Renovation Duplex with Detached
For Sale
$229,000
510 N Everton Street, Houston, TX 77003
Sold as-is, this duplex includes a main house and a detached garage apartment needing extensive repairs and updating.
Property Size948 SF
Price / SF$241.56
Days on Market69
Property Features for 510 N Everton Street
General Information
Standard status
Active
Size
948 SF
Property subtype
Multi-Family
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$4,550
Amenities
Carpet,Tile
Yes
1
2
Appraiser
No
4750
948
Building Details
Building Size
948 SF
Year Built
1940
Stories
1
Listing Agency:
CB&A, Realtors
(281) 486-1900
Listed By:
Lisa Smith · License #0791341
(281) 635-4007
Source:
Garygreene
Added: Jul 4
Changed: Sep 9
Last Checked: Sep 10 at 6:20AM
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 CB&A, Realtors
Investment Insights
Based on property information with market context.
This renovation duplex is being sold as-is and includes a main house plus a detached garage apartment. The existing improvements require extensive repairs and updating, making it a strong fit for buyers and investors looking for a property they can rework and reposition. The layout provides two separate living components within the same offering.
The property is located near Downtown Houston with convenient access to major freeways and nearby dining and entertainment. WalkScore is 37 (car-dependent), while bikeScore is 49 (somewhat bikeable) and transitScore is 42 (some transit).
Also available separately is the adjacent property at 516 N Everton St, offering the opportunity to acquire two side-by-side properties for those pursuing a larger combined redevelopment plan.
The property is located near Downtown Houston with convenient access to major freeways and nearby dining and entertainment. WalkScore is 37 (car-dependent), while bikeScore is 49 (somewhat bikeable) and transitScore is 42 (some transit).
Also available separately is the adjacent property at 516 N Everton St, offering the opportunity to acquire two side-by-side properties for those pursuing a larger combined redevelopment plan.
Key Highlights
- Sold as‑is; existing improvements require extensive repairs and updating.
- Duplex setup includes a main house plus a detached garage apartment.
- Year built: 1940.
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
$12,417
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
5.42%
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%
$248,340
$248.3K
Cap Rate 7%
$177,386
$177.4K
Cap Rate 9%
$137,967
$138.0K
Market Conditions
NOI Build-Up for 948 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
$18.8K $19.80/SF
− Vacancy
−$1.0K −$1.09/SF
EGI
$17.7K $18.71/SF
− OpEx
−$5.3K −$5.61/SF
NOI
$12.4K $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%
$248,340
Cap Rate 7%
$177,386
Cap Rate 9%
$137,967
Alternative Uses
Best Use
Multifamily LT 5
$177.4K
$155.2K – $207.0K
NOI $12,417 @ 7.0% cap · market cap 5.42%
Second Best
Apartment 5plus
$153.4K
$134.3K – $179.0K
NOI $10,740 @ 7.0% cap · market cap 4.69%
Theoretical Best
Office A
$243.8K
$213.3K – $284.4K
NOI $17,064 @ 7.0% cap · market cap 7.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
832
Businesses Nearby
Explore this area
Business Placement
Demographics for 77003, TX
11,874
Population
6,201
Households
1.9
Avg Household Size
36
Median Age
49%
College-Educated
93%
High-School Grad
2.7 sq mi
ZIP Area
4,398
Density / Sq Mi
$88,837
Median Household Income
$63,831
Median Earnings
$1,562
Median Rent
$363,000
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
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Frequently Asked Questions
What type of property is this?
Duplex - Sold as-is, this duplex includes a main house and a detached garage apartment needing extensive repairs and updating.
Where is this duplex located?
The property is located at 510 N Everton Street Houston, TX.
What is the asking price?
The asking price for this property is $229,000.
What are key features of this property?
This property features: Sold as‑is; existing improvements require extensive repairs and updating.; Duplex setup includes a main house plus a detached garage apartment.; Year built: 1940.
