Duplex Tear-Down with Development
For Sale
$749,900
5023 Hoover Street, Houston, TX 77092
Duplex on-site needs total interior rehab, and the sale is priced and delivered as land value, as-is.
Property Size1,760 SF
Price / SF$426.08
Days on Market56
Property Features for 5023 Hoover Street
General Information
Standard status
Active
Size
1,760 SF
Property subtype
Multi-Family
Taxes and HOA fees
Annual Taxes
$12,753
Amenities
Yes
1
2
Appraiser
Corner Lot,Subdivision
No
Public
39694
0.9112
Pillar/Post/Pier
1760
Building Details
Building Size
1,760 SF
Year Built
1961
Stories
1
Listing Agency:
Hearthstone Realty
(713) 594-3874
Listed By:
Wanda Baptista
(713) 594-3874
Source:
Garygreene
Added: Jun 14
Changed: Aug 8
Last Checked: Jul 20 at 2:03AM
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 Hearthstone Realty
Investment Insights
Based on property information with market context.
This property includes a duplex, but it should be considered a tear-down due to the interior requiring total rehabilitation. The duplex is being sold at lot value and as-is, with no repairs or upgrades described.
The offering also includes a large buildable lot totaling 39,000+ square feet, with no HOA. The property’s layout and condition are therefore most suited for investors or builders looking to develop or reconfigure the site.
If you’re evaluating a land-value purchase with redevelopment flexibility, this is a straightforward asset: take the existing duplex condition into account, then plan around the available lot area and HOA-free terms.
The offering also includes a large buildable lot totaling 39,000+ square feet, with no HOA. The property’s layout and condition are therefore most suited for investors or builders looking to develop or reconfigure the site.
If you’re evaluating a land-value purchase with redevelopment flexibility, this is a straightforward asset: take the existing duplex condition into account, then plan around the available lot area and HOA-free terms.
Key Highlights
- Duplex on‑site needs total interior rehab and is priced/delivered as land value, as‑is
- Approximately 0.9112‑acre corner lot in a subdivision with 39,000+ SF of lot area
- 2‑bedroom, 1‑bath layout with living area totaling 1,760 SF (per appraiser)
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
$23,052
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
3.07%
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%
$461,040
$461.0K
Cap Rate 7%
$329,314
$329.3K
Cap Rate 9%
$256,133
$256.1K
Market Conditions
NOI Build-Up for 1,760 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
$34.8K $19.80/SF
− Vacancy
−$1.9K −$1.09/SF
EGI
$32.9K $18.71/SF
− OpEx
−$9.9K −$5.61/SF
NOI
$23.1K $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%
$461,040
Cap Rate 7%
$329,314
Cap Rate 9%
$256,133
Alternative Uses
Best Use
Multifamily LT 5
$329.3K
$288.2K – $384.2K
NOI $23,052 @ 7.0% cap · market cap 3.07%
Second Best
Apartment 5plus
$284.8K
$249.2K – $332.3K
NOI $19,939 @ 7.0% cap · market cap 2.66%
Theoretical Best
Office A
$452.6K
$396.0K – $528.0K
NOI $31,680 @ 7.0% cap · market cap 4.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
646
Businesses Nearby
Explore this area
Business Placement
Demographics for 77092, TX
34,903
Population
16,158
Households
2.2
Avg Household Size
34
Median Age
27%
College-Educated
75%
High-School Grad
8.1 sq mi
ZIP Area
4,309
Density / Sq Mi
$56,741
Median Household Income
$34,895
Median Earnings
$1,228
Median Rent
$222,800
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 - Duplex on-site needs total interior rehab, and the sale is priced and delivered as land value, as-is.
Where is this duplex located?
The property is located at 5023 Hoover Street Houston, TX.
What is the asking price?
The asking price for this property is $749,900.
What are key features of this property?
This property features: Duplex on‑site needs total interior rehab and is priced/delivered as land value, as‑is; Approximately 0.9112‑acre corner lot in a subdivision with 39,000+ SF of lot area; 2‑bedroom, 1‑bath layout with living area totaling 1,760 SF (per appraiser)
