EaDo Income-Generating Multifamily
For Sale
$714,990
5 Estelle Street 1, Houston, TX 77003
Renovated, furnished 5-unit building near downtown Houston.
Property Size3,140 SF
Price / SF$227.70
Days on Market149
Property Features for 5 Estelle Street 1
General Information
Standard status
Active
Size
3,140 SF
Property subtype
Residential Income
Lease Term
Month To Month
Taxes and HOA fees
Annual Taxes
$12,332
Amenities
Ceiling Fan(s), Electric
Electric
Range, ENERGY STAR Qualified Appliances, Disposal, Microwave, Dishwasher, Refrigerator
Smart Thermostat
Garage
Private Entrance
Building Details
Building Size
3,140 SF
Year Built
1938
Stories
2
Listing Agency:
LPT Realty, LLC
(832) 217-5593
Listed By:
Spencer Igwe · License #817111
(832) 217-5593
Source:
Evrealestate
Added: Mar 29
Changed: Aug 23
Last Checked: Aug 24 at 4:58AM
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 LPT Realty, LLC
Investment Insights
Based on property information with market context.
This income-generating property is located in EaDo, near downtown Houston. The newly renovated building features five fully furnished units. Each unit is move-in ready and includes new appliances and stylish finishes. The property is positioned in a prime location near restaurants, shops, and newly developed buildings. The location has a bike score of 66, indicating it is bikeable, a walk score of 65, indicating it is somewhat walkable, and a transit score of 60, indicating good transit options. This property offers appreciation potential in one of Houston’s fastest-growing neighborhoods.
Key Highlights
- Strong rental income generation from 5 fully furnished units.
- Newly renovated with modern finishes and new appliances.
- Turnkey, hassle‑free investment property.
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
$35,574
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
4.98%
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%
$711,480
$711.5K
Cap Rate 7%
$508,200
$508.2K
Cap Rate 9%
$395,267
$395.3K
Market Conditions
NOI Build-Up for 3,140 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
$69.0K $21.96/SF
− Vacancy
−$4.3K −$1.36/SF
EGI
$64.7K $20.60/SF
− OpEx
−$29.1K −$9.27/SF
NOI
$35.6K $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%
$711,480
Cap Rate 7%
$508,200
Cap Rate 9%
$395,267
Alternative Uses
Best Use
Apartment 5plus
$508.2K
$444.7K – $592.9K
NOI $35,574 @ 7.0% cap · market cap 4.98%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$807.4K
$706.5K – $942.0K
NOI $56,520 @ 7.0% cap · market cap 7.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,234
Businesses Nearby
Explore this area
Business Placement
Demographics for 77003, TX
11,874
Population
6,201
Households
1.9
Avg Household Size
36
Median Age
49%
College-Educated
93%
High-School Grad
2.7 sq mi
ZIP Area
4,398
Density / Sq Mi
$88,837
Median Household Income
$63,831
Median Earnings
$1,562
Median Rent
$363,000
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 - Renovated, furnished 5-unit building near downtown Houston.
Where is this apartment building located?
The property is located at 5 Estelle Street 1 Houston, TX.
What is the asking price?
The asking price for this property is $714,990.
What are key features of this property?
This property features: Strong rental income generation from 5 fully furnished units.; Newly renovated with modern finishes and new appliances.; Turnkey, hassle‑free investment property.
