Duplex with Fenced
For Sale
$499,000
508 /510 Clarence St, Tomball, TX 77375
Two-unit property with private entrances, individual utility rooms, and separate outdoor areas for each residence.
Property Size2,292 SF
Price / SF$217.71
Days on Market18
Property Features for 508 /510 Clarence St
General Information
Standard status
Active
Size
2,292 SF
Total Parking Spaces
4
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/2BA
Multifamily Units
2
Parking per Unit
2
Additional Details
Utilities to Site
Yes
Amenities
private entrances
fenced backyards
utility room
Building Details
Year Built
1984
Listing Agency:
RE/MAX Elite Properties
(713) 806-6939
Listed By:
Sam Sharif · License #0752848
Source:
Vincesoldit
Added: Aug 14
Changed: Aug 30
Last Checked: Aug 25 at 5:48AM
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 RE/MAX Elite Properties
Investment Insights
Based on property information with market context.
This 2,292-square-foot duplex, built in 1984, contains two residences with matching layouts. Each unit includes 2 bedrooms, 2 full baths, an open kitchen and living area, a private entrance, an individual utility room, and a fenced backyard. The property is served by city water and sewer and uses all-electric systems, with two dedicated parking spaces assigned to each unit.
The property is located in Downtown Tomball near hospitals, restaurants, shopping, and a weekend farmers market. Its central setting places everyday services and community amenities within minutes of the residences.
The property is located in Downtown Tomball near hospitals, restaurants, shopping, and a weekend farmers market. Its central setting places everyday services and community amenities within minutes of the residences.
Key Highlights
- 2,292‑square‑foot duplex built in 1984
- Each unit has 2 bedrooms and 2 full baths
- Private entrance, utility room, and fenced backyard for each unit
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
$17,514
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
3.51%
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%
$350,280
$350.3K
Cap Rate 7%
$250,200
$250.2K
Cap Rate 9%
$194,600
$194.6K
Market Conditions
NOI Build-Up for 2,292 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
$27.5K $12.00/SF
− Vacancy
−$2.5K −$1.08/SF
EGI
$25.0K $10.92/SF
− OpEx
−$7.5K −$3.27/SF
NOI
$17.5K $7.64/SF
Area
Harris County, TX
Vacancy
9.03%
Lease Rate
$12.00 /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%
$350,280
Cap Rate 7%
$250,200
Cap Rate 9%
$194,600
Alternative Uses
Best Use
Multifamily LT 5
$250.2K
$218.9K – $291.9K
NOI $17,514 @ 7.0% cap · market cap 3.51%
Second Best
Apartment 5plus
$217.1K
$190.0K – $253.3K
NOI $15,196 @ 7.0% cap · market cap 3.05%
Theoretical Best
Office A
$625.8K
$547.6K – $730.1K
NOI $43,808 @ 7.0% cap · market cap 8.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,582
Businesses Nearby
Explore this area
Business Placement
Demographics for 77375, TX
65,365
Population
25,452
Households
2.6
Avg Household Size
34
Median Age
41%
College-Educated
92%
High-School Grad
35.2 sq mi
ZIP Area
1,857
Density / Sq Mi
$95,813
Median Household Income
$57,735
Median Earnings
$1,495
Median Rent
$287,100
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-unit property with private entrances, individual utility rooms, and separate outdoor areas for each residence.
Where is this duplex located?
The property is located at 508 /510 Clarence St Tomball, TX.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: 2,292‑square‑foot duplex built in 1984; Each unit has 2 bedrooms and 2 full baths; Private entrance, utility room, and fenced backyard for each unit
