Renovated Multifamily Asset Near
For Sale
$1,200,000
4831 Sycamore Ave 16, Pasadena, TX 77503
17-unit renovated multifamily property with growth potential near Houston.
Property Size9,470 SF
Lot Size0.56 Acres
Days on Market166
Property Features for 4831 Sycamore Ave 16
General Information
Standard status
Active
Size
9,470 SF
Lot size
0.56 Acres
Property subtype
Investment
Lease Term
12 months
Taxes and HOA fees
Annual Taxes
$16,557
Building Details
Building Size
9,470 SF
Year Built
1963
Stories
1
Units
2
Listing Agency:
eXp Realty LLC
(361) 648-7925
Listed By:
Sheila Montilla Sequera
(361) 648-7925
Source:
Elliman
Added: Mar 12
Changed: Aug 17
Last Checked: Aug 24 at 9:58AM
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 eXp Realty LLC
Investment Insights
Based on property information with market context.
Sycamore Flats is a 17-unit multifamily asset constructed in 1963 that underwent extensive renovations in 2022-23. Located 20 miles southeast of downtown Houston, the property provides access to major employment centers, highways, and airports. The recent renovations have modernized Sycamore Flats, featuring updated interiors, a durable metal roof, and minimal deferred maintenance. This turnkey investment offers immediate growth potential, allowing investors to capitalize on a 5-year hold by maximizing rents and addressing loss to lease.
Key Highlights
- 17‑unit multifamily asset.
- Recent extensive renovation in 2022‑23 creating modern, desirable living spaces.
- Turnkey investment with virtually no deferred maintenance.
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
$96,941
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
8.08%
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%
$1,938,820
$1.9M
Cap Rate 7%
$1,384,871
$1.4M
Cap Rate 9%
$1,077,122
$1.1M
Market Conditions
NOI Build-Up for 9,470 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
$187.5K $19.80/SF
− Vacancy
−$11.3K −$1.19/SF
EGI
$176.3K $18.61/SF
− OpEx
−$79.3K −$8.38/SF
NOI
$96.9K $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%
$1,938,820
Cap Rate 7%
$1,384,871
Cap Rate 9%
$1,077,122
Alternative Uses
Best Use
Apartment 5plus
$1.38M
$1.21M – $1.62M
NOI $96,941 @ 7.0% cap · market cap 8.08%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.13M
$2.73M – $3.65M
NOI $218,766 @ 7.0% cap · market cap 18.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
564
Businesses Nearby
Explore this area
Business Placement
Demographics for 77503, TX
24,956
Population
8,980
Households
2.8
Avg Household Size
33
Median Age
10%
College-Educated
70%
High-School Grad
6.3 sq mi
ZIP Area
3,961
Density / Sq Mi
$64,977
Median Household Income
$37,015
Median Earnings
$1,211
Median Rent
$165,300
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - 17-unit renovated multifamily property with growth potential near Houston.
Where is this apartment building located?
The property is located at 4831 Sycamore Ave 16 Pasadena, TX.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: 17‑unit multifamily asset.; Recent extensive renovation in 2022‑23 creating modern, desirable living spaces.; Turnkey investment with virtually no deferred maintenance.
