Two-Unit Duplex with Laundry
For Sale
$269,000
5224 Kelso Street, Houston, TX 77021
Each residence has a separate freestanding laundry room along with central heating and cooling.
Property Size1,458 SF
Price / SF$184.50
Days on Market23
Property Features for 5224 Kelso Street
General Information
Standard status
Active
Size
1,458 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
2 x 2BR/2BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$2,436
Amenities
laundry room
central A/C
central heat
Yes
2
Appraiser
6937
1458
Building Details
Building Size
1,458 SF
Year Built
1949
Buildings
1
Stories
1
Listing Agency:
Keller Williams Realty Metropolitan
(281) 444-5140
Listed By:
Javier Castro
(281) 509-4003
Source:
Garygreene
Added: Aug 11
Changed: Aug 31
Last Checked: Sep 1 at 4:15PM
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 Keller Williams Realty Metropolitan
Investment Insights
Based on property information with market context.
This Houston duplex, built in 1949, contains two residential units with a consistent layout: each offers 2 bedrooms and 2 bathrooms. Separate freestanding laundry rooms serve the units, while central A/C and central heat provide building-wide climate control. Front parking is also included.
Both residences have been rented to the same tenants for the past four years and are currently occupied. The property is located at 5224 Kelso St. in Houston, with a Walk Score of 61, a BikeScore of 52, and a TransitScore of 48.
Both residences have been rented to the same tenants for the past four years and are currently occupied. The property is located at 5224 Kelso St. in Houston, with a Walk Score of 61, a BikeScore of 52, and a TransitScore of 48.
Key Highlights
- Two‑unit duplex with 2 bedrooms and 2 bathrooms in each residence
- Separate freestanding laundry room for each unit
- Central A/C and central heat throughout
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
$19,096
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
7.10%
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%
$381,920
$381.9K
Cap Rate 7%
$272,800
$272.8K
Cap Rate 9%
$212,178
$212.2K
Market Conditions
NOI Build-Up for 1,458 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
$28.9K $19.80/SF
− Vacancy
−$1.6K −$1.09/SF
EGI
$27.3K $18.71/SF
− OpEx
−$8.2K −$5.61/SF
NOI
$19.1K $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%
$381,920
Cap Rate 7%
$272,800
Cap Rate 9%
$212,178
Alternative Uses
Best Use
Multifamily LT 5
$272.8K
$238.7K – $318.3K
NOI $19,096 @ 7.0% cap · market cap 7.10%
Second Best
Apartment 5plus
$236.0K
$206.5K – $275.3K
NOI $16,518 @ 7.0% cap · market cap 6.14%
Theoretical Best
Office A
$374.9K
$328.1K – $437.4K
NOI $26,244 @ 7.0% cap · market cap 9.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
576
Businesses Nearby
Explore this area
Business Placement
Demographics for 77021, TX
28,055
Population
12,819
Households
2.2
Avg Household Size
36
Median Age
34%
College-Educated
87%
High-School Grad
6.1 sq mi
ZIP Area
4,599
Density / Sq Mi
$45,034
Median Household Income
$38,041
Median Earnings
$1,193
Median Rent
$203,900
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 - Each residence has a separate freestanding laundry room along with central heating and cooling.
Where is this duplex located?
The property is located at 5224 Kelso Street Houston, TX.
What is the asking price?
The asking price for this property is $269,000.
What are key features of this property?
This property features: Two‑unit duplex with 2 bedrooms and 2 bathrooms in each residence; Separate freestanding laundry room for each unit; Central A/C and central heat throughout
