining areas are large and inviting, with 9-foot ceilings, a custom fireplace surround, and a wet bar. The kitchen includes Silestone counters, a new dishwasher, and a washer and dryer. The primary bath has been updated with a large walk-in shower and Silestone counter. Additional updates include fresh paint, new carpet, a replaced electrical panel, and a new water heater. Windows and doors have been upgraded. The second bedroom features a private patio. A large 8x26 balcony overlooking the water is accessible from both the living area and the primary bedroom. The complex offers a central elevator, pool, and clubhouse, along with two covered reserved parking spaces. The property is located close to NASA and The Kemah Boardwalk, with easy access to Houston and Galveston Island.
Key Highlights
- Waterfront location with large balcony (8x26) accessible from living area and primary bedroom.
- Updated primary bath with large walk‑in shower** and Silestone counter.
- Two covered reserved parking spaces.
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
$12,550
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
5.34%
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%
$251,000
$251.0K
Cap Rate 7%
$179,286
$179.3K
Cap Rate 9%
$139,444
$139.4K
Market Conditions
NOI Build-Up for 1,226 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
$24.3K $19.80/SF
− Vacancy
−$1.5K −$1.19/SF
EGI
$22.8K $18.61/SF
− OpEx
−$10.3K −$8.38/SF
NOI
$12.6K $10.24/SF
Area
Pasadena, TX
Vacancy
6.00%
Lease Rate
$19.80 /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%
$251,000
Cap Rate 7%
$179,286
Cap Rate 9%
$139,444
Alternative Uses
Best Use
Apartment 5plus
$179.3K
$156.9K – $209.2K
NOI $12,550 @ 7.0% cap · market cap 5.34%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$404.6K
$354.0K – $472.0K
NOI $28,322 @ 7.0% cap · market cap 12.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
230
Businesses Nearby
Explore this area
Business Placement
Demographics for 77586, TX
23,503
Population
10,419
Households
2.3
Avg Household Size
41
Median Age
44%
College-Educated
92%
High-School Grad
11.7 sq mi
ZIP Area
2,009
Density / Sq Mi
$115,301
Median Household Income
$60,392
Median Earnings
$1,421
Median Rent
$325,700
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 - Updated 2-bedroom, 2-bath waterfront condo with balcony, pool, clubhouse.
Where is this apartment building located?
The property is located at 4747 Nasa Pkwy 206 Pasadena, TX.
What is the asking price?
The asking price for this property is $234,900.
What are key features of this property?
This property features: Waterfront location with **large balcony (8x26)** accessible from living area and primary bedroom.; Updated primary bath with large walk‑in shower** and Silestone counter.; Two covered reserved parking spaces.
