New Construction
For Sale
$489,900
5004 Carmen Street C-D, Houston, TX 77033
Two-story multifamily property with four residential units, open living areas, fireplaces, and contemporary kitchen layouts.
Property Size2,561 SF
Price / SF$191.29
Days on Market17
Property Features for 5004 Carmen Street C-D
General Information
Standard status
Active
Size
2,561 SF
Property subtype
Multi-Family
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$2,231
Amenities
Yes
2
3
Builder
3250
Other
2561
Building Details
Building Size
2,561 SF
Year Built
2026
Stories
2
Listing Agency:
Birdsong Real Estate
(281) 444-5140
Listed By:
Lucia Clark
(832) 492-6575
Source:
Garygreene
Added: Aug 19
Changed: Sep 3
Last Checked: Sep 4 at 2:57AM
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 Birdsong Real Estate
Investment Insights
Based on property information with market context.
Completed in 2026, this two-story quadplex is arranged as two duplexes with four residential units. Each unit includes three bedrooms and two full bathrooms, while the interiors feature open-concept living areas, modern lighting, custom wall details, and a fireplace. Kitchens are organized around large islands with seating, supporting a connected living and dining environment.
The property is located in Houston near the Texas Medical Center, Downtown, I-610, and SH-288. Addressed at 5004 Carmen St A-D, the building offers contemporary residential construction within an urban setting. Walk Score is 47, Transit Score is 46, and bikeScore is 38.
The property is located in Houston near the Texas Medical Center, Downtown, I-610, and SH-288. Addressed at 5004 Carmen St A-D, the building offers contemporary residential construction within an urban setting. Walk Score is 47, Transit Score is 46, and bikeScore is 38.
Key Highlights
- Four‑unit property configured as two duplexes
- Built in 2026 with two‑story construction
- Each unit has 3 bedrooms and 2 full bathrooms
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
$33,543
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
6.85%
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%
$670,860
$670.9K
Cap Rate 7%
$479,186
$479.2K
Cap Rate 9%
$372,700
$372.7K
Market Conditions
NOI Build-Up for 2,561 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
$50.7K $19.80/SF
− Vacancy
−$2.8K −$1.09/SF
EGI
$47.9K $18.71/SF
− OpEx
−$14.4K −$5.61/SF
NOI
$33.5K $13.10/SF
Area
Houston, TX
Vacancy
5.50%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
30.00%
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%
$670,860
Cap Rate 7%
$479,186
Cap Rate 9%
$372,700
Alternative Uses
Best Use
Multifamily LT 5
$479.2K
$419.3K – $559.1K
NOI $33,543 @ 7.0% cap · market cap 6.85%
Second Best
Apartment 5plus
$414.5K
$362.7K – $483.6K
NOI $29,014 @ 7.0% cap · market cap 5.92%
Theoretical Best
Office A
$658.5K
$576.2K – $768.3K
NOI $46,098 @ 7.0% cap · market cap 9.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
471
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Two-story multifamily property with four residential units, open living areas, fireplaces, and contemporary kitchen layouts.
Where is this quadplex located?
The property is located at 5004 Carmen Street C-D Houston, TX.
What is the asking price?
The asking price for this property is $489,900.
What are key features of this property?
This property features: Four‑unit property configured as two duplexes; Built in 2026 with two‑story construction; Each unit has 3 bedrooms and 2 full bathrooms
