Brick
New
For Sale
$990,000
505 Harvard Street, Houston, TX 77007
Three apartments include a ground-floor residence with three bedrooms and two bathrooms.
Property Size3,382 SF
Days on Market4
Property Features for 505 Harvard Street
General Information
Standard status
Active
Size
3,382 SF
Property subtype
Multi Family,Triplex
Units
Unit Mix
1 x 3BR/2BA, 1 x 1BR/2BA, 1 x 1BR/1.5BA
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$19,276
Amenities
custom woodwork
skylights
architectural details
loft areas
Building Details
Building Size
3,382 SF
Year Built
1920
Buildings
1
Construction
brick historic home
Listing Agency:
Compass RE Texas, LLC - The Woodlands
Listed By:
Cheryl Ford
(281) 786-6692
Source:
Nancyalmodovar
Added: Sep 24
Changed: Sep 26
Last Checked: Sep 26 at 2:25PM
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 Compass RE Texas, LLC - The Woodlands
Investment Insights
Based on property information with market context.
Built in 1920, this brick triplex contains three apartments with custom woodwork, skylights, and distinctive architectural details. The ground-floor residence has three bedrooms and two bathrooms; the two upper apartments each have one bedroom. The ground-floor unit has been owner-occupied for more than 30 years.
Key Highlights
- Three‑apartment brick property built in 1920
- Ground‑floor residence includes 3 bedrooms and 2 bathrooms
- Two upper apartments, each with 1 bedroom
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
$44,296
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
4.47%
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%
$885,920
$885.9K
Cap Rate 7%
$632,800
$632.8K
Cap Rate 9%
$492,178
$492.2K
Market Conditions
NOI Build-Up for 3,382 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
$67.0K $19.80/SF
− Vacancy
−$3.7K −$1.09/SF
EGI
$63.3K $18.71/SF
− OpEx
−$19.0K −$5.61/SF
NOI
$44.3K $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%
$885,920
Cap Rate 7%
$632,800
Cap Rate 9%
$492,178
Alternative Uses
Best Use
Multifamily LT 5
$632.8K
$553.7K – $738.3K
NOI $44,296 @ 7.0% cap · market cap 4.47%
Second Best
Apartment 5plus
$547.4K
$478.9K – $638.6K
NOI $38,315 @ 7.0% cap · market cap 3.87%
Theoretical Best
Office A
$869.7K
$761.0K – $1.01M
NOI $60,876 @ 7.0% cap · market cap 6.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,591
Businesses Nearby
Explore this area
Business Placement
Demographics for 77007, TX
42,908
Population
26,281
Households
1.6
Avg Household Size
34
Median Age
80%
College-Educated
99%
High-School Grad
7.5 sq mi
ZIP Area
5,721
Density / Sq Mi
$140,878
Median Household Income
$92,408
Median Earnings
$1,951
Median Rent
$501,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Three apartments include a ground-floor residence with three bedrooms and two bathrooms.
Where is this triplex located?
The property is located at 505 Harvard Street Houston, TX.
What is the asking price?
The asking price for this property is $990,000.
What are key features of this property?
This property features: Three‑apartment brick property built in 1920; Ground‑floor residence includes 3 bedrooms and 2 bathrooms; Two upper apartments, each with 1 bedroom
