Renovated Fourplex With Unit
New
For Sale
$415,000
5110 Wilmington St 4, Houston, TX 77033
Single-story fourplex with renovated interiors and updated plumbing throughout.
Property Size2,760 SF
Days on Market4
Property Features for 5110 Wilmington St 4
General Information
Standard status
Active
Size
2,760 SF
Property subtype
Investment
Units
Unit Mix
3 x 2BR, 1 x 1BR
Multifamily Units
4
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$4,581
Building Details
Building Size
2,760 SF
Year Built
1962
Buildings
1
Stories
1
Units
4
Listed By:
Sherwannia Cotton
(281) 451-0875
Source:
Elliman
Added: Sep 16
Last Checked: Sep 18 at 10:26AM
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 Sherwannia Cotton
Investment Insights
Based on property information with market context.
Built in 1962, this single-story fourplex contains three 2-bedroom residences and one 1-bedroom residence. The property has received comprehensive interior work, including laminate flooring across living spaces, bedrooms, and kitchens; tiled bathroom finishes; repaired and repainted cabinetry; updated faucets, showerheads, toilets, lighting, doors, hardware, locks, baseboards, drywall, and paint.
Major improvements extend beyond cosmetic updates. Plumbing pipes were replaced throughout the building, beams were repaired, and mold remediation with chemical treatment was completed. The property is positioned near the Texas Medical Center and Downtown at 5110 Wilmington St 4 in Houston, with walk, bike, and transit scores of 47, 38, and 46, respectively.
Major improvements extend beyond cosmetic updates. Plumbing pipes were replaced throughout the building, beams were repaired, and mold remediation with chemical treatment was completed. The property is positioned near the Texas Medical Center and Downtown at 5110 Wilmington St 4 in Houston, with walk, bike, and transit scores of 47, 38, and 46, respectively.
Key Highlights
- Three 2‑bedroom units and one 1‑bedroom unit
- Single‑story fourplex built in 1962
- Complete replacement of plumbing pipes throughout the property
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
$36,150
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
8.71%
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%
$723,000
$723.0K
Cap Rate 7%
$516,429
$516.4K
Cap Rate 9%
$401,667
$401.7K
Market Conditions
NOI Build-Up for 2,760 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
$54.6K $19.80/SF
− Vacancy
−$3.0K −$1.09/SF
EGI
$51.6K $18.71/SF
− OpEx
−$15.5K −$5.61/SF
NOI
$36.1K $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%
$723,000
Cap Rate 7%
$516,429
Cap Rate 9%
$401,667
Alternative Uses
Best Use
Multifamily LT 5
$516.4K
$451.9K – $602.5K
NOI $36,150 @ 7.0% cap · market cap 8.71%
Second Best
Apartment 5plus
$446.7K
$390.9K – $521.1K
NOI $31,268 @ 7.0% cap · market cap 7.53%
Theoretical Best
Office A
$709.7K
$621.0K – $828.0K
NOI $49,680 @ 7.0% cap · market cap 11.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
494
Businesses Nearby
Explore this area
Business Placement
Demographics for 77033, TX
28,369
Population
10,228
Households
2.8
Avg Household Size
36
Median Age
9%
College-Educated
72%
High-School Grad
5.7 sq mi
ZIP Area
4,977
Density / Sq Mi
$37,081
Median Household Income
$28,459
Median Earnings
$1,204
Median Rent
$98,300
Median Home Value
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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?
Quadplex - Single-story fourplex with renovated interiors and updated plumbing throughout.
Where is this quadplex located?
The property is located at 5110 Wilmington St 4 Houston, TX.
What is the asking price?
The asking price for this property is $415,000.
What are key features of this property?
This property features: Three 2‑bedroom units and one 1‑bedroom unit; Single‑story fourplex built in 1962; Complete replacement of plumbing pipes throughout the property
