Renovated Duplex with Separate
For Sale
$220,000
Pending
5005 New Orleans Street, Houston, TX 77020
Two individually metered residences offer distinct access and a mix of leased and available occupancy.
Property Size1,400 SF
Days on Market51
Property Features for 5005 New Orleans Street
General Information
Standard status
Pending
Size
1,400 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Opportunity Zone
Yes
Taxes and HOA fees
Annual Taxes
$3,536
Amenities
2
4
Owner
Yes
5550
Other
1400
Building Details
Building Size
1,400 SF
Year Built
1938
Year Renovated
2025
Stories
1
Listing Agency:
First Millennium Realty
(281) 684-0985
Listed By:
Michael Mckenzie
(281) 684-0985
Source:
Garygreene
Added: Jul 13
Changed: Aug 30
Last Checked: Aug 31 at 2:24PM
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 First Millennium Realty
Investment Insights
Based on property information with market context.
Renovated in 2025, this duplex contains two 2BR/1BA residences totaling 1,400 square feet. Each unit has its own entrance and meter, while the 2020 roof and HVAC preparation support the property’s current improvements. There is no HOA, and the sale is offered as-is.
One residence is leased, while the other is vacant and available for placement. The property sits within an Opportunity Zone and is minutes from Downtown and the Medical Center. The oversized lot may offer ADU potential, subject to buyer verification. Separate utility metering and the two-unit layout provide a straightforward framework for continued residential leasing or owner occupancy.
One residence is leased, while the other is vacant and available for placement. The property sits within an Opportunity Zone and is minutes from Downtown and the Medical Center. The oversized lot may offer ADU potential, subject to buyer verification. Separate utility metering and the two-unit layout provide a straightforward framework for continued residential leasing or owner occupancy.
Key Highlights
- Two 2BR/1BA units with separate entrances and separate meters
- 1,400‑square‑foot duplex renovated in 2025
- One unit leased; the second residence is vacant
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
$18,337
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
8.33%
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%
$366,740
$366.7K
Cap Rate 7%
$261,957
$262.0K
Cap Rate 9%
$203,744
$203.7K
Market Conditions
NOI Build-Up for 1,400 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
$27.7K $19.80/SF
− Vacancy
−$1.5K −$1.09/SF
EGI
$26.2K $18.71/SF
− OpEx
−$7.9K −$5.61/SF
NOI
$18.3K $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%
$366,740
Cap Rate 7%
$261,957
Cap Rate 9%
$203,744
Alternative Uses
Best Use
Multifamily LT 5
$262.0K
$229.2K – $305.6K
NOI $18,337 @ 7.0% cap · market cap 8.33%
Second Best
Apartment 5plus
$226.6K
$198.3K – $264.4K
NOI $15,861 @ 7.0% cap · market cap 7.21%
Theoretical Best
Office A
$360.0K
$315.0K – $420.0K
NOI $25,200 @ 7.0% cap · market cap 11.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
607
Businesses Nearby
Explore this area
Business Placement
Demographics for 77020, TX
24,846
Population
10,054
Households
2.5
Avg Household Size
35
Median Age
13%
College-Educated
65%
High-School Grad
7.8 sq mi
ZIP Area
3,185
Density / Sq Mi
$49,481
Median Household Income
$32,573
Median Earnings
$942
Median Rent
$133,600
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?
Duplex - Two individually metered residences offer distinct access and a mix of leased and available occupancy.
Where is this duplex located?
The property is located at 5005 New Orleans Street Houston, TX.
What is the asking price?
The asking price for this property is $220,000.
What are key features of this property?
This property features: Two 2BR/1BA units with separate entrances and separate meters; 1,400‑square‑foot duplex renovated in 2025; One unit leased; the second residence is vacant
